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Question 1: During the first year of operations, the McCormick Company incurred the following manufacturing costs; Direct materials, $5 per unit, Direct Labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $200,000. The company produced 25,000 units, and sold 17,500 units, leaving 7,500 units in inventory at year-end. Income calculated under variable costing is determined to be $345,000. How much income is reported under absorption costs?
The replacement of a machine immediately prior to the close of the current fiscal year at a cost 20% above the original cost of the replaced machine. The new machine will perform the same function as the old machine that was sold for its book valu..
acme in pruchased 50000 shares of takedown enterprises on january 12000. the total purchase price was 4300000.
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The overhead application rate is based on direct labor. Use this information to prepare the March 31 General Journal entry to record the factory overhead costs.
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Suppose the market interest rate is 10%. Calculate the Price of the bond and indicate whether it is discount bond or premium bond
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