can i email you a document and you take a look at it for me?

YOU MUST SUBMIT ANSWERS TO THESE QUESTIONS IN ORDER TO RECEIVE A GRADE:
Personal perspectives and position: What is your experience and knowledge level regarding individual taxes? How did your personal tax experience and knowledge help you in completing this tax return?

Other salient perspectives and positions: What resources did you use in preparing this tax return? Provide references to page numbers in your textbook and specific addresses within the IRS website.

(By-product/joint product journal entries) Missouri Grain Agriculture is a 5,000- acre wheat farm. The growing process yields two principal products: wheat and straw. Wheat is sold for $3.50 per bushel (assumes a bushel of wheat weighs 60 pounds). Without further processing, the straw sells for $30 per ton (a ton equals 2,000 pounds). If the straw is processed further, it is baled and then sells for $45 per ton. In 2001, total joint cost to the split-off point (harvest) was $175 per acre. The farm produced 70 bushels of wheat per acre and 1 ton of straw per acre. If all of the straw were processed further, processing costs (baling) for the straw would amount to $50,000. Prepare the 2001 journal entries for straw, if straw is:

a. transferred to storage at sales value as a by-product without further processing, with a corresponding reduction of wheat’s production costs.

b. further processed as a by-product and transferred to storage at net realizable value, with a corresponding reduction of the manufacturing costs of wheat.

c. further processed and transferred to finished goods, with joint cost being allocated between wheat and straw based on relative sales value at the split-off point. (CPA adapted)

(EUP computation; normal and abnormal loss; cost per EUP; FIFO) CandleSticks uses a FIFO process costing system to account for its candle production process. Wax occasionally forms imperfectly in molds and, thus, spoilage is viewed as continuous. The accepted quality level is good output of 92 percent of the pounds of wax placed in production. All wax is entered at the beginning of the process. March 2001 data follow:

Beginning inventory (30% complete as to conversion)	9,000 pounds
Started during month	30,000 pounds
Transferred	31,500 pounds
(315,000 candles; 10 wax candles are obtained from a pound of wax)
Ending inventory (20% complete as to conversion)	5,400 pounds
Loss	? pounds
The following costs are associated with March production:

The following costs are associated with March production:

Beginning inventory:
Material	$3,600
Conversion	2,700	$9,207
Current period:
Material	$9,207
Conversion	8,964	8,964
Total costs		$24,471

a. Prepare the production data segment of CandleSticks’ cost of production report for March 2001.

b. Compute the cost per equivalent unit for each cost component.

c. Assign March costs to the appropriate units.

A client explains that her firm’s value must be affected by the choice of explicit forecast horizon. Build a model to test her claim. NOPLAT, depreciation, and gross investment for year 1 have been forecasted to be $10.0, $2.5, and $13.61, respectively.

a. To evaluate your client’s claim, first assume a short horizon of three years.

b. Compare the results of this three-year horizon to a six-year forecasted horizon. The company’s management team forecasted RONIC for years 1 to 3 to be 18 percent and 11 percent thereafter. The company executives also forecasted NOPLAT to grow at 20 percent for years 1 to 3 and a decline to continuing growth rate of 5 percent thereafter. Finally, the management team has estimated an initial WACC of 14 percent for years 1 to 3, and declining to 12 percent after the initial forecasted period.

c. Compare your computed value for both time horizons. Provide an explanation of your results.

(Joint products; by-product) Valley Mangoes runs a fruit-packing business in southern California. The firm buys mangoes by the truckload in season. The fruit is then separated into three categories according to its condition. Group 1 is suitable for selling as is to supermarket chains and specialty gift stores. Group 2 is suitable for slicing and bottling in light syrup to be sold to supermarkets. Group 3 is considered a by-product and is sold to another company that processes it into jelly. The firm has two processing departments: (1) Receiving and Separating and (2) Slicing and Bottling.

A particular truckload cost the company $1,500 and yielded 1,500 mangoes in Group 1, 2,000 mangoes in Group 2, and 500 mangoes in Group 3. The labor to separate the fruit into categories was $300, and the company uses a predetermined overhead application rate of 50 percent of direct labor cost. Only Group 2 has any significant additional processing cost, estimated at $220, but each group has boxing and delivery costs as follows:

Group 1	$150
Group 2	220
Group 3	50

The final sales revenue of Group 1 is $3,000, of Group 2 is $1,500, and of Group 3 is $450.

a. Determine the sum of the material, labor, and overhead costs associated with the joint process.

b. Allocate the total joint cost using the approximated net realizable value at split-off method, assuming that the by-product is recorded when realized and is shown as other income on the income statement.

c. Prepare the entries for parts (a) and (b) assuming that the by-product is sold for $450 and that all costs were incurred as estimated.

d. Allocate the total joint cost using the approximated net realizable value at split-off method, assuming that the by-product is recorded using the net realizable value approach and that the joint cost is reduced by the net realizable value of the by-product.

e. Prepare the entries for parts (a) and (d), assuming that the estimated realizable value of the by-product is $400.

