Use the Following to Answer Questions

question 52

Essay

Use the following to answer questions
In its 2016 annual report to shareholders,Kirby Inc.included the following disclosure regarding its available for sale investments in securities: Required:
-Prepare the journal entry (in thousands)that Kirby made at the end of 2016 to record the information disclosed above.

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Definitions:

Process Costing

A costing method used when identical or similar goods or services are produced in mass quantities, assigning costs to units of product based on the process they go through.

Processing Departments

Specific areas or divisions within a manufacturing facility where distinct stages of production are carried out.

Cost Reconciliation

The process of matching and comparing costs from multiple sources of data to ensure consistency and accuracy in financial records.

Production Report

A document that summarizes the activities, outputs, and status of production processes within a specific period.