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The normal capacity of the Malloy Company is 20,000 direct labor hours and 10,000 units per month. A finished unit requires 15 pounds of materials at an estimated cost of $1.00 per pound. The estimated cost of labor is $12.00 per hour. It is estimated that overhead for a month will be $15,000.
During the month of June, 19,000 direct labor hours were worked at an average rate of $11.50 an hour. The number of units produced was 9,000, using 132,000 pounds of material at a cost of $1.05 per pound.
a. Prepare a standard cost summary showing the standard unit cost.
b. Calculate the material and labor variances.
c. Prepare entries in general journal form to charge materials and labor to work in process. Indicate whether the variances are favorable or unfavorable.
Eagle Tools, Inc., the manufacturer of the gun, for product liability, on the ground of strict liability. What are the elements for an action based on strict liability? In whose favor is the court likely to rule?
What specific considerations arise when budgeting in multinational companies? What are the best ways to address these considerations?
A rowdy spring break guest damages a jukebox that had been purchased in 1995 for $800. The jukebox had a useful of ten years, with an estimated salvage value of $75. The company decided to scrap the jukebox after the incident.
The Bradshaw Company's most recent dividend was $6.75. The historical dividend payment by the company shows a constant growth rate of 5 percent per year.
Statistical sampling should always be used in tests of general controls, such as inspecting logs that document program changes, were the auditor wants to review the entire population but uses sampling to choose specific items to investigate a samp..
If ending WIP is $18,000 and ending finished goods is $15,000, how much were the cost of goods manufactured and the current manufacturing costs?
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services?
Analyze the tax implications of capital gains and/or losses based on the following case study. Apply the IRS codes to calculate adjusted gross income for individuals. Support your conclusions with reference to specific IRS codes and regulations.
Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
Your client, Totally Toys, is a toy manufacturer. For several years, the company buried empty paint cans on its property. The paint was used in the production process.
An accounting firm is trying to understand the capability of its process to review certain types of account audits. What is the percentage of audits that will take longer than 15 hours?
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