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1- Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.60. Determine the (a) price variance, (b) quantity variance, and (c) cost variance
2- Some items are omitted from each of the following condensed divisional income statements of Willis Inc (8 points):
Division L
Division M
Division N
Sales
$ (1)
$320,000
$580,000
Cost of goods sold
480,000
120,000
$ (5)
Gross profit
$220,000
$ (3)
$180,000
Operating expenses
95,000
160,000
$ (6)
Income from operations
$ (2)
$ (4)
$ 75,000
(a)
Determine the amount of the missing items, identifying them by number.
(b)
Based on income from operations, which division is the most profitable?
3- Delicious Cake Factory normally sells their specialty cake for $22. An offer to buy 100 cakes for $18 per cake was made by an organization hosting a national event in the city. The variable cost per cake is $12. A special decoration per cake will add another $1 to the cost. Determine the differential income or loss per cake from selling the cakes
4- Nite Lite Factory produces two similar products - small lamps and desk lamps. The total plant budget is $800,000 with 640,000 estimated direct labor hours. It is further estimated that small lamp production will have 375,000 direct labor hours and desk lamp production will require 265,000 direct labor hours
Determine the single plant factory overhead rate based on direct labor hours.
How much is the factory overhead cost per unit if each small lamp uses 3 hours per unit?
(c)
How much is the factory overhead cost per unit if each desk lamp uses 2.5 hours per unit?
(d)
How much total factory overhead will be allocated to the small lamp production if 130,000 units are produced during the period?
(e)
How much total factory overhead will be allocated to the desk lamp production if 104,000 are produced during the period?
A company purchased $150,000 worth of production equipment on April 1. Management decided to depreciate the equipment over four years using straight line depreciation. The salvage value is $30,000. The company uses a calendar year as its fiscal ye..
A client company has not paid its 2004 audit fees. According to the AICPA Code of Professional Conduct, for the auditor to be considered independent with respect to the 2005 audit, the 2004 audit fees must be paid before the:
She does remember that the machine has a projected life of 10 years. Based on these data, the annual cost savings are:
The following are selected transactions of Darby Corporation. Prepare journal entries for the selected transactions above. Prepare adjusting entries at December 31.
It is futher estimated that the home delivery use of the trucks would be allocated 45% of the existing $6,500 fixed vehicle costs. What is the differential delivery cost per month for expanding into the home delivery market?
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lebeau company recently purchased some property for 2500000. it was a large parcel of land with an old building on it.
Corporate inversion allowed corporations to shelter profit in foreign parent corporations and as a result pays little or no tax, hence 26% declined in federal tax revenue. Explain using relevant source
White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
A government expects to pay its electric bill relating to its current fiscal year sometime in the following year. An official of the government requests your advice as to whether the anticipated payment should be charged as an expenditure of the c..
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