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Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during August were 2,500, and the total direct labor budget variance was $1,300 unfavorable. The standard labor rate was $16 per hour, but recent resignations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,500 for August.Required:
a. Calculate the actual direct labor rate paid per hour during August.b. Calculate the dollar amount of the direct labor efficiency variance for August.c. Calculate the standard direct labor hours allowed for the actual level of activity during August.
Carlsbad Enterprises has a capacity to produce 400,000 computer cases per year.
Distinguish between absorption costing and variable costing. What is the major rationale for the use of variable costing? Discuss why variable costing may not be used for financial reporting purposes.
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Depar..
Prepare Sunday Starr's cash budget for January and February in columnar format.
Brangelina Adoption Agency's general ledger shows a cash balance of $4,373. The balance of cash in the March-end bank statement is $7,050. The bank statement reveals the following information: checks outstanding of $2,720, bank service fees of..
A review of the ledger of Obi Company at December 31, 2010, produces the data pertaining to the preparation of annual adjusting entries.
Method of evaluating financial data that change under different courses of action - how would the acceptance of the special order affect net income?
Create the financial statements for December 31, 2011, depict them in vertical format, and compute the current and acid test ratios.
This question is from Essentials of Corporate Finance 8th Edtion. Please don't copy & paste answers that have previously been posted for the 7th edition as the figures have changed.
1. a company uses process costing to assign product costs. available inventory information for a period is as
1 kristen rented out her home for 15 days through the year for 3200. she used the home for personal purposes for other
Convention center revenue would be sufficient to cover all expenses, including debt service.Yet, in its first five years of operation, the center consistently reported operating deficits.
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