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Kincaid Ltd. produces and sells leather wallets. In the current year, the company budgeted for the production and sale of 18,000 wallets; however, 21,000 wallets were actually produced and sold. Each wallet has a standard requiring eight square inches of material at a cost of .20 per inch and ten minutes of assembly time at a cost of $.15 per minute. Actual costs for the production of 21,000 wallets were $36,080 for materials (164,000 inches purchased and used @ $.22 per inch) and $36,000 for labor (225,000 minutes @ $.16 per minute)
Required: Compute each of the following variances. Indicate whether the variance is favorable (F) or unfavorable (U).
A. Direct materials price variance
B. Direct materials usage variance
C. Direct labor rate variance
D. Direct labor efficiency variance
Kumanu, Inc. is considering investing in new FMS equipment for its factory . This equipment will cost $80,000, is expected to last 6 years, and is expected to have a $10,000 salvage value at the end of 6 years. The new equipment is expected to genera..
What is the problem with this coding system? Provide at least two suggestions on how to improve this coding system and is it acceptable to have multiple vendor accounts for the same vendor? Why or why not?
True of False. The Direct Materials uses the same basic equation as the production budget (i.e needs for this period + Desired for next period - beginning inventory = Amount to make or buy.
What advantages do you see for classifying interest expense as an investing cash flow rather than an operating cash flow? What is the advantage of classifying it as an operating cash flow? What is the advantage of classifying it as a financing ca..
Several important assumptions underlie CVP analysis. Assumptions often help simplify and focus our analysis of sales and costs. A common application of CVP analysis is as a tool to forecast sales, costs, and income.
Given the following account information for Leong Corporation, prepare a balance sheet in report form for the company as of December 31, 2014.
How much more or less would net income be for 2013 if Vege Mart were to use the Allowance method for uncollectible account expense - How much of the receivables balance at the end of 2013 does SuperSaver actually expect to collect
Review of the media: Anthony's Orchard, Conduct a What-If Analysis: This what-if analysis concerns an unforeseen circumstance that could impact the company's current health as well as its future plans.
In each independent scenario, indicate whether AMC would classify the lease as an operating lease or finance lease under U.S. GAAP. Assume the lease agreement has not met any of the other indicators of a finance lease. Provide brief explanations.
Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital, Owner's Drawings, Revenues, and Expenses.
What affect will this have on operating income
On March 1, 2014, Eric Keene and Abigail McKee form a partnership. Keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. McKee invests certain business assets at valuations agreed upon, transfers business liabilities, an..
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