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IPX is a specialized packaging company that packages other manufacturers' products. Other manufacturers ship their products to IPX in bulk. IPX then packages the products using high-speed, state-of-the-art packaging machines and ships the packaged products to wholesalers. A typical order involves packaging small toys in see-through plastic and cardboard containers. IPX uses a flexible budget to forecast annual plantwide overhead, which is then allocated to jobs based on machine hours. The annual flexible overhead budget is projected to be $6 million of fixed costs and $120 per machine hour. The budgeted number of machine hours for the year is 20,000. At the end of the year, 21,000 machine hours were used and actual overhead incurred was $9.14 million. A) Calculate the overhead rate set at the beginning of the year.
B) Calculate the amount of over/underabsorbed overhead for the year.
C) The company's policy is to write off any over/underabsorbed overhead to cost of goods sold. Will net income rise or fall this year when the over/underabsorbed overhead is written off to cost of goods sold?
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $408,000 for April and $485,000 for May. Cost of goods sold is expected to be 64% of sales.
What is the return on common stockholders' equity?
If the amount awarded each year is $15,000, determine the rate of return earned on the fund.
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other infor..
An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be pla..
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If the auditor discovers that the carrying amount of a client's investments is overstated because of a loss in value that is other than a temporary decline in market value, the auditor should insist that
In 2009, assume that you start with a salary of $100,000, will receive a 3% raise each year, and the interest rate expected will be 6%. You plan to retire in 40 years and draw retirement pay for 20 years.
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The accumulation was motivaated by his thinking that a depression was just around the corner. Tax savings did not enter his mind. Does the accumulated earnings tax apply to T corporation?
The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?
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