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Questions -
Q1. Rene is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each employee does. The first employee selects and mills the wood, so it is smooth on all four sides. This takes the employee 4 hour(s) for each chest. The next employee takes the wood and cuts it to the proper size. This takes 7 minutes. The next employee assembles and sands the chest. Assembly takes 4 hour(s). The chest then goes to the finishing department. It takes 3 hour(s) to finish the chest. All employees are cross-trained so they are all paid the same amount per hour, $19.77. What is the standard cost per chest for labor?
Q2. Fiona cleans offices. She is allowed 5 seconds per square foot. She cleans building A, which is 2,092 square feet, and building B, which is 2,037 square feet. How long will it take Fiona to clean both buildings? Calculate the total time in hours.
Q3. Fiona cleans offices. She is allowed 5 seconds per square foot. She cleans building A, which is 2,940 square feet, and building B, which is 2,743 square feet. If Fiona works an 8-hour shift, calculate her break in hours.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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