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Accounting

1.Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory $240 Cost of goods manufactured $670 Direct materials used $250 Direct labor $190 Ending work in process inventory $210 What was manufacturing overhead for the quarter? A. $200 B. $460 C. $700 D. $210

2.Assume that there are only two shareholders in a company; the controlling shareholder holds 90% of the equity shares of the company whilst the other non-controlling shareholder holds the remaining 10%. The non-controlling shareholder is reading the consolidated financial statements of the controlling shareholder but could not understand why:

? The balance shown as non-controlling interest is different from the amount he paid to purchase the 10% equity shares of the company nor the market value of the shares of the company as at the date of the financial statements.

? The amount of profit attributable to non-controlling interest is not equal to 10% of the net profit of the company for the financial year.

Suppose you are the Group Accountant of the company. Draft a short memorandum explaining the above to the non-controlling shareholder to help him to understand the amounts and balances related to non-controlling interest in the consolidated financial statements.

3.Identify the different forms of purchase consideration which may be used by an acquirer and describe potential issues in relation to the valuation of those forms of consideration.

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