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Bugaboo Co. manufactures three types of cookies: Fluffs, Crinkles, and Snaps. The production process is relatively simple, and factory overhead costs are allocated to products using a single plant-wide factory rate based on direct labor hours. Information for the month of May 2000, Bugaboo's first month of operations, follows:
Bugaboo has budgeted direct labor costs for May at $4.50 per hour. Budgeted direct materials costs for May are: Fluffs, $0.85/unit; Crinkles $0.40/unit; and Snaps $0.30/unit.
Bugaboo's budgeted overhead costs for May are:
Assume that Bugaboo sells all the boxes it produces in May.
(a) Compute Bugaboo's plant-wide factory overhead rate for May.
(b) Compute May's product cost for each type of cookie.
(c) Does Bugaboo's use of a plant-wide factory overhead rate in any way distort May's product costs?
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
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What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
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The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to:
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Calculate the receivables turnover ratio and the average collection period for 2009 for FedEx and evaluate the balance in FedEx"s allowance for doubtful accounts.
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