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Fine & Associates is an interior decorating firm in Tucson. The following costs were incurred in a project to redecorate the mayor's offices:
Direct material $ 29,000Direct professional labor 42,000
The firm's budget for the year included the following estimates:
Budgeted overhead $800,000Budgeted direct professional labor 640,000
Overhead is applied to contracts by using a predetermined overhead rate that is based on direct professional labor cost. Actual professional labor during the year was $655,000 and actual overhead was $793,000.
Required:
A. Determine the total cost to redecorate the mayor's offices.
B. Calculate the under- or overapplied overhead for the year. Be sure to label your answer.
Which of the following is not a retrospective-type accounting change?
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The Adler Company manufactures a product with a unit variable cost of $50 and a unit sales price of $88. Fixed manufacturing costs were $240,000 when 10,000 units were produced and sold.
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A small business owner holds $4,000 in cash; $1,200 in materials; $10,000 in land and $32,000 in plant and equipment. His accounts payable total $9,000 and he has an outstanding bank loan totaling $18,800. what is the owners equity?
Which of the following statements is correct concerning variable and fixed costs?
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Interest has not been accrued since the last interest payment date. What is the entry to record the cash proceeds at the time the bond is sold?
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.
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