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I-Time, Inc produces electronic timepieces. The company uses mini-LCD dispalys for its products. Each time piece uses one display. The company produced 550 timepieces during March. However, due to the LCD defects the company actually used 570 LCD displays during March. Each Display has a standard cost of $9.20. Six hundred displays were purchased for March at a cost of $6,000.
Determine the direct materials price variance, direct materials quantity variance, and total materials cost of variance for March. Use the minus sign to enter favorable variances as negative numbers. If required, round per unit costs to the nearest cent.
If correct working paper eliminations are prepared for Passey Corporation and subsidiary on November 30, 2007, the end of the fiscal year, Passey's net income to be included in consolidated net income is (disregarding income taxes):
Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as trading. Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as available for-sale.
The City of Springfield has three pension plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan, and a statewide agency plan. The City would include in its CAFR financial statements for:
preble company manufactures one product. its variable manufacturing overhead is applied to production based on direct
On September 3, 2009, Able purchased S 1244 stock in Red Corporation for $6,000. On December 31, 2009 the stock was worth $8,500. On August 15,2010 Able was notified that the stock was worthless. How should able report this item on his 2009 and 20..
Explain the rules for discharge of indebtedness income. When is it taxable, and when isn't it? Why? Do you think these rules make sense?
What are the tax ramifications to Billy?
The company has had over $300,000 in interest-bearing debt outstanding the third year, at a weighted average rate of 9 percent. How much interest for the third year is capitalized?
the brandilyn toy company manufactures a line of dolls and a doll dress sewing kit. demand for the dolls is increasing
Fred's interest is not considered to be a passive activity.If his share of the partnership losses is $35,000 in 2007 and$25,000 in 2008, how much can he deduct in each year?
Would an employee who first becomes a participant in a pension plan at age 52 generally prefer to have a defined benefit plan or a defined contribution plan? Explain.
hills company purchased inventory from a foreign supplier on november 30 2013 for 80000 local currency units lcu.
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