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Prescott, Inc. uses standard costing for its one product, baseball bats. The standards call for 3 board-feet of wood at $1.40 per board-foot, and 45 minutes of work at $12 per hour per bat. Total manufacturing overhead costs were estimated at $9,450, of which the variable portion was $0.50 per bat and the fixed portion was $1.00 per bat with an estimate of 6,300 bats to be produced. Prescott identifies price variances at the earliest possible point in time.
During March, the company had the following results:
Instructions
Compute the following variances for March.
1. Labor quantity variance
2. Total labor variance
3. Overhead controllable variance
4. Overhead volume variance
at january 1 2002 betty derose inc. had an allowance for doubtful accounts with a 2700 credit balance. during 2002
in the year 2012 wiggins processing company had the following contribution income statement.salesnbspnbsp
which of the following describes the behavior of the fixed cost per unit?decreases with increasing productiondecreases
Downing Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2010 on January 1, 2010. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue?
What was the amount of the gain or loss on retirement of the bonds? Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 20..
How do rulings issed by the IRS benefit both the IRS and taxpayers?
Brown Company has $30,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $25,000 and cost of goods sold was $40,000, how much would Brown report for cost of goods manufactured?
If so, then lower-of-cost-or-market cannot be classified as a conservative method." Do you agree with this statement? Discuss.
the following information pertains to baxter company for 2013..beginning inventory 90 units 15units purchased 320 units
If Kiki Co. uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the thre..
accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. what
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