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Assume that MyPhone Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling units of cellular phones are as follows:
MyPhone desires a profit equal to a rate of return on invested assets of .
Determine the selling price of cellular phones. Round to the nearest dollar.
George Solti, the controller for Garrison Lumber Company, has recently hired you as assistant controller. He wishes to determine your expertise in the area of inventory accounting and therefore asks you to answer the following question.
A company wants to buy coal deposits but does not want the financing for the purchase to be reported on its financial statements. The company therefore establishes a trust to acquire the coal deposits. The company agrees to buy the coal over a certain period of time at specified prices. The trust is able to finance the coal purchase and pay off the loan as it is paid by the company for the minerals. How should this transaction be reported?
Infer The ideas in the Declaration of Independence created a new national identity that united colonists behind a core set of beliefs and set the new nation apart from other countries throughout the world . Why else was it significant that the ideas in the Declaration of Independence created a new national identity?