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Stratton Manufacturing Company uses a standard cost accounting system. In 2011, the company produced 28,000 units. Each unit took several pounds of direct materials and 11/2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 131,000 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year. Answer questions about variances. (SO 4, 5) Instructions (a) If the materials price variance was $2,620 favorable, what was the standard materials price per pound? (b) If the materials quantity variance was $4,700 unfavorable, what was the standard materials quantity per unit? 4.5 pounds (c) What were the standard hours allowed for the units produced?
If Clark initiates a price increase for both product lines, how will customer demand change? How will the price increase affect operating profits
Identify three analytical procedures that an auditor might perform with respect to plant assets and explain how they might assist in identifying potential misstatements.
Assuming that the cost method of accounting for treasury stock transaction is used, what is time effect of the subsequent reissuance of the treasury stock on each of the following?
Maas Enterprises has $2,190,000 of 6 percent bonds outstanding. There is $40,000 of unamortized discount remaining on the bonds after the March 1, 2011, semiannual interest payment.
What is the amount of interest expense Herman will show with relation to these bonds for the year ended December 31, 2010?
For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions.
Does the AICPA Code of Professional Conduct discuss the collegial responsibilities of CPA firms?In your opinion,were representatives of either Ernst & Young or Kenneth Leventhal &Company unprofessional in this regard during their congressional tes..
Which is the following that is not true about closing entries?
Assume that Inventive's tax rate for 2011 is 40 percent. What is the current portion of Inventive's total income tax expense for 2011?
Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process.
The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
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