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1. Distinguish between absorption costing and variable costing.
2. (a) What is the major rationale for the use of variable costing?
(b) Discuss why variable costing may not be used for financial reporting purposes.3. Doc Rowan Corporation sells one product, its waterproof hiking boot. It began operations in the current year and had an ending inventory of 8,500 units. The company sold 20,000 units throughout the year. Fixed manufacturing overhead is $5 per unit, and total manufacturing cost per unit is $20 (including fixed manufacturing overhead costs). What is the difference in net income between absorption and variable costing?
Explain the main characteristics of a Total Quality Management (TQM) programme - explain what Six Sigma is and identify a management tool or technique used in conjunction with Six Sigma.
Journalize the entries required to complete the closing of the accounts and determine the amount of Retained Earnings at the end of the period.
Prepare Statement of Cash Flows for Senoro Co. for period ending Dec 31 - Senoro sold equipment which cost 75000 and had accumulated depreciation at 25000 cash
Task one Critically evaluate the models and concepts affecting the pricing decisions taken by organisations, critically reflecting upon their usefulness
Helene and Pauline are twin sisters who live in Louisiana and Mississippi, respectively, Helene is married to Frank, and Pauline is married to Richard. Frank and Richard are killed in an auto accident in 2013 while returning from a sporting event.
how much manufacturing overhead will be allocated to this product and evaluate the amount of avoidable costs if Jones buys rather than makes the components?
The Program Office has access to a database of the costs of adding similar equipment to 15 other types of aircraft. What is the most appropriate cost estimating method for this situation and budget for the estimated negotiated price and the maximum..
In addition, the income statement showed a gain of $12,500 from the sale of land. Reconcile a net income of $125,000 to net cash flow from operating activities.
Determine the ending inventory and the cost of goods sold under each of the cost flow methods of FIFO, LIFO, and weighted average cost.
What was Wallace's total long-term debt in 2013? Round your answer to the nearest dollar and what were Wallace's total liabilities in 2013? Round your answer to the nearest dollar.
How much net income should be distributed to Paulson - Dividing partnership net income
"Accountants do not ordinarily record opportunity costs in the formal accounting records." Why? Illustrate your explanation with examples. Distinguish between an incremental cost and a differential cost.
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