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XYZ compay manufactures bikes. The following data forMay of the current year are available.
Quantity of direct labor used 1,400 hours
Actual rate for directlabor 16.15 perhour
bicycles completed inMay 280
Standard direct labor per bicycle 5.30 hours
Standard rate for directlabor 15.25 perhour
Planned bicycle forMay 210
a. determine the direct labor rate and time variances.
b. How much direct labor should be debited to work inprocess.
When confirming accounts payable, emphasis should be put on what kind of accounts? Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure?
Phyllis believes that the firm should use straight-line depreciation for a capital project because it results in higher net income during the early years of the project's life.
However, it is also projected for Project B that in years three and four there will be an additional capital outlay of $100,000 for each year. Compute the NPV, IRR, Payback for both projects and select the best project. Show your work.
Assuming the market value of Massey-Ferguson's debt equals 70 percent of book value, calculate the market value of the company on October 31, 1980. (The market value of debt is well below the $2.5 billion book value due to the prospect of bankrupt..
Which of the following assets would be considered 1231 property?
Paid $436 to the state sales tax department for taxes collected
Prepare a segmented income statement in the contribution format forthe company. Omit percentages, show only dollar amounts.
A clerk accidentally posts a prenumbered sales invoice of $625 as $265 to a customer's account. What control would detect this error?
On January 15,2010, Kelly, a 48-year-old widow, buys a new residence for $280,000. On the same day, she sells her old residence (adjusted basis of $110,000) for $297,000. Real estate commissions and legal fees total $20,000. She purchased the old ..
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary a..
What is Delta's incom tax liability assuming Carl withdraws none of the earnings from the C corporation? What is Carl's income tax liability? What is the total tax liability for the corporation and its shareholder?
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
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