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Montour Company has determined a standard variable overhead rate of $2.40 per direct labor hour and expects 1 labor hour per unit produced. Last month, Montour incurred 1,920 actual direct labor hours in the production of 2,020 units. The company has also determined that its actual variable overhead rate is $2.50 per direct labor hour.
Required:
Calculate the variable overhead rate and efficiency variances as well as the total amount of over- or underapplied variable overhead.
Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000.
Derrick Lee just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 6%, compounded annually. (Hint: Use tables in text.)
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
White Corp. Transfers securities from one category to another. The cost of the securities is $20,000; the fair market value is $22,000. Prepare an entry if
Absorption costing measures contribution to profit as: A) Sales less unit- level costs spent of goods sold. B) Sales less absorption cost of goods sold.
Exercise 23-12 (WileyPlus) prepare a statement of cash flows using direct method
Why is it important to investigate both price (rate) and volume (efficiency) variances when rewarding employees for satisfactory work when performance evaluations are based on meeting budgets?
If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstanding throughout the year, earnings per share is:
zeller electronics inc. produces and sells two models of pocket calculators xq-103 and xq-104. the calculators sell
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000
A corporation sold 14,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include:
the audiology department at randall clinic offers many services to the clinics patients. the three most common along
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