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Problem
Lloyd Publications established the following standard price and costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
36.40
Materials cost
8.60
Labor cost
3.60
Overhead cost
5.40
Selling, general, and administrative costs
6.80
Planned fixed costs
Manufacturing overhead
128,000
Selling, general, and administrative
44,000
Lloyd planned to make and sell 22,000 copies of the book.
Required
Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 21,000 and 23,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 23,000 units. Indicate whether the variances are favorable (F) or unfavorable (U).
Determine how long this firm has served as the external auditors. Determine other services, if any, provided to or on behalf of the company. Determine fees paid to this firm by type of service provided.
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At each calendar year-end mazie supply co. uses the percent of account receivable method to estimate bad debits. On December31,2013 it has outstanding accounts receivable of 55000 and estimated that 2% will be uncollectible.
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accounting professional and ethical standards 110 code of ethics for professional accountants and the corporations act
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