Managerial Accounting - Connect Access
Managerial Accounting - Connect Access
7th Edition
ISBN: 9781260482973
Author: Wild
Publisher: MCG
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Chapter C, Problem 11DQ
To determine

Concept introduction:

Lean accounting:

Lean accounting refers to the modern time accounting system which helps in maintaining accounting data in much comparable manner. In other words we can say that lean accounting system focus on the maximization of recording efficiency through gathering useful & comparable accounting information. This accounting system is updated version of traditional accounting.

To explain:

Difference between value-added time and non-value-added time.

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Financial accounting question
On November 30, Sullivan Enterprises had Accounts Receivable of $145,600. During the month of December, the company received total payments of $175,000 from credit customers. The Accounts Receivable on December 31 was $98,200. What was the number of credit sales during December?
Paterson Manufacturing uses both standards and budgets. For the year, estimated production of Product Z is 620,000 units. The total estimated cost for materials and labor are $1,512,000 and $1,984,000, respectively. Compute the estimates for: (a) a standard cost per unit (b) a budgeted cost for total production (Round standard costs to 2 decimal places, e.g., $1.25.)
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