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Actual costs and normal costs. Ohio River Company uses a predetermined rate for applying overhead to production using normal costing. The rates for Year 1 follow: variable, 200 percent of direct labor dollars; fixed, 300 percent of direct labor dollars. Actual overhead costs incurred follow: variable, $20,000; fixed, $26,000. Actual direct materials costs were $5,000, and actual direct labor costs were $9,000. Ohio River produced one job in Year 1.
a. Calculate actual costs of the job.
b. Calculate normal costs of the job using predetermined overhead rates.
Identify and comment on the implications of these two matters for your auditors report on the financial statements of Petrie Co for the year ended 31 March 20X2.
Prepare journal entries to record Lopez 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system. Round amounts to the nearest dollar.)
What is the maximum price that Hanson would be willing to pay for just enough additional time in Process No. 1 to produce one more unit of Zeta?
It also shows current liabilities of $141,097, common equity of $200,000, and retained earnings of $133,667. How much long-term debt does the firm have?
question 1. what are susies deductible moving expenses for 2012 if she spends 4000 for moving and packing household
What are the tradeoffs in using multiples versus DCF analysis?
activity-based management talbot partners is a consulting firm with clients across the nation. within the company is a
Explain why equivalent units are a measure of production effort instead of a physical unit measure of performance. Does the concept of cost recognition underlie why a process cost report is prepared every period for each production department?
taylor corp. is growing quickly. dividends are expected to grow at a 31 percent rate for the next three years with the
Murphy is preparing for a meeting with her banker. Her business is finishing its fourth year of operation. In the first year, it had negative cash flows from operation. In the second and third years, cash flows from operations were positive.
An examination of the accounting records of a fictitious business, the Clowney Company, disclosed a high contribution margin ratio and production at a level below maximum capacity.
Prepare the summary entries to record the assignment of costs to Work in Process from the data on the job costsheets.
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