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Gentile Corporation makes a product with the following standard costs: The company produced 6,000 units in May using 36,970 kilos of direct material and 4,340 direct labor-hours. During the month, the company purchased 40,400 kilos of the direct material at $4.70 per kilo. The actual direct labor rate was $13.70 per hour and the actual variable overhead rate was $2.70 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for May is: A) $11,880 U B) $11,880 F C) $12,120 F D) $12,120 U
A significant challenge to any auditor is that of auditing a cash intensive business such as a bar or a car wash. Identify a specific business type that would historically receive a significant amount of cash in its normal operating schema. Using thi..
Kold Corporation estimates that its 2015 taxable income will be $900,000. Thus, it is subject to a flat 34 percent income tax rate and incurs a $306,000 tax liability. For each of the following independent cases, compute the minimum quarterly estimat..
preparation of bank reconciliation statement from the given information.the following information pertains to devries
defective units reworking of units prevention cost appraisal cost given difference of profit earned to find number of
Employees who cheat on their expense accounts usually do so by one of four methods: Mischaracterized expenses. Employees produce legitimate documentation for nonbusiness-related transactions. Example: taking a friend to dinner and charging it to the ..
During April, Elsa Corporation budgeted for 27,000 customers, but actually served 23,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.10q Wages and salari..
For investments in TRADING SECURITIES, which of the following market value changes are recognized in earnings and what effect did this have on York's 20X5 financial statements
David Cooper purchased a computer and software for his supermarket business. He was using a software program recommended and installed by the seller, Contemporary Computer Systems, Inc. The sales contract had a clause that stated that no refunds woul..
The building originally cost $600,000 and had an adjusted basis of $200,000 due to the $400,000 depreciation taken when it was sold. What is Caldwell’s Section 1231 gain on the sale of the property?
The ratio that shows how much in excess of current earnings investors are willing to pay for company stock is
Bakem Enterprises manufactures and sells Ovens. Bakem provides all customers with a two-year warranty guaranteeing to repair, free of charge, any defects reported during this time period. Analysis of past warranty records indicates that 12% of all sa..
Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total: Expected collections from clients and Expected payments for landscaping supplies.
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