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Home Q & A Board Other Fields Homework Help Business Economics
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pduvin pduvin
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6 years ago
Helen Company processes 30,000 litres of direct materials to produce two products, Zander and Ifso. Zander, a byproduct, sells for $5 per litre, and Ifso, the main product, sells for $70 per litre. The following information is for July:

   Production   Sales   Beginning
Inventory   Ending
Inventory
Zander   5,500   4,950   0   550
Ifso   11,000   10,600   250   650

The manufacturing costs totalled $145,000; beginning inventory $3,000.

Required:
1.   Prepare a July income statement assuming that Helen Company recognizes the byproduct revenue at the time of sale. The company uses FIFO for the inventory flow assumption.
2.   Prepare the journal entry to record the byproduct sales.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
Authors:
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GarretAGarretA
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Without mathematics, there's nothing you can do. Everything around you is mathematics. Everything around you is numbers.

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3 years ago
thank you
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