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Computation of total overhead rate and total overhead variance Earth Company expects to operate at 80% of its productive capacity of 25,000 units per month. At this planned level, the company expects to use 40,000 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate based on direct labor hours. At the 80% capacity level, the total budgeted cost includes $40,000 fixed overhead cost and $280,000 variable overhead cost. In the current month, the company incurred $340,000 actual overhead and 39,000 actual labor hours while producing 19,500 units. 1. Compute Earth Company s overhead application rate for total overhead. 2. Compute Earth Company s total overhead varianc.
An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations), Using the LIFO assumption, calculate the value of ending inventory for March
Why is it difficult to develop accounting reporting categories that are uniform for governments within the same type of entity (e.g. cities) and even more difficult to develop them for governments within different types of entities
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts:
Your friend, Wendy Geiger, owns a small retail store that sells canies and nuts. Geiger acquires her goods from a few select vendors. She generally makes purchase orders by phone and on credit. Sales are primarily for cash. Geiger keeps her own ma..
Prepare a statement of cash flows using the indirect method.
What is the maximum revenue per year, how many medical patients/year are there, and how many surgical patients/year are there? How many medical beds and how many surgical beds of the 90-bed addition should be added?
During 2006, Edgemont Corporation had revenues of $230,000 and expenses-Compute the retained earnings on December 31, 2005, and 2006.
What are the tax consequences of the corporate formation transaction?
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