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Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification. In May 20xx, a young apprentice was being trained during regular working hours to become a machine operator on one of the turret lathes. A timekeeper determined that the apprentice had spent a total of 48 hours as a novice machine operator in May. Standard time for the same work output is 32 hours. The apprentice earned $6.25 per hour in May. The standard direct labor rate for machine operators working on turret lathes is $10 per hour.
From the data provided, determine the direct labor efficiency variance and the direct labor rate variance that resulted from the temporary substitution of the apprentice for the regular machine operator. (Note that, according to the labor contract, the apprentice is not entitled to the same rate as a regular machine operator during the training period.)
Discuss the similarities and differences between the indicators of finance leases under IFRS and the criteria for capitalizing leases under U.S. GAAP and explain which approach you believe most accurately reflects the information on the financial ..
Which of the following best describes assurance services.
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MBA 640 Exam 1, Spring 1, 2014, Determine the net income for the month of December and for the month of June.
Ted's Used Cars uses the specific identification method of costing inventory. During March, Ted purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each.
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Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
Describe the reasons why corporations invest in securities. Describe how the market would be affected if they stopped this practice?
Your investment adviser wants you to purchase an annuity that will pay you $25,000 per year for 10 years. If you require a 7% return, what is the most you should pay for this investment?
Ritz-Carlton is a management company for the underlying hotel owners. If the Ritz-Carlton Laguan Niguel had an unfavorable variance from budget greater than 5% allowed and greater than the othe rhotels, then the most probably cause for the shortfa..
A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income?
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
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