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Sprinkle and Co consume 40,000 lbs. of brass to make 160,000 nozzles, and expect brass to cost $2.20 per pound. During March, the firm bought 44,000 pounds of brass for $96,800. It used 43,500 pounds to make 175,000 nozzles. What is Sprinkle and Co's total materials cost variance (i.e., the variance due to purchase PLUS the variance due to use) for the month of March? Enter favorable variances as a positive number and unfavorable variances as a negative number.
If a city acquires a new office building under a capital lease agreement, 1)The cost of the building should be reported in the __ 2)The "cost" of the building is computed as ____
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
What are some reasons why a merchandiser might prefer to use a perpetual inventory system over a periodic inventory system?
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
When the General Fund budget for fiscal year 2011 is recorded, indicate whether each of the following accounts should be debited, credited, or not affected.
If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2004, what are the dividends in arrears that should be reported on the December 31, 2007, balance sheet? How should these dividends be reporte..
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
If 15,000 units of the new product could be sold at $16.00 per unit, and the company's other business did not change, calculate the company's total operating income and average contribution margin ratio. (The new product adds an additional $37,800..
Preferred dividends have been paid every year except for the preceding two years and the current year. If $145,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the preferred stockholders?
Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization.
Watson uses four units of direct material in each finished unit. The direct material price has been stable and is expected to remain so over the next six months.
All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations:
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