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Canyon reported $106,000 of net income for the year by using variable costing. The company had no beginning inventory, planned and actual production of 50,000 units, and sales of 47,000 units. Standard variable manufacturing costs were $15 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, net income under absorption costing would be:
A. $52,000.
B. $97,000.
C. $106,000.
D. $115,000.
E. $160,000.
Management believes that electrical cost is a mixed cost that depends on machine-hours. Using the high-low method to estimate the variable and fixed components of this cost, these estimates would be closest to:
Sam Jones is a pharmacist earning $90,000 per year and he decided whether to purchase a pharmacy and become manager of a business that generates revenue of $500,000 each year.
Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.
Briefly explain the depreciation and impairment process in relation to approximating the fair value of fixed assets?
If Rushia Company determines that the fair value of the investment is now $3,900,000 and is using U.S. GAAP for its external financial reporting, which of the following is true?
Determine the equivalent units and costs per equivalent unit for materials and conversion costs. Are the ending balances in the WIP and Finished Goods inventory as shown correct? If they are not correct, what should the ending balances be?
Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.
Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How much will Brooks actually receive in cash under this arrangement?
Evaluate the number of shares to be employed in determining diluted earnings per share for 2013.
Write a strategy on how GM should operate its financial aspect of the company to improve sales.
What are different criteria for recognizing revenue?Why are there so many revenue recognition methods?Why are the methods subjective and what are the implications on income statement quality?
On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value. Compute the revised annual depreciation.
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