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The question is about accounting problems and based on ASAP form. It is about Cost Classification, HI/LO and Cost/Volume/Profit . Can you show detail information about the solution? Thank you .

For example, the first quesution is about Cost Classification.

"You have to try and find the unknowns using T accounts.Just make sure each T has a Beginning ,added, transferred out andend ing balance. Round to two decimal places.Because of water damage, you only have partial data:

Prime Costs used $500,000
Gross Profit 25%
Costs of Goods Available for sale $655,000
Direct Material purchased $240,000
Beginning Inventories:Raw Material $32,000
Work in Process $66,000
Finished Goods $62,000Sales $750,000
Direct Labour Used $280,000
Factory Overhead 42% of Conversion Costs
(Indirect labor and materials, utilities, depreciation etc were 42%of Conversion cost...that is direct labor + manufacturing overhead)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91773255

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