Benjamin Manufacturing Company has two divisions, X and Y. Division X prepares the steel for processing. Division Y processes the steel into the final product. No inventories exist in either division at the beginning or end of 2014. During the year, Division X prepared 80,000 lbs. of steel at a cost of $800,000. All the steel was transferred to Division Y where additional operating costs of $5 per lb. were incurred. The final product was sold for $3,000,000.
Required:
Definitions:
Service Charge Income
Revenue earned by banks or businesses for providing specific services to their clients or customers.
Money Supply
The aggregate sum of funds within an economy, encompassing cash, coins, and the amounts contained in checking and savings accounts.
Deposits On Reserve
Funds that banks must hold in reserve and not lend out, as required by central banking regulations.
Largest Bank
The bank with the highest level of assets or market capitalization within a particular geographic or regulatory jurisdiction.
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