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During May, Arrow purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for May were $42,000, 90 percent of which were for direct labor. Arrow manufactured 19,000 units of product during May using 142,500 pounds of direct material and 5,000 direct labor hours.
a. Calculate the direct materials price variance for May.
b. Calculate the direct materials quantity variance for May.
c. Calculate the direct labor wage rate variance for May.
d. Calculate the direct labor efficiency variance for May.
Which of the following audit tests would be regarded as a test of a control? A) Test of the specific itmes making up the balance in a given general ledger account. B) Tests confirming receivables
After completing her residency, an obstetrician plans to invest $10,000 per year at the end of each year in a low-risk retirement account. She expects to earn five percent for 35 years. What will her retirement account be worth at the end of these..
Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share.
What is the FASB Codification System and what is its purpose? What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
What are the standard hours allowed for the output? What was the variable overhead rate variance? What was the variable overhead efficiency variance? What was the fixed manufacturing overhead budget variance?
Questions based on partnership. a)Write definition of partnership? b) Name and discuss the characteristics of a partnership c) Advantages of a partnership as a form of business
Jay transferred his farm land to an LLC in exchange for a 50% interest in the capital, profits and losses. His basis in the land was $600,000 and its fair market value was $1,000,000.
Recognized gains and losses must be properly classified. Proper classification depends on three characteristics, including the tax status of the property and the holding period of the property. What is the third characteristic?
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.
Kira Wahlgren acquired 100 shares of stock by gift from her father. Her father paid $1,000 in gift tax on the gift. At the time of the gift, the shares had a fair market value of $60 per share. Her father's adjusted basis in the shares was $90 per..
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