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Willow Creek Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor hours for the upcoming year at 38,500 labor hours. The estimated variable manufacturing overhead was $7.37 per labor hour and the estimated total fixed manufacturing overhead was $601,328. The actual labor hours for the year turned out to be 41,721 labor hours.
Required:
Compute the company's predetermined overhead rate for the recently completed year.
Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculation? Why?
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Which of the following statements is TRUE about Nestor's hobby activity?
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The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.
Using the activity base info in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, COmmercial, and Government contract divisions from payroll and purchasing services.
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