Use the Following Information to Calculate At,or for the Year

question 74

Essay

Use the following information to calculate at,or for the year ended,December 31,2010,(a)net income,(b)retained earnings,(c)total assets,and (d)cash.

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Definitions:

Costs Accounted For

The total costs recorded in the accounting system, including both direct and indirect costs, for a specific period or project.

Physical Units

A basic measure of the quantity of inventory or production without consideration of its stage of completion or value.

Equivalent Units

A concept in cost accounting used to apportion costs to partially completed goods, calculated by taking the number of partially completed units and converting them into a number of equivalent fully completed units.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, incurred to convert raw materials into finished goods.