A company incurred and capitalized €2 million of development costs during the year.Th
A.include it in equity.
B.include it in liabilities.
C.not include it in either equity or liabilities.
A.include it in equity.
B.include it in liabilities.
C.not include it in either equity or liabilities.
Fixed production overhead: $500,000
Direct material and direct labor: 300,000
Storage costs incurred during production: 25,000
Abnormal waste costs: 30,000
If the company operated at full capacity during the year, the total capitalized inventory cost is closest to:
A.$800,000.
B.$825,000.
C.$855,000.
A、cost principle
B、matching principle
C、full disclosure principle
D、revenue recognision principle
A.expense them as incurred.
B.capitalize costs directly related to the development.
C.expense costs until technical feasibility has been established.
A、$30,000
B、$36,000
C、$40,000
D、$42,000
A.Events that change a company’s financial statements are recorded in the periods in which the events occur.
B.Revenue is recognized in the period in which it is incurreD
C.This basis is in according with GAAP.
D.Revenue is recorded only when cash is received,and the expense is recorded only when cash is pai
D.
Which of the following would you expect to find in a correctly prepared income statement?
A.Cash balance at the end of the period
B.The reported company's financial position at a specific date
C.Contributions by the owner during the period
D.Expenses incurred during the period to earn revenues
A.pay the expense to
B.recover the expense from
C.set off the expense with
D.reclaim the expense from
A.$20 000 and $95 000
B.$70 000 and $95 000
C.$70 000 and $85 000
D.$60 000 and $75 000
Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities: Beginning work in process inventory 4,500 items, 1/4 complete Units placed in production 15,000 units Units completed 17,500 units Ending work in process inventory 2,000 items, 3/4 complete Cost of beginning work in process $5,250 Direct material costs, current $16,500 Conversion costs, current $23,945 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Required: Prepare a production cost worksheet using the FIFO method.
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