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6-23 Budgets for production and direct manufacturing labor. (CMA, adapted) Roletter Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Bob Anderson, the controller, is responsible for preparing Roletter's master budget and has accumulated the following information for 2007: 2007 January February March April May Estimated sales in units 10,000 12,000 8,000 9,000 9,000 Seling price $54.00 $51.50 $51.50 $51.50 $51.50 Direct manufacturing labor- Hours per unit 2.0 2.0 1.5 1.5 1.5 Wage per direct manufacturing Labor-hour $10.00 $10.00 $10.00 $11.00 $11.00 Besides wages, direct manufacturing labor-related costs include pension contributions of $0.50 per hour, worker's compensation insurance of $0.15 per hour, employee medical insurance of $0.40 per hour, and social security taxes. Assume that as of January 1, 2007, the social security tax rates are 7.5% for employers and 7.5% for employees. The cost of employee benefits paid by Roletter on its employees is treated as a direct manufacturing labor cost. Roletter has a labor contract that calls for a wage increase to $11 per hour on April 1,2007. New labor saving machinery has been installed and will be fully operational by March 1, 2007. Roletter expects to have 16,000 frames on hand at December 31, 2006, and it has a policy of carrying an-end-of-month inventory of 100% of the following month's sales plus 50% of the second following month's sales. Prepare a production budget and a direct manufacturing labor budget Roletter Company by month and for the first quarter of 2007. Both budgets may be combined in one schedule. The direct manufacturing labor budget should include labor-hours, and show the details for each labor cost category.
The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $200,000 (present value at 10% is $77,110). 10% is an appropriate interest rate for this company. What expense should be recorded for 2010 as a re..
What is a just-in-time (JIT) inventory system? Name some inventory costs that can be eliminated or reduced by its use.
Entries of the Warren Clinic 2012 income statement are listed below in alphabetical order. Reorder the data in the proper format.
100. Devon Bishop, age 40, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1111. Devon does not want $3 to go to the Presidential Election Campaign Fund.
Consider the one-factor APT. The variance of the return on the factor portfolio is .08. The beta of a well-diversified portfolio on the factor is 1.2. The variance of the return on the well-diversified portfolio is approximately _________.
Chen Company's account balances at December 31, 2007 for Accounts Receivable and the Allowance for Doubtful Accounts are $320,000 debit and $600 credit. Sales during 2007 were $900,000. It is estimated that 1% of sales will be uncollectible. The a..
ABC Corporation has assets of $1.35 million, common stock of $351,000, and retained earnings of $214,000. What are the creditors' claims on their assets?
On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February 14, 2011. On January 10, 2011, Irey arranged a line of credit with County Bank which allows Irey to borrow up to $1,500,000 at one percent above the prime ra..
Identifiable net assets were equal to their carrying amounts
What are the steps in the calculation of implied value.
The interest (settlement) rate applicable to the plan is 10% On January 1, 2011, the company amends its pension agreement so that service costs of $500,000 are created. Other data related to the pension plan are as follows:
a proposed engineering control is expected to cut the accident rate by 40 percent for a given process that was recently
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