The Austin Land Company sold land for $59,310 in cash. The land was originally purchased for $34,640. At the time of the sale, $13,120 was still owed to Regions Bank. After the sale, The Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. (College)
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The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. the equivalent units of production (eup) for the period were 9,000 for direct materials and 6,000 for conversion. the costs per eup were:
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The Austin Land Company sold land for $59,310 in cash. The land was originally purchased for $34,640...
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