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Lancer charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of machine hours. The following data pertain to the current year:
Estimated (budgeted) manufacturing overhead: $1,080,000
Actual manufacturing overhead: $945,000
Estimated (budgeted) machine hours: 45,000
Actual machine hours: 31,500
Which of the following choices denotes the correct status of manufacturing overhead at year-end?
Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)
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All materials are added at the beginning of the process. Direct labor was $49,500 and factory overhead was $9,900. The total conversion costs for the period were:
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Soldan Corporation purchased a computer on December 31,2011, paying 30,000 down and a further payment due on December 31,2014.An interest rate of 10% is implicit in the purchase price. Soldan uses the Effective method and has December the 31 as y..
What is the net income assuming that $15,000 of dividends were paidand $$20,000 of stock was issued (ignore taxes)?
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