(Discrete spoilage; WA) Angelique Inc. makes stuffed angels in a mass-production process. Cloth and stuffing are added at the beginning of the production process; the angels are packaged in sky-blue boxes at the end of production. Conversion costs for the highly automated process are incurred evenly throughout processing. The angels are inspected at the 95 percent completion point prior to being boxed. Defective units of more than 1 percent of the units started is considered abnormal. The company uses a weighted average process costing system. June 2001 production and cost data for Angelique Inc. follow:

Beginning inventory (40% complete as to conversion)	5,000
Started	70,000
Ending inventory (70% complete as to conversion)	6,000
Total defective units	400
Beginning inventory cloth and stuffing cost	$ 21,900
Beginning inventory conversion cost	$ 7,680
June cloth and stuffing cost	$315,600
June box cost	$ 75,460
June conversion cost	$270,404

a. How many units were completed in June?

b. How many of the defective units are considered a normal loss? An abnormal loss?

c. What is the per-unit cost of the completed units? What would the per-unit cost of the completed units have been if the 400 units had been good unitsat their same stagesofcompletion at the end of the period?

d. What is the total cost of ending inventory?

(Net realizable value allocation) Galaxy Communications is a broadband network and television company. The firm has three service groups: Communications, News, and Entertainment. Joint production costs (costs incurred for facilities, administration, and other) for May 2000 were $12,000,000. The revenues and separate production costs of each group for May follow:

	Communications	News	Entertainment
Revenues	$18,000,000	$15,000,000	$95,000,000
Separate costs	17,000,000	8,000,000	55,000,000

a. What amounts of joint cost are allocated to each service group using the net realizable value approach? Compute the profit for each group after the allocation.

b. What amount of joint cost is allocated to each service group if the allocation is based on revenues? Compute the profit for each group after the allocation.

c. Assume you are head of the Communications Group. Would the difference in allocation bases create significant problems for you when you reportto Galaxy Communications’ board of directors? Develop a short presentation to make to the board if the allocation base in part (b) is used to determine group relative profitability. Be certain to discuss important differences in revenues and cost figures between the Communications and Entertainment groups.

(Ending inventory valuation; joint cost allocation) Gainesville Meat Packers experienced the operating statistics in the following table for its joint meat cutting process during March 2000, its first month of operations. The costs of the joint process were direct material, $20,000; direct labor, $11,700; and overhead, $5,000. Products X, Y, and Z are main products; B is a by-product. The company’s policy is to recognize the net realizable value of any by-product inventory at split-off and reduce the total joint cost by that amount. Neither the main products nor the by-product require any additional processing or disposal costs, although management may consider additional processing.

	Weight in	Sales Value	Units	Units
Products	Pounds	at Split-Off	Produced	Sold
X	4,300	$66,000	3,220	2,720
Y	6,700	43,000	8,370	7,070
Z	5,400	11,200	4,320	3,800
B	2,300	2,300	4,600	4,000

a. Calculate the ending inventory values of each joint product based on (1) relative sales value and (2) pounds.

b. Discuss the advantages and disadvantages of each allocation base for (1) financial statement purposes and (2) decisions about the desirability of processing the joint products beyond the split-off point.

(Adjusting standards) Maui Muumuus manufactures traditional Hawaiian dresses. The company was started early in 1995, and the following standards for materials and labor were developed at that time:

Material	3 yards at $6 per yard
Labor	1.5 hours at $10 per hour

In May 2001, Maui Muumuus hired a new cost accountant, Sally Rogers. At the end of May, Sally was reviewing the variances calculated for the month and was amazed to find that standards had never been revised since the company started. Actual data for May 2001 for material and labor are as follows:

Material	Purchased, 50,000 yards at $7.00 Used in production of 17,200 muumuus, 50,000 yards
Labor	17,800 hours at $13.50 per hour

Since 1995, material prices have risen 4 percent each year. However, the company can now buy at 94 percent of regular price due to the increased volume of purchases. Labor contracts have specified a 5 percent cost-of-living adjustment for each year, beginning in 1996. Because of revising the plant layout and purchasing more efficient machinery, the labor time per muumuu has decreased by one-third; also, direct material waste has been reduced from 1/4yard to 1/8 yard per muumuu.

a. Determine the material and labor variances based on the standards originally designed for the company.

b. Determine the new standards against which Sally should measure the May 2001 results. (Round adjustments annually to the nearest penny.)

c. Compute the variances for material and labor using the revised standards.