Solved by verified expert :Question:Problem 1-5The Following data relate to Jones Company for the Year ending December 31, 2009.Sales on Credit $80,000.00Cost of Inventory sold on credit $65,000.00Collections from customers $60,000.00Purchase of Inventory on Credit $50,000.00Payment for purchases $55,000.00Cash Collections for common stock $30,000.00Dividends Paid $10,000.00Payment to Salesclerk $10,000.00A. Determine income on an Accrual BasisB. Determine income on a Cash BasisDeadline: May 11, 2014, 12:59 amView this question here:http://www.coursehero.com/qa/expert/view_question.php?question_id=8577414————————————————AccountingPrice: $3.50Question:Refer to the data from Butler Company’s Finishing Department.Butler Company’s Finishing DepartmentQuantity Work in Process – Beginning 50Transferred In From Assembling Department 1420Transferred Out to Finished Goods Work in Process – Ending 400Stage of Completion of Ending Work in Process Materials completeLabor 70%Factory Overhead 80%How many units were transferred to Finished Goods?What are the equivalent production units for materials, labor, and factory overhead, respectively, in the ending Work in Process?If costs transferred from the Assembling Department totaled $85,200; beginning work in process in the Finishing Department totaled ,100 ( materials, $2,000; labor, $600; overhead, $500) ; and Total Costs to Be Accounted For are $100,000, what were the costs for the Finishing Department in the current month?Assume that materials costs incurred in the current month in the Finishing Department total ,938. What is the unit cost of materials in the Finishing Department?Assume that labor costs incurred in the current month in the Finishing Department total $4,530. What is the unit cost of labor in the Finishing Department?
Expert answer:The Following data relate to Jones Company
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