Production costs chargeable to the Finishing Department in June in Bramble Company are materials $14,626, labor $41,450, overhead $19,000. Equivalent units of production are materials 20,600 and conversion costs 19,500. Production records indicate that 18,400 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations? A) 100 percent of the prior year's tax liability (with a few exceptions) B) 100 percent of the current year's tax liability C) 100 percent of the estimated current year tax liability using the annualized income method D) All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations. Explain. Explain.
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