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Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine hours per year, which represents 25,000 units of output. Annual budgeted fixed overhead costs are $250,000 and the budgeted variable overhead cost is $4 per unit. Factory overhead costs are applied on the basis of standard machine-hours allowed for units produced. Budgeted and actual output for the year was 20,000 units, which took 41,000 machine hours. Actual fixed overhead costs for the year amounted to $245,000 while the actual vari- able overhead cost per unit was $3.90. What was (a) the fixed overhead spending (budget) variance for the year, and (b) the overhead production-volume variance for the year?
The non controlling intrest shares of Float Corp. are not actively traded. What is the total amount on goodwill recognized at the date of acquisition?
on may 15 gruziks outback clothiers borrowed some money on a 4-month note to provide cash during the slow season of the
bindra company reported retained earnings at december 31 2013 of 341090. bindra had 199000 shares of common stock
livingston corporation recently implemented a standard cost system. the companys cost accountant has provided the
if equivalent units are 9000 for conversion costs and units transferred out equals 6000 what stage of completion should
company uses predetermined overhead oh rate. beg of yr est mfg oh 248800. end of yr actual direct labor hours for the
Show how to report accounts receivable on the balance sheet at December 31, 2012. Use the long reporting format illustrated in the chapter.
the board of directors of a corporation are elected by the corporate registrar. b. are responsible for day-to-day
patricia is a business owner who is trying to determine her cost of goods sold for 2010. she bought 20 units of
in reviewing the december 31 2011 inventory schaefer discovered errors in its inventory-taking procedures that have
Sanding and Bending Inc. will pay no dividends for the next seven years. In the Year 8, it will pay a dividend of $6 and maintain a constant growth of 6 percent thereafter. If the required rate of return is 12 percent, what is the value of the sto..
Compute the taxable income and tax liability for James and Jonas.
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