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Murphy Corporation has the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. Murphy Corporation has decided to use a method of measuring cost functions called the high-low method in this situation.
Month Cost Hours
January $37,000 3,550
February 24,400 2,000
March 36,280 2,540
April 41,400 3,110
May 44,160 3,900
June 40,240 3,840
What would Murphy Corporation's total estimated cost be if it operated at 2,950 hours?
Discuss why a buyer may want to order on a bill and hold basis. Why might a seller want to classify an order as bill and hold if it does not meet the above criteria?
Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.
High Sounds manufactures wind chimes that have a standard material cost of 2 pounds of raw materials at $1.50 per pound. During March, 10,000 pounds of raw materials costing $1.55 per pound were used in making 4,800 wind chimes. What is the (1) ma..
The SEC's Enforcement Division investigates possible violations of securities laws, recommends SEC action when appropriate, either in a federal court or before an administrative law judge, and negotiates settlements.
An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..
Discuss the major weakness of performance report. Describe clearly why all the variances for variable expenses are unfavourable (U).
How much inventory can Baker purchase without violating its debt agreement if their total current assets equal $15 million.
A company had gross profit of $134,200 on net sales of $205,000. If ending inventory was $8,000 and average inventory was $7,080, what is the company's inventory turnover.
Discuss the ethical implications of the IRS using social media networks to help identify tax returns for audit. Take a position on the whether or not the ethical implications identified above outweigh the benefits of seeking out targeted people to..
At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
Ramsey Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 60,000 subscriptions in January at $10 each. What entry is made in January to record the sale of the subscriptions?
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