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Creative Lighting, Inc., makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During June, the first month of the company's fiscal year, $56,520 of manufacturing overhead was applied to Work in Process Inventory using the predetermined overhead application rate of $6 per direct labor hour.Required:
a. Calculate the number of hours of direct labor used during June.b. Actual manufacturing overhead costs incurred during June totaled $49,340.Calculate the amount of over or under applied overhead for June.c. Identify two possible explanations for the over or under applied overhead.d. Explain the accounting appropriate for the over or under applied overhead at the end of June.
Poljak Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Prepare a report showing the school's revenu..
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If $3,000 has been earned by a company’s workers since the last payday in an accounting period, the necessary adjusting entry would be: Debit an expense and credit a liability. Debit an expense and credit an asset.
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If an investment has cash outflows of Q dollars at the end of each year for three years, then the present value of these cash outflows under a 10% rate of return will be:
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questionmichael and andrea are equal partners in the accrual basis am partnership. at the starting of the current year
1) If you were to borrow 9,600 over five years at 0.14 compounded monthly, what would be your monthly payment? Your uncle promises to give you $600 per quarter for the next five years. How much is his promise worth right now if the interest rate is 0..
Describe how you see LIFO issue being resolved in the convergence process between IFRS and GAAP.
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