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Kimm Company has gathered the following information about its product.
Direct materials: Each unit of product contains 4.20 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.60 pounds. Materials cost $3 per pound, but Kimm always takes the 2.83% cash discount all of its suppliers offer. Freight costs average $0.45 per pound.
Direct labor. Each unit requires 2.80 hours of labor. Setup, cleanup, and downtime average 0.22 hours per unit. The average hourly pay rate of Kimm's employees is $12.10. Payroll taxes and fringe benefits are an additional $3.70 per hour.
Manufacturing overhead. Overhead is applied at a rate of $6.30 per direct labor hour.
Compute Kimm's total standard cost per unit. (Round answer to 2 decimal places, e.g. 1.25.)
Does the concept of materiality mean that financial statements are not precise, down to the last dollar? Does this concept make financial statements less use full to most users?
Old Alabama Company purchased investments for $45,000 and plant assets for $127,000 during the current year, during which it also sold plant assets for $66,000, at a gain of $6,000. The company also purchased treasury stock for $78,000 and sold a ..
Mars Corporation has three departments. Condensed income statement data are as follows:
The Lyons Company's cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $30,000, the beginning inventory of finished goods must have been:
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Margie has two jobs and both employers withheld FICA tax. From her first job, she earned $88,000 and from her second job she earned $23,000. How much can Margie claim on her Form 1040 as excess social security tax paid in 2010?
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Peyton Company payroll for the year is $737,910 of this amount, $472,120 is for wages paid in execess of $7,000 to each individual employee. The SUTA rate in Peyton company's state is $2.9% on the first $7,000 of each employee's earnings.
Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.
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