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. Assume a manufacturer incurs 2,000,000 hours of direct productive labor in a year at a total direct labor cost of $50,000,000. The total manufacturing indirect expense for the same period is $67,500,000.a. What is the average direct labor hour rate?b. If the overhead were distributed on the basis of direct labor hours, what would the rate be per hour?c. If the overhead were distributed on the basis of direct labor dollars, what would the percentage rate be?2. Using the same factors as above, assume that we have two projects each requiring 100,000 direct labor hours. On Project A, because of work requirements and personnel assigned, direct labor costs of $2,040,000, or $20.40 per hour, were experienced. Project B, on the other hand, requires a direct labor cost of $2,800,000, or $28.00 per hour. Calculate the amount of overhead that would be allocated to these two projects on a labor hour and a dollar basis.Direct Labor Direct LaborHour Method Dollar MethodProject A $_____________ $____________Project B $_____________ $____________
If a taxpayer has tentative AMT of $60,000 and AMT of $15,000, what is the regular income tax liability?
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
Are there any difference between the organizations that adopt a particular accounting method? What are the strengths and weaknesses of the various types of accounting?
The current balance in Retained Earnings is $1,600,000. Determine the maximum dividend per share that can be paid to common shareholders.
in the current year stephanie formed an equal partnership with jane. stephanie contributed land with an adjusted basis
Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and a FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (b..
Chuck contributed cash of $30,000 and land with a basis of $40,000 (fair market value of $70,000). Greg contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Which of the following tax treatments is not correct..
Kat Inc. holds 75% of the outstanding common stock of Rax Corp. Rax currently owes Kat $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?
hours worked, 46; federal income tax withheld, $354; cumulative earnings for year prior to current week, $95,735; social security tax rate, 6.0% on maximum of $111,091; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid..
Cases relate to the valuation of assets
Without regard for this investment, keefe earns $300,000 in net income during 2010. All the net income is earned evenly throughout the year. What is the controlling interest in consolidated net income for 2010.
Assume that the present value at January 1, 2002, of all rent payments over the lease term discounted at a 10 percent interest rate was $5,280,000. What amount of interest revenue should Baxter record in 2003 (the second year of the lease period) ..
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