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Corporation has determined the contribution margin ratio is 35% and the income tax rate is 40%.Required:A) Assume break-even volume in dollars is $1,500,000. What are total fixed costs?B) Assume Corporation wants after-tax net income of $300,000. What volume of sales in dollars is necessary to achieve this net income?
Accounting for Job Order Costing 1. Direct Labor Dr W.I.P. Control Account Cr Cash Account 2. Accrued Direct Wages Dr W.I.P. Control Account Cr Wages
Principles of Marginal Costing The principles of marginal costing are as given: 1. Period fixed costs are similar, for any volume of sales and production provided suc
Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the re
When implementing ABC, once a company has identified business activities and their costs, the company will probably: A) determine a simplified single cost allocation rate B)
Under what conditions is a market-based transfer price optimal?
First in First Out or FIFO FIFO method is based upon the assumption such stock purchased first is issued first. Prices of stock purchased first are employed to determine the v
QUESTION 1 Job costing Create a spreadsheet solution to the following problem. Follow the template provided. Play the Job cost podcasts and work through the example problem in tho
What are the journal entries to recognize each of the below events. a. The firm records bad debt expense of 5% of credit sales, which were $300. The firm uses the Percentage
The next year's budget for Benny, Inc., is given below: Product 1 & 2 Sales $945,000 & 688500 Variable costs 459,900 & 297,000 Fixed costs 300
Consider as Illustration. Profit and loss account of TIL demonstrates, that, operations have given gross addition of Rs. 360 million to funds throughout the period. These funds sho
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