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Budgeted $ Sales $205,000Budgeted Machine Hours 10,000Budgeted Direct Labour Hours 20,000Budgeted Direct Labour Rate (ph) $14Budgeted Manufacturing Overhead $364,000Actual Machine Hours 11,000Actual Direct Labour Hours 18,000Actual Direct Labour Rate (ph) $15Actual Manufacturing Overhead $340,000
Required:
i. Calculate the predetermined overhead rate for the year using each of the following cost drivers:
a) Machine Hoursb) Direct Labour Hoursc) Direct Labour Cost
ii. Calculate whether overhead has been under or overapplied (and by how much) using each of the three cost drivers.
The common shares have a market price of $22.50 per share on the grant date. Suppose Magnetic Optical expected a 10% forfeiture rate on the restricted shares prior to vesting Determine the total compensation cost.
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Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need, to manage the business.
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