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KatharinaR KatharinaR
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Woody City Manufacturing mills 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 $412,000 in total costs. Eighty thousand board feet of lumber were produced and sold along with 7,000 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.
Textbook 
Cost Accounting: A Managerial Emphasis

Cost Accounting: A Managerial Emphasis


Edition: 16th
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Character is higher than intellect. A great soul will be strong to live as well as think. 

Ralph Waldo Emerson
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RobotLavaRobotLava
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KatharinaR Author
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5 years ago
Upwards Arrow Correct again
Character is higher than intellect. A great soul will be strong to live as well as think. 

Ralph Waldo Emerson
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#3
3 years ago
thank you
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