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Question -
a) Which of the following are likely to use service costing? Justify your answer in each case.
(i) A college
(ii) A hotel
(iii) A plumber
b) When setting its predetermined overhead application rate, Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours.
Required -
i) Determine the predetermined overhead rate.
ii) What is the overhead applied during the year?
iii) Determine the under- or overapplied overhead.
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How much is the gain (loss) on reclassification? On January 1, 2016, CACAL Co. acquired 10%, ?4,000,000 bonds for ?3,807,853.
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An organization has a capital utilized of $200,000. It has an expense of capital of 12% each year. Its leftover pay is $36,000. What is the organization profit
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DM Components is organized with two service departments (S1 and S2) and two production departments (P1 and P2). The company uses the step method to allocate service department costs, allocating from S1 to S2, P1, and P2 first. What are the total cost..
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