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Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 30,000 units Units sold this year 18,000 units Direct materials $14 per unit Direct labor $16 per unit Variable overhead $90,000 in total Fixed overhead $150,000 in total Given Advanced Company's data, and the knowledge that the product is sold for $61 per unit and operating expenses are $250,000, compute the net income under absorption costing. $60,000 $104,000 $138,600 $164,000 $254,000
The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,500 of an employee's pay. Assume that an employee earned total wages of $9,900. What is the amount of total unemployment taxes the employer must ..
Thunderbird uses a job-order cost system and applies factory overhead to production orders on the basis of direct labor costs. The overhead rates for '19x9 are 200 percent for Department A and 50 percent for Department B.
Suppose you win the lottery and are given a choice to collect either the grand prize of $6 million in 20 annual instalments of $300, 000, or collect an immediate one-time payment of $4 million today. If the interest rate is 5% and that is what you us..
The company has determined that the sales value of 100 pounds of peels at the split-off point is $350, and the value of a pint of juice not pasteurized or bottled is $0.4. Beyond the split-off point, the cost of sugar-coating and packaging the 100..
Prepare 2014 entries for Crow assuming that the warranties are not an integral part of the sale. Assume that of the sales total, $150,000 relates to sales of warranty contracts. Crow estimates the total cost of servicing the warranties will be $120,0..
Schuh, Inc. plans to produce 6,000 units in Month 1 and 7,000 units in Month 2. Each unit requires 3 pounds of direct materials that can be purchased for $2 per pound. At the beginning of Month 1 there are 2,000 pounds of direct materials on hand. Sc..
John and Mary owned a home as tenants by the entirety. The home was purchased in 1995 for $100,000. John contributed $70,000 toward the purchase price and Mary contributed $30,000. When John died in 2015, the home was worth $300,000. $210,000 will be..
Evaluate for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,000,000.
Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017.Prepare the journal entry (or entries), including subsidiary ledger entrie..
How does job-order costing apply to Washburn guitar? What are some examples of costs tracked during the manufacturing process? What are some examples of source documents used by Washburn in its process?
On February 15, 2013, Jamal, who is single and age 30, establishes an IRA and contributes $5,000 to the account. Jamal’s adjusted gross income is $88,000 in 2013 and $83,000 in 2014. Jamal is an active participant in an employer-sponsored retirement ..
Flip had sales of $10,000 (100 units at $100 per). Manufacturing costs consisted of direct labor $1,500, direct materials $1,400, variable factory overhead $1,000, and fixed factory overhead $500. The company did not maintain any inventories, so tota..
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