On December 31 it was estimated that goodwill of $65,000 was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for $60,000 on July 1.
Definitions:
Variable Manufacturing Costs
Expenses that change in proportion to the amount of goods produced, including direct labor and raw materials.
Reconcile
The process of ensuring that two sets of records or accounts are in agreement, often used in accounting to compare financial records with actual bank statements.
Break-Even
The juncture where total costs and total revenues are the same, leading to neither profit nor loss.
Sales Dollars
The total revenue generated from the sale of goods or services, expressed in dollar terms.
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