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Question - Zain, Inc., is developing flexible budgets for each department as part of its plan to use standard costs. Normal monthly volume in the Assembling Department is 50,000 direct labor hours. At normal volume, department fixed costs include $70,000 for power and $40,000 for maintenance, and salaries of $70,000 per month. Indirect variable labor is $120,000, which involves 15,000 hours of indirect labor at $8 per hour. Other variable costs in the Assembling Department are as follows: Tools and supplies $3.00 per machine hour Maintenance 2.50 per machine hour Power 3.50 per machine hour Depreciation 4.50 per machine hour Normal volume is 40,000 machine hours per month. The company uses a service (or usage) hours method to depreciate its fixed assets.
Required -
1. Prepare the departmental flexible overhead budget for 30,000 machine hours and for 40,000 machine hours.
2. Did you treat depreciation expense as a variable or a fixed cost? Defend your approach.
April 5 Received from A, a customer P500,000, 60-day ,12% note, dated April 4, in payment of an account. Prepare the necessary adjustments on June
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Sparky Company performed consultation services for Wildcat Corporation and agreed to allow Wildcat to pay over time. Sparky is considering several different note options below. Wildcat's normal borrowing rate is 8%. For each option listed below, det..
Recommend a fraud prevention plan for this organization. Determine the positive or negative consequences that the fraud prevention plan might have on employees.
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