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A company has a standard of 2 hours of direct labor per unit produced and $19.0 per hour for the labor rate. During last period, the company used 10,500 hours of direct labor at a $179,500 total co
Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 4.8% on the first $8,000 of each employee's earnings.
Helix Company produces several products in its factory, including a karate robe. The company uses a standard cost system to assist in the control of costs.
At the end of the prior year, the fair value of the security was 50% of original cost, and this reduction in fair value was reported as an other than temporary impairment.
Bartels Corp. produces woodcarvings. It takes 3 hours of direct labor to produce a carving. Bartels' standard labor cost is $13 per hour. During August, Bartels produced 11,000 carvings.
Product A has a sales price of $11 per unit. Based on a 9,000-unit production level, the variable costs are $6 per unit and the fixed costs are $3 per unit. Using a flexible budget for 11,500 units
Based on predicted production of 10,000 units, a company anticipates $168,000 of fixed costs and $126,000 of variable costs. The flexible budget amounts of fixed and variable costs for 8,000 units
Primm Company produced 2,500 units of product that required three standard hours per unit. The standard variable overhead cost per unit is $2.50 per hour. The actual variable factory overhead was $1
A company's flexible budget for 11,000 units of production showed sales, $44,000; variable costs, $16,500; and fixed costs, $15,250. The operating income expected if the company produces and sells
Compute the break-even point in dollars under each of the alternative courses of action. (Round contribution margin ratio to 4 decimal places e.g. 0.2512 and final answers to 0 decimal places, e.g. 2,
What is cost-plus pricing? Under what circumstances can it be most useful? What are some potential problems with using this approach? Be specific in your responses.
Traham Lumber Company hired you to help estimate its cost of common equity. You obtained the following data: D1=$1.25, PO=$26.50; g=5.00% (constant); F=6.00%. What is the cost of equity raised by s
In 2012, Raleigh sold 1,000 units at $500 each, and earned net income of $50,000. Variable expenses were $300 per unit, and fixed expenses were $150,000.
Pearl Manufacturing is considering an investment in equipment costing $660,000. The equipment will be depreciated on the straight-line basis over an eight-year period with an estimated residual valu
Zehms, Inc. has a contribution margin per unit of $21 and a contribution margin ratio of 60%. How much is the selling price of each unit?
Manufactring overhead cost applied to WIP 69,000.Prepare a schedule of cost of goods manufactured and a schedule of cost of goods sold in good form.
You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company%u2019s costing system and
How do you round interest amounts to the nearest cent? Why isn't the answer what the calculator says without rounding to the nearest cent?
Identify the type of product costing system used by Arp, and an alternative method, and state define and distinguish the two methods.
Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public.
Yoho Company reported the following financial numbers for one of its divisions for the year; average total assets of $5,800,000; sales of $5,375,000; cost of goods sold of $3,225,000.
What is the amount of ending inventory on December 31, if the company uses the first-in, first out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system)
The Footwear Department of Lee's Department Store had sales of $202,000, cost of goods sold of $139,500, indirect expenses of $14,650, and direct expenses of $28,900 for the current period. The Foo
Jamie Sako negotiated a bank loan for $30,000 for 240 days at a bank rate of 16%. assuming the interest is deducted in advance, prepare the entry for Jamie to record the bank loan.
What is The job cost sheet is used to accumulate the three product costs: direct material, direct labor, and factory overhead. Discuss the source documents for determining these amounts.