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Manufacturing Overhead- over/underapplied LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company's fiscal year, $173,250 of manufacturing overhead was applied to Work in Progress Inventory using the predetermined overhead application rate of $15 per direct labor hour.
Required:
a. Calculate the number of hours of direct labor used in November.
b. Actual Manufacturing overhead costs incurred during November totaled $166,425. Calculate the amount of over or underapplied overhead for November.
c. Identify two possible explanations for the over or underappleid overhead.
d. Explain the accounting appropriate for the over or underapplied overhead at the end of November.
A firm believes it can generate an additional $250,000 per year in revenues for the next 5 years if it replaces existing equipment with new equipment that costs $210,000.
Calculate your times interest earned ratio both with and without the new debt financing. Calculate the expected EPS next year, both with and without the new debt financing.
The character of any income or loss will be ordinary if the contributed property is sold by the partnership within five years after the date of contribution regardless of the character of the asset in the hands of the partnership.
What method would be most appropriate for calculating the division's return on investment (ROI)? Why? Using this method, what is ROI for the current year?
Maggie Moo's Ice Cream Shop had a gross pay of $19,000 and a net pay of $13,200 for the latest payroll. The journal entry to pay the payroll would be:
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On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..
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Excluding the cost of the machinery, additional operating costs are expected to be $15,000 per year. If the firm requires a minimum 12% return on its investment, what is the maximum price the company can pay for this equipment?
Prepare the journal entry to record the dividend. By December 31, Washington Posts fiscal year-end, the market value of INews shares has dropped from $60 to $58 per share. How much has Washington Posts portfolio value changed?
During June, 90,000 units were produced. The standard quantity of material allowed per unit was 2 pounds at a standard cost of $5 per pound. If there was an unfavorable quantity variance of $5,000 for June, the actual quantity of materials used mu..
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