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stfajar stfajar
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5 years ago
The Carolina Company prepares lumber for companies who manufacture furniture. The main product is finished lumber with a byproduct of wood shavings. The byproduct is sold to plywood manufacturers. For July, the manufacturing process incurred $332,000 in total costs. Eighty thousand board feet of lumber were produced and sold along with 6,800 pounds of shavings. The finished lumber sold for $6.00 per board foot and the shavings sold for $0.60 a pound. There were no beginning or ending inventories.
 
Required:
Prepare an income statement showing the byproduct (1) as a cost reduction during production, and (2) as a revenue item when sold.
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SoullessGingerTSoullessGingerT
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5 years ago
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stfajar Author
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5 years ago
My teacher is very rude and likes to speed his way through a lesson without letting the class ask questions. Thank you for helping me. You're a life saver Slight Smile
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