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The Tippa Canoe Company makes fiberglass canoes. The fiberglass resin is initially molded to the shape of a canoe then sanded and painted. Metal or wooden seats and frames are added for stability. The Tippa Canoe Company was started several years ago in the owner's garage. The owner, Jeff George, did a lot of the initial manual labor with the help of a few friends. The company has since expanded into a large warehouse and new employees have been hired. Because of the expansion, Jeff is no longer directly involved with production and is concerned about his ability to plan for and control the company. He is considering the implementation of a standard cost system.
a. Describe the procedures Jeff should use in setting standards for direct labor and direct materials.
b. Describe how Jeff could use standards for planning purposes.
c. Describe how Jeff could use standards for motivating employees and how problems in using standards as performance measures.
d. Why were some of Jeff's friends who worked with him from the beginning not very excited about a change to a standard cost system
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
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These top firms in industry C have market shares of 30, 25, 10 and 5% respectively. The top four firms in industry D have market shares of 15, 12, 8 and 4 % respectively.
Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies.
Ming Company is considering two alternatives. Alternative A will have sales of $150,000 and costs of $100,000. Alternative B will have sales of $180,000 and costs of $120,000.
Prepare an incremental analysis for the special order and should Pro Sports Inc. accept the special order? Explain your answer. What is the minimum selling price on the special order to produce net income of $4.10 per ball?
Brandywine Homecare, a not-for-profit business, had revenues of 12 million in 2007. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was 1.5 million.
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