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The Wood Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4,000 machine hours in Department 100 and 8,000 direct manufacturing labor hours in Department 200. The budgeted manufacturing overheads for the month were $57,500 and $62,500, respectively. For Job A, the actual costs incurred in the two departments were as follows:Department 100 Department 200Direct materials purchased on account $110,000 $177,500Direct materials used 32,500 13,500Direct manufacturing labor 52,500 53,500Indirect manufacturing labor 11,000 9,000Indirect materials used 7,500 4,750Lease on equipment 16,250 3,750Utilities 1,000 1,250Job A incurred 800 machine hours in Department 100 and 300 manufacturing labor hours in Department 200. The company uses a budgeted overhead rate for applying overhead to production.Required:a. Determine the budgeted manufacturing overhead rate for each department.b. Prepare the necessary journal entries to summarize the March transactions for Department 100.c. What is the total cost of Job A?
The XYZ has a choice between two warehouses. A lease at location A costs 1000 per month with a payment 2000 upfront to guarantee the 3 year lease. Location B would cost 1200 per month and would be leased from month to month.
One year Potter, Inc. had gross income from sales of $210,000, business expenses of $230,000, and dividend income from U.S. corporations of $150,000. Potter's 80 percent dividends-received deduction was:
From the e-Activity, examine how the company you researched can reduce costs to increase the contribution margin and analyze the impact of CVP analysis on strategic decisions. Design a short situation to demonstrate the impact of fixed costs on out..
Prepare a multi-step income statement and a classified balance sheet in proper form using accrual accounting and all balances are as of the end of the year except Retained Earnings.
Prepare an amortization schedule for the four-year term of the lease, the journal entry for the first lease payment on December 31, 2011, and the journal entry for the third lease payment on December 31, 2013.
All the following statements regarding a horizontal analysis are true EXCEPT:
You are the independent accountant assigned to the audit of Neophyte Company. The company's accountant, a graduate of Rival State University, has prepared financial statements which contained the following questionable items:
Calculate the contribution margin for each antique. For purposes of this computation, ignore the sales commission as one of the variable cost.
On January 1, 2012, a foundation made a pledge to pay $ 30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as a salary supplement for a well- known resear..
Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. What is the balance in Agee's investment account at the end of 2010?
A government had the following transfers reported in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances:
Which of the following is not a difference between financial accounting and managerial accounting?
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