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Hart Company made 6,200 bookshelves using 88,200 board feet of wood costing $643,860. The company's direct materials standards for one bookshelf are 16 board feet of wood at $7.20 per board foot. Hart Company records standard costs in its accounts and its material variances in separate accounts when it assigns materials costs to the Goods in Process Inventory account.
Prepare the journal entry that both charges the direct materials costs to the Goods in Process Inventory account and records the materials variances in their proper accounts.
Of the cash payments received from customers on December 1, 20% of these services were performed in December and half relates to future services to be rendered in the following year.
The company expects to sell 2,500 units next year. They don’t want to increase the sales price and the fixed costs can’t be changed. How much could they afford to pay in variable costs (per unit) if they want a pre-tax operating profit of $40,000?
sarah warren currently holds 400s shares of nutri-foods. the firm has 40000 shares outstanding. the firm most recently
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is h..
on date of the cash distribution janes basis in her efg inc. stock was 10000 and joes basis in his efg inc. stock was
Discuss the difficulties associated with allocating overhead costs in the contemporary manufacturing environment and identify strategies that firms can adopt to help make their overhead allocations more accurate and reliable.
Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below: Prepare a schedule of expected cash collections from sa..
Desert Trading Company has issued $100 million worth of long-term bonds at a fixed rate of 7%. The firm then enters into an interest rate swap where it pays LIBOR and receives a fixed 6% on notional principal of $100 million. What is the firm’s overa..
questioniguana inc. manufactures bamboo picture frames that sell for 25 each. every frame needs 4 linear feet of bamboo
James owns an insurance agency. The following selected data are taken from the agency balance sheet and income statement prepared using the accrual method. Calculate Nate's net profit using the cash method for 2014.
The Sanchaz Corporation is considering the purchase of a new machine that will cost the company $24,000 and will be worth nothing at the end of three years. Their current tax rate is 20% and they will depreciate the machine $8,000 each year for three..
Use this information to prepare a monthly cash budget for Roche City for Jan, Feb, and March of 2006.
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