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The Winnipeg Chemical Company uses flexible budgets and a standard cost system.
• Direct-labor costs incurred, 12,000 hours, $150,000• Variable-overhead costs incurred, $37,000• Fixed-overhead flexible-budget variance, $1,600, favorable• Finished units produced, 1,800• Fixed-overhead costs incurred, $38,000• Variable overhead applied at $3 per hour• Standard direct-labor cost, $13 per hour• Denominator production per month, 2,000 units• Standard direct-labor hours per finished unit, 6 hours
Prepare an analysis of all variances
Assets that the governing board of a public university, rather than a donor or other outside agency, has determined are to be retained and invested for future scholarships would be reported as:
A machine costing Rs. 10.0 million and having book value of Rs. 6.5 million was traded-in with another machine having a fair market value of Rs. 7.0 million with an additional cash payment of Rs. 1.0 million. what will be the accounting entry?
The following expenditures were incurred by obermeyer company in purchasing land: cash price $68,011, accrued taxes $3,3618, attorney's fees $2,877, real estate broker's commission $1,189, and clearing and grading $4,045. What is the cost of the l..
Father, Inc., buys 80 percent of the outstanding common stock of Sam Corporation on January 1, 2011, for $680,000 cash. At the acquisition date, Sam's total fair value was assessed at $850,000 although Sam's book value was only $600,000. Also, sev..
The lease will run for five years and the payments are $900 per month. During 2009, she uses her car 20% for business and 80% for personal activities. Assuming the dollar amount from the IRS table is $233, determine Lana's deduction for the lease ..
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
What are the differences between substantive tests of transactions and tests of details of balances?
Given the facts presented, discuss the various factors that affect the reli- ability of (1) the comparable uncontrolled price method, (2) the resale price method, and (3) the cost-plus method.
Write a letter to David in which you advise him on the deductibility of the $60,000 loss for Federal income tax purposes. Because David is a professional, feel free to make use of technical language in your letter.
The truck was assigned an estimated useful life of 100,000 miles and has a residual value of $10,000. The truck was driven 18,000 miles in 2008 and 22,000 miles in 2009. Compute depreciation expense using the units-of-activity method for the years..
what is the basic difference between the statement of cash flows vs. all the other financial statement that you have learned to prepare?
Dwelmont Hotel bases its budgets on guest-days. The hotel's static budget for May appears below:
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