FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Question
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Chapter A, Problem 10P

1.

To determine

Compute the amount of goodwill to be reported by Company D.

2.

To determine

Journalize the entry related to acquisition of Company W in the books of Company D.

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please Given correct option the general accounting question with step by step explanation
Paramount Company uses a standard costing system that allows 2.5 pounds of direct materials for one finished unit. During August, the company purchased 35,000 pounds of direct materials for $175,000 and manufactured 13,200 finished units. The standard direct materials cost allowed for the units manufactured is $132,000. The performance report shows that Paramount has an unfavorable direct materials usage variance of $6,400. Also, the company records any price variance for materials at time of purchase. The number of pounds of direct materials used to produce August's output was__ pounds.

Chapter A Solutions

FINANCIAL ACCOUNTING

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