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The Heavenly Gifts Company, a maker of Holiday noveities, needs your help immediately. The company's accountant resigned without leaving adequate records or explanations for what she did. In reviewing the records, you find the following information for May:
Materials purchased - 20,000 unitsMaterial used = 15,000 units.You find a copy of the budget which shows that materials were budgeted at $0.60/unit. you know that the materials price variance is recorded at the time of purchased and you find some handwritten notes among the accountant's work papers, which indicate the following:Materials price variance = $200 favorableMaterials efficiency (quantity) variance = $600 favorable
a. What was the total actual cost of the direct materials purchased during May?
b. Based on the information in question #1 what was the total standard cost of direct materials purchased during May?
c. Based on the information in question #1 what was the total standard cost of direct materials allowed during May?
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Evaluate how the status of the pension fund affects the level of risk that must be reported in the annual report. Justify your answer.
A manual insertion process takes 30 minutes and eight pounds of material to produce a product. Automating the insertion process requires 15 minutes of machine time and 7.5 pounds of material.
Depreciation is recorded on a straight-line basis at end of each fiscal year. The useful life of equipment is five years.
Why were some of Jeff's friends who worked with him from the beginning not very excited about a change to a standard cost system.
Was the selection of the college as an income beneficiary a wise decision by Campbell's grantor? Comment specifically concerning the tax effects of the trust's cost recovery deductions and of its potential business operating losses.
An internal control dictates client personnel sign all copies of sales invoices as evidence of having agreed the price to the Master Price List.
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Determine the equivalent units and costs per equivalent unit for materials and conversion costs. Are the ending balances in the WIP and Finished Goods inventory as shown correct? If they are not correct, what should the ending balances be?
What is the present value of $359,000 that is to be received at the end of twenty-three years, the discount rate is 11 percent, and semiannual discounting occurs?
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable. a) Prepare the Decemb..
A company reports sales revenue of $200 million the current year and $180 million last year. Their total assets in the current year are $150 million and last year's total assets were $130 million. What is the current year's asset turnover ratio?
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