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The Porter Company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 Unfavorable; and the standard quantity of materials allwed for July production was 21,750 pounds. What is the materials price variance for July?
In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should..
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a ..
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences.
How much gain does Lee realize and recognize as a result of these transfers?
Assume an accounts receivable confirmation is returned with a note to the auditor describing a difference between your client's records and the customer's records. Clearly describe below two potential non-misstatement timing differences that could..
Select an Initial Public Offering (or a Secondary Offering) completed in the last 10 years in U.S. capital markets, and discuss and analyze this IPO in 7-8 pages, double-spaced.
Janet (taxpayer) residing in Australia is named as the sole beneficiary of a property (1.85 hectares) with a large homestead as a result of the death of a relative on 7/10/2009.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
At December 31, 2011, the following information was available for J. Graff Company: ending inventory $53,800, beginning inventory $65,120, cost of goods sold $285,860, and sales revenue $381,580. Calculate inventory turnover and days in inventory ..
Assume Green Leaf Nursery anticipated sales of $500 in the first quarter. Accounts receivable at the beginning of the year was $300. Assuming a collection period of 30 days, which is the approximate beginning balance for the second quarter?
Companies that use a process-cost accounting system would:
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