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Company uses a job order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor hours were estimated at $80,000 and 16,000 hrs respectively, for the year. In June, Job was completed. Materials costs on the job totalled $1500 and labor costs toatlled $2400 at $6 per hour. At the end of the year, it was determined that the company worked 15,000 direct labor hours for the year, and incurred &78,000 in acutal manufacturing overhead costs.
a. Determine the predetermined overhead rate for the year.
b. Determine the amount of overhead charged to jobs during the year.
c. Determine the amount of underapplied or overapplied overhead for the year.
d. Assuming that 100 units were completed, determine the unit cost that would appear on the job cost sheet for the job in june.
Marketability Commercial banks use some funds to purchase securities and other funds to make loans. Why are the securities more marketable than loans in the secondary market?
Haig Aircraft is considering a project that has an up-front cost paid today at t = 0. The project will generate positive cash flows of $60,000 a year at the end of each of the next five years.
On March 1, 2012, the company purchases insurance for $21,000 for a one-year policy to cover possible injury to mechanics. The entire $21,000 is debited to Prepaid Insurance at the time of the purchase. Prepare the necessary adjustment entry.
There were no sales from Pot to Skillet.Intra-entity sales had the same markup as sales to outsiders. Pot still had40% of the intra-entity sales as inventory at the end of 2011. What areconsolidated sales and cost of goods sold for 2011?
at the beginning of august hogancamp corporation had 26000 of raw materials on hand. during the month the company
pauls medical equipment company manufactures hospital beds. its most popular model deluxe sells for 5000. it has
a company produces bird food. during april itproduced147 batches of food each batch weighing 100 lbs. toproduce this
In the current month, the company incurred $305,000 actual overhead and 22,000 actual labor hours while producing 35,000 units. Compute the (1) total overhead variance, (2) overhead volume variance, and (3) overhead controllable variance.
Advantages of a partnership over a proprietorship and a corporation - List disadvantages of a partnership compared to a proprietorship and a corporation.
For property which is involuntarily converted that is replaced with similar property - what are the mandatory rules for recognition of gain or loss (an example would be great)?
Describe the difference between exchange and nonexchange transactions and discuss the rules for recognition of revenues and expenses/expenditures for each type of transaction.
What is the expected capital gains yield of FPL stock? (The total return (the expected rate of return) is equal to dividend yield plus capital gains (loss) yield. You may apply CAPM to find the expected return on FPL stock.)
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