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Roger Parker, the production manager of Products Company, entered the office of controller Harris Johnson and asked, "Harris, what gives here? I was charged for 330 direct labor hours on Job AD22, and my records show that we spent only 290 hours on that job. That 40-hour difference caused the total cost of direct labor and overhead for the job to increase by over $5,500. Are my records wrong, or was there an error in the direct labor assigned to the job?"
Harris replied, "Don't worry about it, Roger. This job won't be used in your quarterly performance evaluation. Job AD22 was a federal government job, a costplus contract, so the more costs we assign to it, the more profit we make. We decided to add a few hours to the job in case there is some follow-up work to do. You know how fussy the feds are." What should Roger Parker do? Discuss Harris Johnson's costing procedure.
Prepare a statement of cash flows for JEM Company for the year ended December 31, 2003. Use the indirect method to report cash flows from operating activities.
How does the firm use "Cost-Volume-Profit Analysis" to assess performance? How would you use such a system to measure how costs change as production changes? How do you develop a "break even analysis" for a given firm and how would you use it?
Determine the setup cost per unit for the wine glasses and for the commemorative vases if setup costs are assigned using a single plantwide overhead rate based on direct labor hours. (Round your answers to 2 decimal places. Omit the " " sign in yo..
Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead.
Laurel Electronics reported the following information at its annual meeting - What is the companys net working capital
questionbell mountain vineyards is considering updating its existing manual accounting system with a high-end
Assuming the first in first out (FIFO) method is used, what is Marty's total Cost of Goods Sold for the month of January?
Determine the amount to be capitalized in an asset account for the purchase of the saw and determine the cost of an asset
problem 1using the information provided prepare a salary budget for fyx2 71x1 to 630x2. volume in the budget year is
Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section - Prepare a condensed cost of goods manufactured schedule for Case
Determine the cost of the finished goods inventory of light-gauge aluminum and prepare an income statement for the current year ended December 31
What was the total standard cost of the materials used during August and how many yards of material are required at standard per kit and what was the materials price variance for August
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