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Job-Cost RecordWestern State University uses job-cost records for various research projects. A major reason for such records is to justify requests for reimbursement of costs on projects sponsored by the federal government. Consider the following summarized data regarding a cancer research project in the Medical School:- January 5 Direct materials, various medical suppl-es, $925- January 7 Direct materials, various chemicals, $780- January 5-12 Direct labor, research associates, 120 hours- January 7-12 Direct labor, research assistants, 180 hours
Research associates receive $32 per hour, while assistants receive $19. The overhead rate is 70% of direct-labor cost.
Sketch a job-cost record. Post all the data to the project-cost record. Compute the total cost of the project though January 12.
In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2009. 80,000 options were granted at an option price of $35 per share.
When confirming accounts payable, emphasis should be put on what kind of accounts? Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure?
Examine the corporate financial decision-making procedure at your selected organization (Walt Disney). In your analysis be sure to address the following items:
Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?
Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciat..
What amount of interest expense will be displayedon the 2013 income statement? c) What amount of liability for the note will be displayed on the balance sheet on December 31, 2013?
A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?
The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?
What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurring.
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