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Madison Industries has equivalent units of 2,000 for materials and for conversion costs. Total manufacturing costs are $160,000. Total materials costs are $120,000. How much is the conversion cost per unit?
a. $8.00.
b. $20.00.
c. $80.00.
d. $16.00
What is the predetermined overhead application rate for the maintenance department? What is the additional cost to the maintenance department of providing another hour of maintenance?
To what years can the 2008, 2011 and 2012 net operating losses be carried back? What amount, if any, is available as a net operating loss to be carried forward?
Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.
Suppose that the Lai Jean Co. expects before tax earnings of 5 million this coming year, assuming no liability losses. However, there is a 2 percent chance that Lai will lose a $10 million lawsuit during the year.
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
Prepare the journal entries required at December 31, 2007 and at December 31, 2008 assuming that a perpetual inventory system and the direct method of adjusting to market is used.
What are the different issues involved with translation exposure, transaction exposure and economic exposure? How can companies plan to mitigate the risk of each? What are the opportunity costs associated with measures to mitigate this risk?
The High and Dry Boat Company has $120,000 of 15% bonds outstanding along with 2,000 shares of $2.50 (dividend) preferred stock and 3,000 shares of common stock.
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
Write down a forecast of Macy's income before taxes if Macy's selling efforts generates the products sales below instead of the ones shown in the table above (all other factors remain unaffected).
What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
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