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MATERIALS VARIANCES, JOURNAL ENTRIES
Esteban Products produces instructional aids. Among the company's products are white boards, which use colored markers instead of chalk. They are particularly popular for conference rooms in educational institutions and executive offices of large corporations. The standard cost of materials for this product is 12 pounds at $8.25 per pound.
During the first month of the year, 3,200 boards were produced. Information con- cerning actual costs and usage of materials follows:
Materials purchased 38,000 lbs @ $8.35Materials used 37,500 lbs
Required:
1. Compute the materials price and usage variances.
2. Prepare journal entries for all activity relating to materials.
Veltri Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.72 direct labor-hours. The direct labor rate is $11.50 per direct labor-hour. The production budget calls for producing 6,600 units in Oc..
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Sharon has the following results of netting her short-term and long-term capital gains and losses for 2014: $56,000 short-term capital loss, and $82,000 net long-term capital gain ($21,000 0%/15%/20% long-term capital gain, and $61,000 25% long-term ..
The Happy Day Care Center is considering an investment that will require an initial cash outlay of $300000 to purchase non depreciable assets that have a 10-year life. The organization requires a minimum 4-year payback. Assume that the investment gen..
Bill and Darlene plan to go into business together. They anticipate losses in the first two or three years, which they would like to use to offset income from other sources. They also are concerned about exposing their personal assets to business lia..
Complete the answer sheet above by placing an ""X"" under each heading that identifies the cost involved. The ""Xs"" can be placed under more than one heading for a single cost
question a school district gets a grant from the federal government to support programs directed at special needs
With regards to possible new loan capital, the company is currently low geared and could certainly support new debt finance. It is, however, important to keep a watch on interest cover.
Compute the predetermined overhead rate for each activity base
Journalize the adjusting entry required as of December 31 - if the adjusting entry in (a) were omitted, which items would be erroneously stated on
Concept of accounting for merchandise through short questions and journal entries - Which one of the following factors would not lead to a presumption that the local currency of a foreign subsidiary is the functional currency?
Comment on how the company's overall performance compares to the average for its industry, pointing out any significant features, assumptions and limitations of the information used to analyse the companys performance.
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