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Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Riggins estimated 6,400 tybos would be produced in March. Riggins has established the following material and labor standards to produce one tybo: Standard Quantity Standard Price Direct materials 2.5 pounds $3 per pound Direct labor 0.6 hours $10 per hour During March 2012, the following activity was recorded by the company relating to the production of tybos: 1. The company produced 6,000 units during the month. 2. A total of 16,000 pounds of materials were purchased at a cost of $44,000. 3. A total of 16,000 pounds of materials were used in production. 4. 3,200 hours of labor were incurred during the month at a total wage cost of $35,200.
Instructions Calculate the following variances for March for Riggins, Inc. (a) Materials price variance (b) Materials quantity variance (c) Labor price variance (d) Labor quantity variance
Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006.
acme company sells computer components and plans on borrowing some money to expand. after reading a lot about earnings
Post the journal entries to the stockholders' equity accounts. (Use J1 as the posting reference.) Add accounts for Retained Earnings, Treasury Stock and Paid-In-Capital from Treasury Stock (you may use t-accounts if you wish.)
If Allowance for Doubtful Accounts has a credit balance of $2,201 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable.
at the end of 2012 sorter company has accounts receivable of 882520 and an allowance for doubtful accounts of 41880. on
busy beaver corp. is interested in reviewing its method of evaluating capital expenditure proposals using the
What type of fraudulent activity could this have been and what type of testing could have been included in the audit to discover it? What can auditors do to verify inventory levels and that no fraudulent activity is occurring between annual inven..
Specifically, you are making a presentation about your role as an accountant. Describe for the students the primary objectives of accounting. a) Explain the basic terminology of the accounting process or financial reporting.
If you had to select one of these categories of systems goals as the most important to the effective operation of an organization's information system, which one would you choose? Explain the reasons for your choice.
What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
any kind of assistance will be greatly appreciated looking for outline or a template or example of one previously done
The marketing vice president feels that if the company increased its advertising, sales could be increased by 25%. What is the maximum increased advertising cost the company can incur and still report the same income as before the advertising expe..
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