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Question - The Standard manufacturing corporation uses a standard cost system in accounting for the cost of its only product. The standard cost per unit (based on 10,000 units production) was set up as follows: Direct materials, 10 kgs @ P11/kg.; Direct labor, 8 hours @ P50 per hour; Factory overhead, 8 hours @ P15 per hour. The following data on the operations appear in the company's record for the month of July: Units completed during the month, 8,000 units; units in process at the end of the month, with 100% materials but half completed, 1,000 units; Direct materials used, 95,000 kgs @ P10 per kg; Direct labor, P3,510,000 at a rate of P54; Actual overhead for the month P985,000. Compute the Variable efficiency variance. Indicate whether favorable or unfavorable.
For the transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31.
Truestar Communication issued $90,000 of 9%, 10-year bonds payable on August 1, 2012, at par value. Truestar's accounting year ends on December 31.Requirements
Prepare the financial statements for Studio Photography for the year ended December and statement of owners equity
Example on Intangible assets and the benefits are expected to last six years.
What was the cash flow from operating activities and what was the firm's net income
Why would the company use a predetermined overhead application rate for costing the production of custom-built dining-room settings?
Outline any ethical issues involved in Mr Smith taking the trip. Relate any ethical issues directly to the facts of the business case and outline any benefits to Practical Solutions Pty Ltd of Mr Smith taking the trip.
What are some ways that customers affect a firm's costs and calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for March and April.
Briefly explain the difference between a transaction driver and a duration driver and give an example of each
Costello Corporation reported pretax book income of $501,700. During the current year, the reserve for bad debts increased by $8,400.
Now suppose that on October 31, 2012, the yield curve shifts parallel such that all yields rise to 12%. What is the new balance sheet of the bank
What were the equivalent units of direct materials and conversion costs, respectively, at the end of February? Assume Audrey uses the weighted-average process
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