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The following labor standards have been established for a particular product:
Standard labor-hours per unit of output...................5.0 hoursStandard labor rate....................................$19.85 per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked...................................7300 hoursActual total labor cost............................$148190Actual output.........................................1400 units
What is the labor efficiency variance for the month?
A) $9,240 F
B) $5,955 U
C) $9,240 U
D) $6,090 U
During the last year, Bush Company had net income under absorption costing which was $5,500 lower than its income under the variable costing.
In 2008, Wishbone Corporation had an operating profit of $750,000 and a residual income of $300,000. If Wishbone's cost of capital is 15%, what is the amount of the invested capital? (Ignore taxes)
On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $25,000 at the end of the year. If the balance of the Allowance for Doubtful Accounts is $8,000 debit before adjustment; what is the a..
On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
Write journal entries for the following transactions that occurred at Woodside Company during the month of May and explain how each would be disclosed in Woodside's financial statements.
Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.
Assume variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a favorable overhead efficiency variance. Which reason is most persuasive? Why?
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-..
Angie invested $50,000 she received from her grandmother today in a fund that is expected to earn 10% per annum. To what amount should the investment grow in five years if interest is compounded semi-annually?
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