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World Company expects to operate at 80% of its productive capacity of 50,000 units per month. At this planned level, the company expects to use 25,000 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate based on direct labor hours. At the 80% capacity level, the total budgeted cost includes $50,000 fixed overhead cost and $275,000 variable overhead cost. In the current month, the company incurred $305,000 actual overhead and 22,000 actual labor hours while producing 35,000 units. Compute the (1) total overhead variance, (2) overhead volume variance, and (3) overhead controllable variance.
An accounting firm's independence is most likely to be impaired when:
A company purchased land costing $27,000 by making a 25 percent cash down payment and signing a 90-day note for the balance. The entry to record this transaction would ??
The following data relate to direct materials costs for November: Actual costs 4,600 pounds at $5.50 Standard costs 4,500 pounds at $6.00 What is the direct materials quantity variance?
Immediately after Adam's admission to the partnership, Leah sells one-fourth of her interest to Denton for $35,000. Journalize the entry to record this transaction.
In the preparation of the 2006 consolidated financial statements, what is the dollar amount of the worksheet elimination to 2006 Retained Earnings with respect to this transaction?
Which of the following is true when ranking proposals using zero-base budgeting?
Gaines share. During the current year, 1,000 of these shares were reacquired for $20 each. 500 treasury shares are subsequently reissued at $25 per share.
What should be the amount of the unamortized bond discount on April 1, 2011 relating to the bonds converted?
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
What role does GAAP play in how firms determine transfer prices?
Prepare cash budget, cash balance and minimum cash balance-Using the information above, prepare a cash budget as of December 31, 2009.
Complete additional investigation on the JIT and EOQ models. Discuss which of the two inventory models is better and why: Economic Order Quantity or Just-in-Time?
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