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Required information [The following information applies to the questions displayed below.) Scrooge and Zilch, a public accounting firm in London, is engaged in the preparation
Required information [The following information applies to the questions displayed below.) Scrooge and Zilch, a public accounting firm in London, is engaged in the preparation of income tax returns for individuals. The firm uses the weighted-average method of process costing for internal reporting. The following information pertains to February ( denotes the British monetary unit, pounds sterling.)* 480 1,260 520 Returns in process, February 1: (38% complete) Returns started in February Returns in process, February 28: (75% complete) Returns in process, February 1: Labor Overhead Labor, February (6,470 hours) Overhead, February E 4,200 5,200 135,870 64,030 *Although the euro is used in most European markets, day-to-day business in the United Kingdom continues to be conducted in pounds sterling. 2. Compute the cost of returns in process as of February 28. Cost of returns in process
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