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From the following information for Alfred industries, compute the overhead spending variance and the volume variance.
Standard manufacturing overhead based on normal Monthly volume:
Fixed ($300,000 / 20,000units)........................................$15.00
Variable ($100,000 / 20,000units)......................................5.00 $20.00
Units actually produced in current month............................................ 18,000 units
Actual overhead costs incurred (including $300,000fixed)....................... $383,800
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $24 per unit. Variable costs are $10.80 per unit, and fixed costs total $174,000 per year.
Prepare journal entries to record the following transactions entered, answer the questions in accounting basics.
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Determine the adjustment to income due to the change in accounting method and the amount that is allocated to 2005.
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