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Casual Comfort Textiles Corporation began January with a budget for 30,000 hours of production in the Weaving Department. The department has a full capacity of 40,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of January was as follows: Variable overhead $124,500 Fixed Overhead 62,000 Total $186,500 The actual factory overhead was $178,900 for January. The actual fixed factory overhead was as budgeted. During January, the Weaving Department had standard hours at actual production volume of 31,000 hours. If required, round your answers to two decimal places. Use the minus sign to enter favorable variances as negative numbers. a. Determine the variable factory overhead Controllable Variance. $ ??? it is Favorable b. Determine the fixed factory overhead volume variance. $ ??? it is unfavorable.
Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled. (Round to the nearest..
Explain the rationale for recognizing costs as expenses at the time of product sale.
Immediately after the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?
If the cost of an item of inventory is $75, the current replacement cost is $64, and the selling price is $95, the amount included in inventory according to the lower of cost or market concept is?
Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face value of one bond.
what behavioral problems are associated with setting a budget too loosely? what behavioral problems are associated with
rachel robertson wishes to use mean-per-unit sampling to evaluate the reasonableness of the book value of the accounts
Dividends declared and paid during Feb were $12,000. Calculate the retained earnings balance at Feb. 28. 2010.
Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions.
ohn wiggins is contemplating the purchase of a small restaurant. the purchase price listed by the seller is 840000.
Lighthouse, Inc. uses the percentage of credit sales method to record bad debt and estimates the percentage to be 2.5%. What is the adjusting entry to record bad debt on 12/31/10?
On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of LittleTick's identifiable net assets.
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