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Mr David Buttoner the owner operator of Buttons by David Pty Ltd. runs a number of buttonlines. His favourite is a cut stag-horn button that has gold filigree. Using a variable costingapproach, the revenues and costs per 100 buttons is:However, that line is not popular with the customers and generates a substantial loss for the company. Currently, the company has 30,000 stag horn buttons in inventory.Required:As the External Auditor and using a standard format memo (i.e. a short report of ½ to 1 ½pages) please explain to Mr David Buttoner:1) The concept of valuing Inventories at the "Lower of Cost or Market" (cite the AASBHandbook section),2) The estimated "full absorption cost" of manufacturing 100 stag horn buttons, and3) The appropriate value for the stag horn buttons inventory in total and per 100 buttons- show calculations to justify your answer.
What is the functional currency of their foreign subsidiaries and on average, did the US dollar strengthen or weaken against the currencies of WalMart's subsidiaries from 2010 to 2011? From 2011 to 2012?
Explain the advantage of using a flexible budget. Also, why are flexible overhead budgets based on an activity measure, such as hours or process time or machine time?
the relative price of chicken has increased, so Brain would be expected to purchase less both are true, what is the difference?
Information related to plant assets, natural resources, and intangibles - Prepare a partial balance sheet of Spain Company for these items.
ending work in process 5,470 units that are 100% complete as to materials and 40% complete as to conversion costs. Calculate the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Sell some receivables to a collector for $.65 per $1 of receivables. Delay payment of all outstanding accounts payable until the next year. Comment on the appropriateness of each option. Illustrate is there an ethical dilemma involved?
The tractor should be recorded on December 31, 2010, at what amount, assuming an appropriate interest rate of 11%?
Calculate payroll for the end of April. Include in your calculations federal withholding, social security (FICA), and Medicare taxes.
Use the income statement equation approach to evaluate the dollar revenues needed to earn a target monthly operating income of $12,600. Evaluate the new breakeven point in trades. How does this affect the breakeven point?
Why would Royal Carpet Cleaning accept credit cards instead of providing credit directly to its customers? In other words, why would Royal be willing to pay 3 percent of sales to have the credit card company handle its sales on account?
In general, what costs should be capitalized for self-constructed equipment? Discuss propriety of including in the capitalized cost of self-constructed assets:
Calculate the finished-goods inventory for the 12/31/01 balance sheet and calculate the over-applied or under-applied overhead at year-end.
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