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Cost Allocation and Apparent Profitability. Diamonds, Etc. manufactures jewelry settings and sells them to retail stores. In the past, most settings were made by hand, and the overhead allocation rate in the prior year was $12 per labor hour ($2,400,000 overhead / 200,000 labor hours). In the current year, overhead increased by $800,000 due to acquisition of equipment. Labor, however, decreased by 40,000 hours because the equipment allows rapid creation of the settings. One of the companys many customers is a local jewelry store, Jasmines Fine Jewelry. This store is relatively small, and the time to make an order of jewelry pieces is typically less than 10 labor hours. On such jobs (less than 10 labor hours), the new equipment is not used, and thus the jobs are relatively labor intensive. a. Assume that in the current year, the company continues to allocate overhead based on labor hours. What would be the overhead cost of a 10-labor-hour job requested by Jasmine Fine Jewelry? How does this compare to the overhead cost charged to such a job in the prior year? b. Assume that the price charged for small jobs does not change in the current year. Are small jobs less profitable than they were in the past?
Prior to liquidating their partnership, Morgan and Chow had capital accounts of $32,000 and $60,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership ass..
Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2012 Jan. 1 Paid $298,000 cash plus $11,920 in sales tax and $1,800 in transportation (FOB shipping point) for a n..
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Suppose Jim worked 75 hours during this payroll period and is paid $11.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%.Calculate Jim's net paycheck for the period which i already answered as 679.39.Calculate Jim's emplo..
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impact of change in credit policy on the debt ratio.collins company had the following partial balance sheet and
question 1. the actual costs and standard costs for direct materials for the manufacture of 2500 actual units of
Critically discuss Ms Sassoni's view that surplus cash should be paid out to shareholders and that Sassi Stores should introduce gearing onto its balance sheet and calculate and estimate the internal rate of return of the forecast cash flows of the..
What was LTCM, what was its investment strategy and how did it fail in the short run but succeed from a longer-term perspective?
Which of the following represent audit quality guides that remain stable over time and are applicable for all audits?
Prepare a balance sheet at May 31, 2014. Murray appropriately records any depreciation expense on a quarterly basis.
Bed & Bath, a retailing company, has two departments, Hardware and Linens. The company’s most recent monthly contribution format income statement follows: Total Hardware Linens. f the Linens Department is dropped, what will be the effect on the net o..
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