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HPC, Inc. has developed a standard pricing system for its products. The variable cost standards (based on expected output of 5000 units) are:
In January 20XX, the firm actually produced 5300 units and actual manufacturing costs were as follows:
a. Compute all direct material and direct labor variances. Be sure to note if a variance is favorable (F) or unfavorable (U). Note that you need to consider the # of units actually produced when computing your efficiency variances.
b. Assume that all direct material was purchased on account and those purchases are only recorded at the end of the month. Also assume that the firm uses a standard cost accounting system (with variances recorded). Prepare the journal entry for direct materials purchased during the month.
c. Assume that all direct material used is only recorded at the end of the month. Also assume that the firm uses a standard cost accounting system (with variances recorded). Prepare the journal entry for direct materials used during the month.
Alliance software began 2009 with accounts receivable of $115,000, All sales are made on credit. Sales and cash collections from customers for the year were $780,00 and $700,000 respectively. Cost of goods sold for the year was $450,000. what was ..
Sally is an attorney who computes her taxable income using the cash method of accounting. Sage Corporation, owned 40% by Sally's brother, 40% by her cousin
Analyze the risks in the systems that your team analyzed. Identify all risks and internal control points by incorporating the controls and risks into the flowcharts.
holder manufacturing is considering purchasing two machines. each machine costs 8000 and will produce cash flows as
At an appropriate place on your worksheet, provide a brief written assessment (no more than 300 words) as to whether the company should purchase this alternate equipment and why.
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on october 29 2010 lue co. began operations by purchasing razors for resale. lue uses the perpetual inventory method.
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