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Derf Company applies overhead on the basis of direct labor hours. Two direct labor hours are required for each product unit. Planned production for the period was set at 9,000 units. Manufacturing overhead for the period is budgeted at $135,000, of which 20 percent is fixed. The 17,200 hours worked during the period resulted in production of 8,500 units. Manufacturing overhead cost incurred was $136,500.
Calculate the following three overhead variances:
a. Overhead volume variance.
b. Overhead efficiency variance.
c. Overhead spending variance.
Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved.
Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
Why is equity capital generally more expensive than debt financing?
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair.
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31.
Mahtomedi Corporation is considering investing in specialized equipment costing $240,000. The equipment has a useful life of five years and a residual value of $20,000. Depreciation is calculated using the straight line method. The expected net ca..
The break even or cost volume profit (CVP) model is based on a number of assumptions. Discuss these assumptions and whether or not they are correct in the real world. Finally, discuss how CVP analysis can be useful in planning. Describe the advant..
Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that inventory is as follows: What should be the carrying value of Montana's inventory?
Ben would like to use an inventory system that minimizes inventory cost and will satisfy 95 percent of his customers who order this wine. a. What is the economic order quantity for Ben to order?
The management of Lopez estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation?
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