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Cleveland Metals uses a job cost system and applies factory overhead to manufacture at a pre-determined rate of 180 percent of direct labor cost. Data pertaining to recent operations follow.
a. Evaluate the total cost of the work in process inventory on January 31.
b. Determine the cost of jobs completed during January, and show the proper journal entry to reflect job completion.
Distinguish between cost and value and explain their relative significance in accounting?
Needham Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Needham for 2008 are as follows:
ou need to consider that it might be difficult to attract investors to part with the full $8.00 in one payment (minimum is 1,000 shares) given the current economic climate.
Two comments frequently are mentioned in relation to standard costing and variance analysis: "Variances are not explanations" and "Management's goal is not to minimize variances."
ACT 6691, Managerial Accounting Case: - Read the case and analyze the information. Prepare a narrative report (or notes to the income statement) addressing why/how quantitative items were selected. The following items must be explained:
What strategic objectives this Information System address and in each strategic objective (from answer 1), how does Information System improve business process?
Why is the cost allocation method used by an organization an important part of its cost accounting system?
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter and assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.
Explain how activity based costing could overcome the deficiencies in the existing costing system and use activity based costing to develop the cost for each activity centre.
Do you believe that internal management accountants possess the degree of skill commonly possessed by outside accountants and auditors? Explain your reasoning.
Outline the major revisions to the auditing standards and discuss their implications for auditors conducting audits.(Approx 1,000 words essay response)
Buchanan Corp. is refunding $12 million worth of 10% debt. The corporation's tax rate is 35%. The call premium is 9%. What is the net cost of the call premium? Please show ALL work of how the answer was composed.
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