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Assume Davis Consulting Inc has created a standard cost card for each job. Standard direct materials include 14 software packages at a cost of $900 per package.
Standard direct labor costs per job include 90 hours at $120 per hour. Davis plans on completing 12 jobs during March 2013.
Actual direct materials costs for March included 90 software packages at a total cost of $81,450. Actual direct labor costs included 100 hours per job at an average rate of $125 per hour. Davis completed all 12 jobs in March
1. Calculate direct materials cost and efficiency variances.
2. Calculate direct labor cost and efficiency variances.
3. Prepare journal entries to record the use of both materials and labor for March for the company.
Determine budgeted direct materials purchases for the third quarter and Calculation budgeted direct raw material purchased for the third quarter
A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should be:
it reaches the industry average of 2 percent dividend growth, after which the company will keep a constant growth rate forever. Illustrate what is the price of this stock today given a required return of 12 percent?
(Learning Objective 2: Apply the revenue and expense recognition principles) A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget and Hertz. Suppose Budget is negotiating with the auto manufacturer to purc..
Barbara Thompson and Colleen Tiller are equal partners in the Boteq partnership.
Prepare the adjusting journal entry needed on December 31, 2012 and prepare the journal entry to record the sale of the Carolina Company stock during 2013.
Which qualitative characteristics of financial reporting, as per the IASB Conceptual Framework, appear not to be satisfied by current reporting practices as per IFRS.
On January 1, Bank, Rupp, & Baroque, Inc issued $50,000 worth of 10-year, 9% bonds for $49890. What is the amount for the first year interest payment?
Suppose a firm’s capital structure consists of debt and common equity. The firm has a cost of equity of 14% and a pre-tax cost of debt of 9%. If the target debt/equity ratio is 75%, and the tax rate is 34%, what is the firm’s weighted average cost of..
The NDBA corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, NBA would have 200 shares of stock outstanding. Under Plan II, NDBA would have 100 shares of stock.
Prepare, in proper form, a manufacturing statement for the year ended December 31 and prepare, in proper form, an income statement including the required earnings per share disclosure for the year ended December 31.
Based on the decision criteria below, should the proposed project be accepted or rejected? Why or why not? As accountants, you must do a Net present Value analysis, and make a recommendation to management. Compute the net cash inflow (cash receipts l..
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