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Aleksandr-060686 [28]
3 years ago
14

The following T-accounts record the operations of Oriole Co.: Assume all raw materials are direct materials. Raw Materials Begin

ning Balance 11,648 ????? 68,365 Ending Balance 12,458 Work in Process Beginning Balance 19,606 Direct Material ????? Direct Labor 49,706 Overhead 74,880 ????? Ending Balance 24,618
Business
1 answer:
Blababa [14]3 years ago
6 0

Answer:

<u>Add Purchases</u><u>????? 68,365</u>

Direct Material ????? <u>$67555</u>

????? Total Manufacturing Cost=  $192141

<u>Total WIP transferred to Finished Goods= $187129</u>

Explanation:

Raw Materials Beginning Balance 11,648

<u>Add Purchases</u><u>????? 68,365</u>

<u>Material Available       80,013</u>

<u>Less Ending Balance 12,458</u>

<u>Direct Material Used   $67555</u>

Direct Material ????? <u>$67555</u>

Direct Labor 49,706

Overhead 74,880

????? Total Manufacturing Cost=  $192141

<u>Add Work in Process Beginning Balance 19,606 </u>

<u />

<u>Less Ending Balance                                 24,618</u>

<u>Total WIP transferred to Finished Goods= $187129</u>

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Answer:

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The first part of the question is to determine the pension liability tht should be reported in the balance sheet

To do this, we use the following formula

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Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses. Year 1$(12,000)Net Section 1
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Answer:

a. $0 will be reported as capital gain, while $7,500 will be reported as ordinary gain.

b. $1,000 will be reported as capital gain, while $8,000 will be reported as ordinary gain.

Explanation:

Note: This question is not complete as part 'a' of the requirement is omitted. The complete question with the part 'a' of the requirement is therefore provided before answering the question as follows:

Since its formation, Roof Corporation has incurred the following net Section 1231 gains and losses.

Year 1  $ (12,000)    Net Section 1231 loss

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Explanation of the answer is now provided as follows:

When section 1231 losses exceed section 1231 profits in the prior five years, the excess loss (unapplied loss) is applied against the current year's section 1231 gain.

The amount that is reported as ordinary income is the amount of the loss that is applied against the current year's section 1231 gain.

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You have to start with the earliest year to apply section 1231 losses from the previous five years to the current year's section 1231 gain.

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a. In year 4, Roof sold one asset and recognized a $7,500 net Section 1231 gain. How much of this gain is treated as capital, and how much is ordinary?

As a result of the loss from the previous year that is applied to the extent of $7,500, the whole of the $7,500 net Section 1231 gain will be recorded as ordinary gain.

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Net Section 1231 loss in Year 1                  (12,000)

Net Section 1231 gain in Year 2               <u>   10,500  </u>

Unapplied losses in previous years    <u>    (8,000)  </u>

Because there are unapplied losses of $8,000 from previous years, $8,000 will be reported as ordinary gain.

Therefore, the amount to be reported as capital gain can be calculated as follows:

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