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Keating and Sons, a CPA firm, established the following standard labor cost data for completing what the firm referred to as a Class 2 tax return. Keating expected each Class 2 return to require 3.0 hours of labor at a cost of $37 per hour. The firm actually completed 600 returns. Actual labor hours averaged 2.7 hours per return and actual labor cost amounted to $45 per hour.
Required:
a. Determine the total labor variance AND indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
b. Determine the total labor price variance AND indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
c. Determine the total labor usage variance AND indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
HBC Corporation, having recently issued a $20,134,100, 15-year bond issue, is committed to make annual sinking fund deposits of $613,500. The deposits are made on the last day of each year and yield a return of 10%. Will the fund at the end of 15 yea..
Define the process for doing the work. Mistake-proof the process and elmiminate wasted effort. Ensure continuous improvement by measuring, analyzing, and controlling the improved process. Is Motorola's approach to quality more closely aligned with TQ..
Analyse the profitability, the liquidity and the gearing of Sessegnon Ltd based on the information above and using appropriate financial ratios. Would a new supplier be willing to give them credit?
John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going..
What are main ethical challenges you believe to be facing the accounting profession? Why do you think the general public believes that the practice of accounting does not involve any major ethical considerations?
Barth Company reports the following year-end account balances at December 31, 2013. Prepare the 2013 income statement and the balance sheet as of December 31, 2013.
ATC 5-1 (PG. 246) Using ABC to improve product pricing) Answer the four questions posed in the case. Include in your answer the basic differences between volume based (traditional) overhead application procedures and the ABC method. Determine the gro..
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Determine the amoun..
The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.
Prepare an income statement, using the single-step form, and a statement of owner's equity using the data (below) from the ledger of Morrison Co. after adjustment at September 30, 2011
The Simpson corp. is planning construction of a new plant. the initial cost of the investment is $5 million. effecieinxes from the new plant are expected to reduce cost by $620,000 forever (perpetual). the corporation has a total value of $400 millio..
balance sheetprofit and losscurrent assetscash and cash equavents 270trade receivables debtors 711sales
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