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Disposal of a fixed asset is the withdrawal of a fixed asset from use upon the completion of its useful life or due to lower productivity in its later life. Disposal of an Asset with no Salvage Value In a rare situation where the salvage value of the fixed asset is zero, there will be no terminal cash flow and the journal entry will be as follows: Gain on Disposal However, if an asset has a salvage value; it is likely that the disposal will cause gain or loss. When a fixed asset is sold at a price higher than its carrying amount at the date of disposal, the excess of sale proceeds over the carrying amount is recognized as gain.
Standard costing means assigning the expected, budgeted costs to the goods manufactured, the goods in inventory, and the goods sold. In other words, the amounts assigned are the costs that should occur when manufacturing products. The actual costs are then compared to the standard costs and any differences are reported as variances. Since the standard costs are often tied to the company's annual profit plan, a variance is also an indicator that the actual profit will be different from the planned amount. To illustrate standard costs, let's assume that a company's profit plan includes a standard of 15 pounds of material at $4 per pound for each unit produced.
Resolve using the Simplex Method the following problem: Are considerated the following phases: 1.
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Learning Objectives: Calculate break even point when a company sells more than one product. Sale mix--Definition and Explanation of the Concept: The term sale mix refers to the relative proportion in which a company's products are sold. The concept is to achieve the combination, that will yield the greatest amount of profits.