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By using Activity-Based-Costing, we can use a variety of cost drivers, which would improve the accuracy, since each overhead cost pool has its own activity (driver that drives the cost). For example, in a large and complex manufacturing corporation, it would be impossible to use a single activity or to be driven by a single factor, such as the number of units produced or the number of labor hours or machine hours. Assume that variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a favorable variable overhead efficiency variance
The beginning work in process inventory had a cost of $2,200. Determine the cost of completed and transferred out production, and the ending work in process inventory.
On August 1, Stuart Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year:
Discuss why a company might use an annual period rather than a weekly or monthly period to compute budgeted indirect-cost rates.
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: Determine the amount of cost of goods sold using:
Compute (1) the contribution margin for the current and the projected year, and (2) the fixed costs for the current year. (Assume that fixed costs will remain the same in the projected year.)
An auditor has been hired to report on an nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?
Explain how the use of ratios can help in analyzing the profitability, liquidity, efficiency and capital structure of business.
It is estimates that 16% of the cost of goods sold represents fixed factory overhead costs and that 20% of the operating expenses are fixed. Since Royal Cola is only one of many products, the fixed costs will not be materially afected if the produ..
She receives a proportionate nonliquidating distribution from the partnership consisting of $10,000 of cash, unrealized accounts receivable (basis of $0, fair market value $30,000), and inventory (basis of $10,000; fair market value of $20,000). A..
Stan and Ollie are partners who share income in the ratio of 2:3 and have capital balances of $50,000 and $30,000 respectively. Ray is admitted to the partnership and is given a 40% interest by investing $20,000. What is Stan's capital balance aft..
Keep-it-Hot Inc. manufactures popular thermoses. On June 30, the company had 1,000 thermoses in inventory. Each thermos sells for $8.00. The company's policy is to maintain a thermos inventory equal to 10% of next month's sales.
Discounted cash flow techniques are capital budgeting techniques that take into account both the time value of money and the estimated net cash flow from an investment.
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