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The following labor standards have been established for a particular product:
Standard labor hours per unit of output 8.3 hours
Standard labor rate $12.10 per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked 6,100 hours
Actual total labor cost $71,370
Actual output 900 units
What is the labor efficiency variance for the month?
a. $19,017 F
b. $19,017 U
c. $16,029 F
d. $16,577 F
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?
Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.
Now assume that eh interaction is sequential where Holland Sweetener chooses to enter and if so they face the pricing problem in the second stage. Should Holland Sweetener enter?
Metro Express has 5 sales employees, each of whom earns $4,000 per month and is paid on the last working day, of the month. Each employee, wages are subject to FICA social security taxes of 6.2% and Medicare taxes of 1.45% on all wages.
Explain the difference between the cash basis and accrual basis of accounting. Explain the difference between the cash basis and accrual basis of accounting?
Emily, one hundred (100) shares of stock and Frank, four hundred (400) shares of stock. Wren Corporation redeems one hundred fifty (150) of Frank's shares of stock (Adjusted Basis of $60,000) for $150,000. As a result of this transaction, which of..
Review the IRS website (www.irs.gov), and then provide a link to some information related to partnership formation or termination. Provide a brief summary of the link's contents?
Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)
Cully furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100 cubic feet of storage space, and each medium shelf costs $300 and requires 90 cubic feet of storage space.
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
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