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Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 33,000 direct labor-hours would be required for the period’s estimated level of production. The company also estimated $586,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris's actual manufacturing overhead for the year was $715,479 and its actual total direct labor was 33,500 hours. Required: Compute the company's predetermined overhead rate for the year. (Round your answer to 2 decimal places.)
How would your answer modify if Engco sold its goods with title passing at the customer's location?
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 ..
State and federal laws govern bond issuances. What are the contract rate and market rate for bonds? Why can they be different?
Lewis Company’s standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $14.00 per hour. During August, 41,500 hours of labor are incurred at a cost of $14.12 per hour to produce 12,800 units of Product DD. Compute the la..
Evaluate the ABC cost of a resident day for each category of residents using assistance hours as the cost driver.
COMPUTING NET CASH FLOW FROM FINANCING ACTIVITIES. Hebert Company reported the following information for 2009. Compute net cash flow from financing activities.
The treasurer of Landowska Co. has heard that conservatism is a doctrine that is followed in accounting and, therefore, proposes that several policies be followed that are conservative in nature. State your opinion with respect to each of the policie..
Why do you think this practice has been criticized by some employee groups, and how might SFAS No. 87 affect voluntary terminations?
On Jan 5, 2011, the company determined that the copyright would expire at the end of 2016. Explain how much should the co. record as amortization expense for copyright for 2011?
Also on August 17, the customer returned goods costing $1,000 (with a sales price of $1,500). The customer reported that the goods did not meet the required specifications.
Kim’s expected cash payment to a seller is $500,000 and her marginal tax rate is 40%. Kim will receive tax savings from the payment (if there are any) at the time of the payment. What is Kim’s ATCF if the payment is 50% tax deductible?
On 6/30/12, a company paid $96,000 to retire a bond before maturity. The company recorded a $6,000 gain as part of the transaction. Which of the following must be true regarding this transaction?
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