For product costs associated with a particular product to be reported on the income statement:
a. the product must be sold.
b. the product may be in any of the manufacturer's inventory accounts
c. the company must expect to sell the product during the next twelve months
d. the product must be transferred to finished goods inventory
e. the product must still be in work in process inventory
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Russell's is considering purchasing $697,400 of equipment for a four-year project. the equipment falls in the five-year macrs class with annual percentages of .2, .32, .192, .1152, .1152, and .0576 for years 1 to 6, respectively. at the end of the project the equipment can be sold for an estimated $135,000. the required return is 13.2 percent and the tax rate is 23 percent. what is the amount of the aftertax salvage value of the equipment assuming no bonus depreciation is taken
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For product costs associated with a particular product to be reported on the income statement:
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