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Question - Student-athletes are now allowed to sign contracts that allow them to receive income by licensing the rights to their Names, Images and Likenesses (NIL). Professors now recognize their own NIL opportunities. Professors Valentine and West have pursued their own NIL contracts: Expected image use = 1,000, price per use = $10.00, contribution margin = 80.0%. Unfortunately, the NIL market for professor memorabilia has not been as strong as expected. Actual image uses were 750 with royalties of $6.00 per use, and a contribution margin of 80.0%. Sales were mostly to college students who were creating memes for Rate My Professor. Compute the quantity variances.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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