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Question - Nyman Painting Contractors specializes in providing painting services to support residential remodeling projects. Nyman bids jobs based on the following cost assumptions:
1 gallon of paint will cover 450 square feet of interior wall space.
300 square feet can be painted in 1 hour.
1 gallon of paint costs $25.
1 hour of direct labor costs $17.
The Sanchez residence was recently repainted. The job consisted of 18,000 square feet of interior wall space. Nyman received a $1 per gallon discount, and a total of $984 was expended for paint. Nyman paid $1,107 for direct labor. The painters took exactly 61.5 hours to paint the residence.
(a) Calculate variances for direct material and direct labor.
(b) Prepare journal entries to record the acquisition and utilization of materials and labor (variances are recorded into the accounts).
Prepare the journal entry to record revenue at the effective interest rate on December 31, the second interest payment date.
The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31.The payment was recorded as a debit to Salaries Expense $1,900 and a credit to Cash $1,900.
a. What is the price of the bill? (Use 360 days a year. Do not round intermediate calculations. Round your answer to 2 decimal places.) Price of the bill =$ 9900.33 b. What is its bond equivalent yield? (Use 365 days a year. Do not round intermedi..
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ling construction entered into a contract in 1997 to build atunnel at a contract price of 11 million. the company
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Which cost assumption method is most likely to be used?
Do a statement showing the profit figures based on the total absorption costing approach for May and June
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