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Lukehart Industries, Inc., produces air purifiers. Lukehart, Inc., produces the air purifiers in batches. To manufacture a batch of the purifiers, Lukehart, Inc., must set up the machines and assembly line tooling. Setup costs are batch-level costs because they are associated with batches rather than individual units of products. A separate Setup Department is responsible for setting up machines and tooling for different models of the air purifiers. Setup overhead costs consist of some costs that are variable and some costs that are fixed with respect to the number of setup-hours. The following information pertains to June 2011:Info: Budget Amounts: Actual Amounts:units produced and sold 10,000 9,000batch size 400 375setup hours per batch 6 5.5var. overhead cost per setup hour 50 52total fixed setup overhead costs 18,500 17,750Calculate the efficiency variance for variable setup overhead costs.Calculate the spending variance for variable setup overhead costs.Calculate the flexible-budget variance for variable setup overhead costs.Calculate the spending variance for fixed setup overhead costs.Calculate the production-volume variance.
Obsolescence is an example of which cost category?
A firm believes it can generate an additional $250,000 per year in revenues for the next 5 years if it replaces existing equipment with new equipment that costs $210,000.
Budd, the purchasing agent of Lake Hardware Wholesalers, has a relative who owns a retail hardware store. Budd arranged for hardware to be delivered by manufacturers to the retail store on a COD basis, thereby enabling his relative to buy at Lake'..
"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?
Revenues, gains, and investments by owners are all increases in net assets. What are the distinctions among them?
The Bird Toy Company manufactures a line of dolls and a doll dress sewing kit. Demand for the dolls is increasing, and management requests assistance from you in determining an economical sales and production mix for the coming year.
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances.
What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
It is estimates that 16% of the cost of goods sold represents fixed factory overhead costs and that 20% of the operating expenses are fixed. Since Royal Cola is only one of many products, the fixed costs will not be materially afected if the produ..
The following information is available for the first month of operations of Zahorik Company, a manufacturer of mechanical pencils:
What amount should Gunkel report as retained earnings as of March 1, 2011?
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