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Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
Bigelow Company budgets payroll at $4,000 per month plus a percentage of monthly sales. The June operation expense budget includes total payroll of $12,000 with budgeted sales of $160,000.
Crinks Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 15,000 hours and the total estimated manufacturing
Diversified Products, Inc., has recently acquired a small publishing company that Diversified Products intends to operate as one of its investment centers.
During 2013, Ted and Judy, a married couple, decided to sell their residence, which had a basis of $300,000. They had owned and occupied the residence for 20 years.
Bud exchanges a business use machine with an adjusted basis of $22,000 and a fair market value of $30,000 for another business use machine with a fair market value of $28,000 and $2,000 cash. What i
Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.
DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production.
Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2).
If the company borrows $8330 to pay for the purchase on the last day of the discount period and pays the loan plus interest in the amount of $8466.93 on the last day of the credit period, what is th
The company had 250,000 shares of $10 par value common stock outstanding with a market value of $22 per share. Prepare the journal entries required on May 1, May 21, and June 1.
On June 30, the board of directors of Sandals, Inc., declares a 2-for-1 stock split on its 30,000, $3 par, common shares. The market price of Sandals common stock is $200 on June 30.
Prepare a direct materials budget for geico compound, by month and in total, for the third quarter. (Do not round intermediate calculations. Input all amounts as positive values.)
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 120,000 shares of common stock outstanding as of the beginning of 2012.
What is the materials price variance for the month?What is the materials quantity variance for the month?What is the labor rate variance for the month?
Paulson, Inc. has 5 computers which have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $825.
Compute the unit cost that is relevant for comparison to the price quoted by the outside manufacturer. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Slick Corporation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Each case contains twelve quarts of synthetic oil.
Grunewald's management is considering implementing a bonus for the supervisors based on gross mamrgin under absorption costing.
The company is now in the process of preparing a production budget for the third quarter. Past experience has shown that end-of-month finished goods inventories must equal 5% of the next month's sal
Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2013, balance sheet. (Enter your answers in whole dollars.
A machine originally had an estimated useful life of 7 years, but after 4 complete years it was decided that the original estimate of useful life should have been 9 years.
Julie purchased the painting as an investment with the intent that she would sell it when its value exceeded $12,000. There was no insurance recovery on the painting.
Company uses a job order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours.
Sweet Dreams, Inc. manufactures bedding sets. The budgeted production is for 47,800 comforters in 2012. Each comforter requires 1.5 hours to cut and sew the material.