In its first year of operations, Lima Company manufactured 1,000 widgets, incurring direct materials and labor costs of $227,000. For book purposes, Lima captialized $260,000 of indirect manufacturing costs. For tax purposes, it had to capitalize $315,000 of indirect costs under the UNICAP rules. At the end of the year, Lima had 170 widgets remaining in inventory. a. For book purposes, compute Lima's ending inventory cost and cost of goods sold for the year.

b. For tax purposes, compute Lima's ending inventory cost and cost of good sold for the year.

c. Compute Lima's inventory book/tax differences and indicate if such difference is favorable or unfavorable.

Employees who are paid to complete a task, such as build a house, are paid on a(n) basis

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Nellie lumpkin, who suffered from dementia, was admitted to the picayune convalescent center, a nursing home. because of her mental condition, her daughter, beverly mcdaniel, signed the admissions agreement. it included a clause requiring the par- ties to submit any dispute to arbitration. after lumpkin left the center two years later, she filed a suit against picayune to recover damages for mistreatment and malpractice. [covenant health & rehabilitation of picayune, lp v. lumpkin, 23 so.2d 1092 (miss. app. 2009)] (see page 91.) 1. is it ethical for this dispute—involving negligent medical care, not a breach of a commercial contract—to be forced into arbitration? why or why not? discuss whether medical facilities should be able to impose arbitration when there is generally no bargaining over such terms.