Discuss the differences between the inventory accounting methods (LIFO, FIFO, Weighted Average, Specific Identification). Do these inventory methods reflect the actual flow of inventory? Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders’ equity of $4,000,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,950,000 of $10 par value common stock and Preferred Stock account of $150,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had […]
A company has two supporting departments, Maintenance and Information Systems, and two operating departments, the Machining Department and the Assembly Department. Each department’s overhead costs are shown below. Information Overhead costs $6,300,000 $1,452,150 $4,000,000 $2,000,000 Maintenance hours – 4,000 6,000 10,000 Information Systems hours 500 – 4,000 500 -Using the step-down method, the total overhead […]
1.During FY 2016, Alpha Company recorded total of factory overhead costs of $250,000. Additionally, Alpha applied a total of $245,000 of factory overhead to various job orders during FY 2016. Use this information to prepare the adjusting General Journal entry (without explanation) to close any over or under application of factory overhead. If no entry is […]
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