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Answer and Explanation:
The computation of the cost assigned is given below:
For units transferred out
= 41,400 units × ($6 + $10)
= $662,400
For ending work in units
= 5,620 units × $6 + 5,620 units × 40% × $10
= $33,720 + $22,480
= $56,200
Hence, the costs to be assigned to the units transferred out and the units in ending work in process is $662,400 and $56,200 respectively
Answer:
D. Expensed as incurred in the current period.
Explanation:
Since in the question it is given that the acquisition cost incurred for $100,000 which is related to the purchase of the net assets
And, the same $100,000 is reported as an expenses incurred for the current period as other cost like professional fees, consulting fees, general administrative cost expenses, etc are recorded when they are incurred
Hence, the last option is correct
Answer: assessment lien
Explanation:
From the question, we are informed that the City of Grand Rapids installed a new water main on Oak Street and that the city then decided to charge the property owners along Oak Street a proportional cost of the new water main.
We are further told that a property owner refuses to pay their proportional share of the cost. In this case, the city may file an assessment lien as this allows the city to sell the property of the homeowner so as to repay the assessments that the person owe.
