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S Corp uses the following activity rates from its activity-bases costing to assign overhead costs to products.
Activity cost pools Activity RateSetting up batches $96.01 per batchProcessing Customer Orders $21.72 per customer orderAssembling products $2.23 per assembly hour
Last year, Product J involved 48 batches, 22 customer orders and 395 assembly hours.
Required:
How much overhead cost would be assigned to Product J using the company's activity based costing system? Show your work.
The return on MBS is independent of the default rate on the underlying mortgages. True or false and why?
Could we use managerial accounting "tools" to assess the profitability of an organization other than a manufacturing business, or are the topics we are learning only related to manufacturing?
Kendra is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kendra has $5,000 of net income. Her allocable home expenses are $10,000 in total. How are the home office expenses treated on her curre..
The finished goods inventory on hand at the end of each month must be equal to 5,000 units plus 25 percent of the next month's sales. The finished goods inventory on June 30 is budgeted to be 13,750 units.
Prepare journal entries to record the following transactions entered, answer the questions in accounting basics.
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Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2010. On June 15, Nadal declared and paid a cash dividend of $36,00..
Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler ..
Caleb Samford calls you and says that his two-person S corporation was involuntarily terminated in February 2010. He asks you if they can make a new S election now, in November 2011. Draft a memo for the file outlining what you told Caleb.
Many people say that a balance shows the financial position of an entity at a particular point in time. Explain "a particular point in time" and how does this differ from the income statement's time period coverage?
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Isaac Company has a selling price of $10 per unit and expects to maintain ending inventories equal to 25 percent of the next month's sales. Calculate the budgeted beginning balance in units for finished goods inventory on November 1?
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