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1- Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.60. Determine the (a) price variance, (b) quantity variance, and (c) cost variance
2- Some items are omitted from each of the following condensed divisional income statements of Willis Inc (8 points):
Division L
Division M
Division N
Sales
$ (1)
$320,000
$580,000
Cost of goods sold
480,000
120,000
$ (5)
Gross profit
$220,000
$ (3)
$180,000
Operating expenses
95,000
160,000
$ (6)
Income from operations
$ (2)
$ (4)
$ 75,000
(a)
Determine the amount of the missing items, identifying them by number.
(b)
Based on income from operations, which division is the most profitable?
3- Delicious Cake Factory normally sells their specialty cake for $22. An offer to buy 100 cakes for $18 per cake was made by an organization hosting a national event in the city. The variable cost per cake is $12. A special decoration per cake will add another $1 to the cost. Determine the differential income or loss per cake from selling the cakes
4- Nite Lite Factory produces two similar products - small lamps and desk lamps. The total plant budget is $800,000 with 640,000 estimated direct labor hours. It is further estimated that small lamp production will have 375,000 direct labor hours and desk lamp production will require 265,000 direct labor hours
Determine the single plant factory overhead rate based on direct labor hours.
How much is the factory overhead cost per unit if each small lamp uses 3 hours per unit?
(c)
How much is the factory overhead cost per unit if each desk lamp uses 2.5 hours per unit?
(d)
How much total factory overhead will be allocated to the small lamp production if 130,000 units are produced during the period?
(e)
How much total factory overhead will be allocated to the desk lamp production if 104,000 are produced during the period?
the macarthur company is a retail sporting goods store. facts regarding their operation are as follows sales are
Delmar Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a:
a. Calculate the marginal tax rate and the effective tax rate for each of the C corporations. b. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot do so.
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Which of the following statements about listing on a stock exchange is most CORRECT?
A company with $800,000 in operating assets is considering the purchase of a machine that costs $75,000 and which is expected to reduce operating costs by $20,000 each year. The payback period for this machine in years is closest to:
An unexpected cash windfall has prompted management to consider either a special dividend of $6.00 per share or a stock repurchase for cash. What is the total value of the unexpected cash windfall?
karsen company produces a pain medication that passes through two departments mixing and tableting. karsen uses the
What are the equivalent units of production (EUP) for the conversion costs in the month of September assuming ALG uses weighted-average process costing?
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