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Fagan Company uses a flexible budget for manufacturing overhead based on machine hours. Variable manufacturing overhead costs per machine hour are as follows:
IndirectLabor $5.00 IndirectMaterials 2.50 Maintenance .50 Utilities .30 Fixed Overhead costs per month are: Supervision $600 Insurance 200 PropertyTaxes 300 Depreciation 900 The company believes it will normally operate in a range of 2,000 to 4,000 machine hours per month. During the month of August 2008 the company incurs the following manufacturing overhead costs:
IndirectLabor 14,000 IndirectMaterials 8,100 Maintenance 1,400 Utilities 950 Supervision 720 Insurance 200 PropertyTaxes 300 Depreciation 930 Prepare a flexible budget report, assuming that the company used 3,000 machine hours during August.
charley corp. has outstanding accounts receivable totaling 2.54 million as of december 31 and sales on credit during
A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a
For each of the following situations, indicate what type of audit report is most appropriate.
On February 1, 2010, Katz corp. purchased a small lot and unusable building for $12,000, including back taxes of $1,000. On March 1, 2010, the lot was cleared, paved, and fenced to provide additional parking for employees.
Identify and describe the general formula for calculating the adjusted basis of property.
The high-low method will be used to develop a cost formula to predict 2011 utility charges, and the number of machine hours has been found to be an appropriate cost driver. Data for the first half of 2010 are not being considered because the utili..
Which of the following entries would correctly record the charging of direct labor costs to Work in Process given an unfavorable labor efficiency variance and a favorable labor rate variance?
In prior weeks you were asked to report on the following scenarios pertaining to Kobyashi Moru. Remember that each of these scenarios was an independent situation.
If you could pick a single source of cash for your business, what would it be? Why? How can a business earn large profits but have a small balance in Retained Earnings?
The managers will e-mail their weekly reports to you on Monday of the following week. You will then produce the summary report. Explain the process for doing this. Give a sample formula to total the number of mini-gizmos produced by the entire..
why is net profit always greater in absorption costing than indirect costing? why cost accountants use two types of
Assuming linear relationships, how would the graphs for straight-line and sum-of-the-years'-digits depreciation, respectively, be drawn?
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