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Question: XO-20 is an oil based product used to remove rust on bolts and nuts that are stuck. Its accounting system uses standard costs. The standards per 0.4-liter can of solution call for 0.71 liters of material and 4 hours of labor (0.7 liters of material are needed due to evaporation in the production process.) The standard cost per liter of material is $2.5. The standard cost per hour for labor is $13.00. Overhead is applied at the rate of $15.50 per can. Expected production is 7, 600 cans with fixed overhead per year of $35, 568 and variable overhead of $10.82 per unit (a 0.4-liter can). During 2015, B, 050 cans were produced: 13, 800 liters of material were purchased at a cost of $62, 514;10, 100 liters of material were used in production. The cost of direct labor incurred in 2015 was $384, 087, based on an average actual wage rate of $11.33 per hour. Actual overhead for 2015 was $122,000.
Determine the standard cost per unit. (Round answer to 2 decimal places, e.g. 15.25.)
Calculate material, labor and overhead variances. (Round answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.)
Present the financial information in a more meaningful form, showing the contribution each division makes to total profitability
1. You acquire the outstanding loan (note) of Shepard Company, who is having financial difficulty. Because of the financial difficulty, Shepard Company's credit rating has been downgraded and you acquire the note at a discount.
Prepare journal entries to record the transactions listed above. Is Manufacturing Overhead underapplied or overapplied for the year? Explain
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The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. If only Winwood is personally insolvent, how much money must Hammond contribute
1. determine the challenges involved in managing a restaurant operation that are specific to your state as well as how
If the sales mix is changed to 60,000 units of the school model and 20,000 units of the hiker model, what will be the break-even point in terms of sales dollars?
Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $296,000 based on the terms of the original partnership.
Purchase of equipment on January 1. What was the cash paid, Part of the equipment was sold on the last day of the current year for cash proceeds.
Calculate the net present value of the investment opportunity. Indicate whether the investment opportunity is expected to earn a return that is above of below the cost of capital and whether is should be accepted.
The financial statements for Castile Products, Inc., are given: Compute the Debt-to-equity ratio and Times interest earned ratio
Understanding the difference between fixed and variable costs, what area of a health care facility or physician practice do you think would have a greater amount of variable costs than fixed?
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