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Kasten, Inc. budgeted 10,000 widgets for production during 2010. Kasten has capacity to produce 12,000 units. Fixed factory overhead is allocated to production. The following estimated costs were provided:
Direct material ($7/unit) $ 70,000Direct labor ($15/hr. × 2 hrs./unit) 300,000Variable manuf overhead ($3/unit) 30,000Fixed factory overhead costs ($5/unit) 50,000
Total $450,000Cost per unit = $45
Kasten received an order for 1,000 units from a new customer in a country in which Kasten has never done business. This customer has offered $43 per widget.
Should Kasten accept the order? How much would profit change if it accepts the offer?
Mark paid $40,000 in German income taxes related to the $100,000 in branch income. Assuming a U.S. tax rate of 35%, what is Mark's U.S. tax liability after any allowable foreign tax credits?
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What amount of the refund, if any, should Grace include in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
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The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
Can you give an example of what this number may look like by using the income statement of a real-life company?
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M. Rozow of Covington Manufacturing Co. is paid at the rate of $20 an hour for an 8 hour day with time and a half for over time and double time for Sundays and holidays.
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
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