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Stillwater designs rebuilds defective units of its S12L7 kicker speaker model. During the year, stillwater rebuilt 7,500 units. Materials and labor standards for performing the repairs are as follows:
Direct materials {1 recon kit @ $150 $150.00
Direct materials {1 cabinet @ $50} 50.00
Direct labor {5 hours @ $12 60.00
1. Compute the standard hours allowed for a volume of 7,500 rebuilt units.
2. Compute the standard number of kits and cabinets allowed for a volume of 7,500 rebuilt units.
3. Suppose the during the first month of the year, 3,750 standard hours were allowed for the units rebuilt. How many units were rebuilt during thenfirst month?
These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year
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On March 1, 2012, the company purchases insurance for $21,000 for a one-year policy to cover possible injury to mechanics. The entire $21,000 is debited to Prepaid Insurance at the time of the purchase. Prepare the necessary adjustment entry.
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Prepare the adjusting entry at December 31, 2002, to report the securities at fair value. Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.
explain the concept of ldquobusiness ethicsrdquo. critically discuss the term ldquocomplex ethical dilemmardquo.
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