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Li Pong company uses a standard costing system. Last year they incurred $100,000 of Variable Overhead and $305,000 of Fixed Overhead and had the following variances before closing entries.
FOH Budget Variance - $9,000 FFOH Volume Variance - $9,000 UnderappliedVOH Spending Variance - $1,000 FVOH Efficiency Variance - $7,000 U
How much overhead was applied to inventory over the course of the year?
Included in operating expenses is a $24,000 loss resulting from the sale of machinery for $270,000 cash. Machinery was purchased at a cost of $750,000. The following balances are reported on Kosinski's comparative balance sheet at December 31.
Classify each cost as a period or a product cost. Within the product cost category, indicate if the cost is part of direct materials, direct labor or manufacturing overhead (MO).
Identify characteristics of a corporation, record issuance of stock, and illustrate retained earnings transactions and prepare and analyze the income statement, balance sheet, and statement of cash flows
Following are data from 4 separate companies. Supply the missing data in each independent case
What is Toni's opportunity cost of (i) working at ACI (ii) holidaying in Penang? Should Toni go for the trip to Penang - what is the estimated budget that the government will need to set aside for this milk support programme?
question you are a professional accountant who has been employed to provide advice to a small start up biotech company
In addition, Moss and Kim have suggested that the operating agreement be written so that all matters are settled by majority vote, with each partner having a one-third voting interest in the LLC and if you were providing Kelly Herron counsel, what..
Provide the journal entries for each of these transactions. How much office overhead is over or underapplied? Determine the gross profit on the Obsidian case, assuming that over or underapplied office overhead is closed monthly to cost of..
What is an activity variance and what does it mean? What is a revenue variance and what does it mean? What is a spending variance and what does it mean?
Distinguish among service, merchandising and manufacturing companies (provide examples of each). What are the inventoriable costs of a merchandising business?
Write the adjusting entry needed to reconcile the difference between actual and normal cost
Effectiveness of the two companies in using their assets to generate sales. What factors complicate your ability to compare the two companies?
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