FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Olivia Taylor Company built three houses for a total cost of $192,000. Appraisal values for the three completed houses were: white house, $48,000, blue house

Olivia Taylor Company built three houses for a total cost of $192,000. Appraisal values for the three completed houses were: white house, $48,000, blue house $72,000, and green house $120,000. Using the basket purchase allocation, the recorded value of the green house should be?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To allocate the total cost of 192000 among the three houses using the basket purchase allocation met... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Cost Accounting

Authors: William K. Carter

14th edition

759338094, 978-0759338098

More Books

Students also viewed these Accounting questions

Question

★★★★★
Basket purchase allocation. Crow Co. purchased some of the machinery of Hare, Inc., a bankrupt competitor, at a liquidation sale for a total cost of $50,400. Crows cost of moving and installing the...

Answered: 1 week ago

Question

★★★★★
In a Hopfield neural network configured as an associative memory, with all of its weights trained and fixed, what three possible behaviours may occur over time in configuration space as the net...

Answered: 1 week ago

Question

★★★★★
A Gracious Host You are the computer system administrator for a mid-sized company. You can monitor the company network from home, and you frequently work from home. Your niece, a college student, is...

Answered: 1 week ago

Question

★★★★★
A taxpayer had the following income: a.) Gain on sale of domestic stocks - P200,000............ b.) Gain on sale of foreign bonds - P100,000............ c.) Gain on sale of a commercial lot in...

Answered: 1 week ago

Question

★★★★★
Bohrer, CPA, is considering the following factors in assessing audit risk at the fi nancial statement level in planning the audit of Waste Remediation Services (WRS), Inc.'s fi nancial statements for...

Answered: 1 week ago

Question

★★★★★
Suppose you have a class with two constructors. What are the rules for calling one constructor from the other constructor?

Answered: 1 week ago

Question

★★★★★
Identify correlational research studies and analyze them to determine the steps for conducting both relationship and prediction studies, with special attention given to statistical decisions for...

Answered: 1 week ago

Question

★★★★★
Clover Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. From each gallon of milk Clover produces three cups of butter and nine cups of buttermilk. During...

Answered: 1 week ago

Question

★★★★★
An investment offers a 10 percent total return over the coming year. Alan Wingspan thinks the total real return on this investment will be only 5 percent. What does Alan believe the inflation rate...

Answered: 1 week ago

Question

★★★★★
Pregunta 76 (1 punto) Qu desviacin postural y de movimiento sucede cuando las rodillas se juntan excesivamente hacia la lnea media? a) Hiperextensin de la rodilla b) Flexin de la rodilla c) Rodilla...

Answered: 1 week ago

Question

★★★★★
Your client uses the Deposit feature to record retainers in QuickBooks Online. The customer paid a deposit of $600, and you create an invoice for $1,500 worth of work. Where does the outstanding...

Answered: 1 week ago

Question

★★★★★
Successful implementation of strategy depends upon the congruence of both formal and informal parts of an organization. Which of the following is POOR advice to minimize the performance gap (i.e.,...

Answered: 1 week ago

Question

★★★★★
A public health class is tasked with creating a mock response to a hurricane situation. Instructions included assuring the plan included common terminology. Which of the following would be an example...

Answered: 1 week ago

Question

★★★★★
Harold's Haberdashery sells custom-made suits. Each suit is made after the customer has placed the order and has been measuredDuring the first quarter, Harold's estimates it will produce 352 suitsIt...

Answered: 1 week ago

Question

★★★★★
Walter Utilities is a dividend-paying company and is expected to pay an annual dividend of $0.45 at the end of the year. Its dividend is expected to grow at a constant rate of 9.00% per year. If...

Answered: 1 week ago

Question

★★★★★
Question 1 ( 2 points) saved ABC Company has two division of "A" and "B", and the sales of those division are $200,000 and $300,000 respectively. C/M ratios for division " A " is 40% and for division...

Answered: 1 week ago

Question

★★★★★
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...

Answered: 1 week ago

Question

★★★★★
Some firms incorporate standard costs into their accounts; others maintain them only for statistical comparisons. Discuss these different uses of standard costs.

Answered: 1 week ago

Question

★★★★★
The Cost Department of Coffman Manufacturing Company prepared the following flexible budget for Department X for January: Factory overhead is allocated to production on the basis of machine hours....

Answered: 1 week ago

Question

★★★★★
Meritt Industries is a manufacturer of chemicals for various purposes. One operation produces SPL-3, a chemical used in swimming pools; PST-4, a chemical used in pesticides; and RJ-5, a by-product...

Answered: 1 week ago

Question

★★★★★
Payments of $850 due two years ago and $1760 due six months ago have not been made. The proposed alternative is two equal payments, three months and nine months from now, that will put the payee in...

Answered: 1 week ago

Question

★★★★★
No payments were made on a $3400 loan during its three-year term. What was the annually compounded nominal interest rate on the loan, if the amount owed at the end of the term was $4297.91?

Answered: 1 week ago

Question

★★★★★
A $1000 five-year compound-interest GIC matured at $1234.01. What semiannually compounded rate of interest did it earn?

Answered: 1 week ago

Previous Question Next Question