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The normal capacity of the Malloy Company is 20,000 direct labor hours and 10,000 units per month. A finished unit requires 15 pounds of materials at an estimated cost of $1.00 per pound. The estimated cost of labor is $12.00 per hour. It is estimated that overhead for a month will be $15,000.
During the month of June, 19,000 direct labor hours were worked at an average rate of $11.50 an hour. The number of units produced was 9,000, using 132,000 pounds of material at a cost of $1.05 per pound.
a. Prepare a standard cost summary showing the standard unit cost.
b. Calculate the material and labor variances.
c. Prepare entries in general journal form to charge materials and labor to work in process. Indicate whether the variances are favorable or unfavorable.
A financial manager is planning two projects, A and project B. A is expected to add $2 million to profits this year while B is expected to add $1 million to profits this year.
What is the Sarbanes-Oxley Act? How does act affect the audits for the accounting firm and for the organization? Has the Sarbanes-Oxley Act improved the quality of the audit? Answer in 150-200 words.
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
What is the E&P of Purple Corporation after the property distribution?
ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?
What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
A substantive test of transactions to test the completeness assertion includes?
Server Planet operates a web hosting company. Examine the following items and prepare the current liability section of the company's December 31, 20X7, statement of financial position.
Anne's marginal income tax rate is 30 percent. She purchases a corporate bond for $10,000 and the maturity, or face value, of the bond is $10,000. If the bond pays 5 percent per year before taxes, what is Anne's annual after-tax rate of return fro..
A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value.
December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60%) and to goodwill (40 %). On a consolidated balance sheet as of January 2, what would be the amount for ea..
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
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