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Midlands Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of £410,000 on sales of £1,800,000. The companyâ??s average operating assets for the year were £2,000,000 and its minimum required rate of return was 12%. (The currency in the United Kingdom is the pound, denoted by £.)
Required:
Compute the company's residual income for the year. (Omit the "£" sign in your response.)
Suppose that the managers of hospital are setting the price on new outpatient service. Here are relevant data estimates:
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Great Outdoze Company manufactures sleeping bags, which sell for $67.00 each. The variable costs of production are as follows: Calculate the product cost per sleeping bag under (a) absorption costing and (b) variable costing.
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