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The proper allocation of manufacturing overhead to products produced is required by generally accepted accounting principles and provides a sound basis for pricing products using a full cost approach. The three elements of cost are Direct Materials, Direct Labor and Manufacturing Overhead. All are important to the successful costing of inventories and cost of goods sold.
Let's suppose that you are making automobiles. In July there is a plant shutdown for two weeks and taking vacations by factory labor, both direct and indirect, is mandatory during those two weeks.
Please explain, the mechanics of calculating a predetermined overhead rate for this year and which allocation base or bases may be used to apply the predetermined rate to the automobiles produced. Should the cost of the factory labor vacations be spread to all autos produced from the first one in January to the last one in December?
Would the cost of the vacations for the sales and human resource departments also be allocated to the automobiles? If not, what type costs are these as compared to the inventoriable costs?, and how do they flow through the income statement?
under both u.s gaap and ifrs which one of the following items is reported separately in the income statement net of
Calculate the book value of a two year old machine that cost $200,000, has an estimated residual value of $40,000, and has an estimated useful life of four years. The company uses straight line depreciation.
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assume quality chicken uses the production method of accounting for byproducts. what are the ending inventory values
How is this information useful to you from a managerial perspective? Explain your reasoning and support your conclusions with the numbers you have pulled out for the comparison above.
Find his income or loss for the year or operation.
Which of the following best describes the cash-basis method of accounting for warranty costs?
There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.
explain how accrual accounting differs from cash-basis accounting adjust the accounts an accountant made the following
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
the city of shipley maintains an employee retirement fund a single-employer defined benefit plan that provides annuity
chocolate delights company produces baking chocolate for use by commercial organizations. the company is analyzing its
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