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Costs of Good Manufactured and Sold

Gravois, Inc., incurred the following costs during June: Selling expenses $ 158,375 Direct labor 283,140 Interest expense 41,065 Manufacturing overhead, actual 204,750 Raw materials used 460,980

Operating Income Under Absorption Versus Variable Costing

Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50. Required: (a) Calculate the variable cost per calculator. (Do not round your intermediate calculations. Round yo

How to Value Common Stock & Return Income

Please help me with an accounting assignment by answering these questions: a. Explain the methods of how to find the value of common stock. b. Describe the return (income) an investor can receive from common stock. Thank you.

Payment Amounts for Car Loans and Mortgages

The case is designed to determine and evaluate the payment amount of a car loan and a mortgage, based on your income. If you prefer, you may assume that your household income is $48,000 per year or $4,000 per month. Based on your income, you may spend 28 percent of your monthly income on housing and 10 percent on a car loan. You

Accounting and Calculating Standard Variances

1. Using the data in the attached file, prepare a schedule of total standard manufacturing costs for the 7,800 output units in January 2012. 2. For the month of January 2012, compute the following variances, indicating whether each is favorable (F) or unfavorable (U): a. Direct materials price variance, based on purchases b.

Assessing the Value of Mortgage Loans

Another student in your accounting class says that, as she understands it, most long-term liabilities on the balance sheet are viewed negatively by potential investors. Discuss when this might be true and when it might not be. You and Frank are studying for an upcoming accounting exam. Frank says, "Mortgage loans are the best

Accounting II: Long-lived Assets

At least 600 words. What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets. What sources are reliably used to estimate an asset's useful life? How is the appropriate depreciation method determined? Has the concept of asset impairment changed accounting for long-lived a

Business Environment and Concepts (BEC)

AJack Partnership manufactures jackhammers. AJack Partnership is looking for guidance in the variances of its standard cost system. It would like you to assist in understanding material price, material quantity, rate, efficiency, and overhead variances. The standard cost card information for unit of product is below: - Dire

Conceptual Framework in Accounting: Developing the SFAS 159 and the SFAS 141R

As an accounting professional, it is important to understand the historic development of accounting standards and specifically topics that are affected by the convergence of existing standards. Look at the combined work of the FASB and the IASB has led to a standardized framework. Throughout the development of this framework, se

Using the Conceptual Framework

The goal of the IASB and the FASB Framework convergence is to create a common conceptual framework of accounting standards. It is important to consider whether its development will meet the needs of users, Research the IASB and FASB frameworks and the Conceptual Framework Project. Give an explanation of how the convergence an

Special Orders and Effect on Net Operating Income

Hancock Hoodies is considering a special order for 100 hoodies for a local company party. The normal selling price of a hoodie is $30 and its unit production cost is $16 as shown below. Direct materials $6 Direct labor $3 Manufacturing overhead $7 Unit product cost $16 Most of he manufacturing overhead is fixed and una

Computing return on investment and residual income

Please provide a solution in Word doc. Selected sales and operating data for three division of three different companies are given below: (Please see the attached file.) a. Compute the return on investment (ROI) for each division using the formula stated in terms of margin and turnover. Show computations. b. Computer t

Overhead Cost Budget at Jim's Landscaping

Jim's Landscaping is in the business of maintaining and improving yards in surrounding areas. The company bases its overhead cost budgets on the following data: Variable overhead costs: Supplies $4 per yard Machine maintenance $2 per yard Chemicals $6 per yard Fixed o

Tax Credit - Child

Please rewrite the following: December 29, 2012 IRS P.O. Box 48 - 389 Stop 54A Doraville GA 30362 Dear Carlyn Chapman, Now you know Shauntinqua is my cousin, not my niece; and her grandfather is my uncle finally we have my relationship with Shauntinqua. My Mother Mary L. Thomas McCoy has guardianship over Shaun

ABC Analysis

Describe what is meant by ABC analysis. What is the purpose of this inventory technique â?" provide an example. In your responses to other students, please identify strengths and weaknesses of their ABC analysis applied to their examples.

Computing variable overhead spending and efficiency variance

Walker Corporation is a distributor of several products. They use a predetermined variable overhead rate based on direct labor hours. In the most recent month, 90,000 items were shipped to customers using 3,500 direct labor hours. The company incurred a total of $12,600 in variable overhead costs. According to the company's stan

ABC Bakery's Usability Evaluation and Recommendations for Web Redesign

Using the list of heuristics from a usability website to evaluate ABC Bakery (a fictional company), along with other resources, this paper describes how to improve website usability. An explanation of the results of the evaluation, an update of the recommendations for improvement based on the results of the usability evaluation

Calculating net income or loss

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, ow

Computing activity rate

Shambu Shoes is in the business of manufacturing basketball shoes. Accordingly the company uses the six activity cost pools listed below: Activity Cost Pool Activity Measure Maintenance Machine Hours Setups Setup Hours Cutting Supervision Setup Hours Cutting Depreciation Machine Hours Assembly supervision Direct Labor hours Asse

Flexible Overhead Budget

Kwikeze Company set the following standard costs for one unit of its product. Direct materials ((3.0 Ibs. @ $5.0 per Ib.) $ 15.00 Direct labor (1.7 hrs. @ $14.0 per hr.) 23.80 Overhead (1.7 hrs. @ $18.50 per hr.) 31.45 Total standard cost $ 70.25 The predetermined overhead rate ($18.5

Net Income for Variable and Absorption Costing

Soccer nets for commercial use sell for $200.00 each. Selected data for the company's operations for the last year follow: Units in beginning inventory 0 Units produced 500 Units sold

Variable and Absorption Costs

Sharpens Incorporated produces knife sets for use in commercial kitchens. They sell for $400.00 each. Selected data for the company's operations last year follow below. Units in beginning inventory 0 Units produced

Margin of Safety Problems

Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. Selling price $290.00 Variable expense $174.00 Fixed expense $158,000.00 Unit sales 1,500 units per

Probabilities and Market Response

1) Brax Technology Corporation is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given. Possible market reaction Sales in units Probabilities Low response 30 .10 Moderate response 40 .10 High response 55 .

Should the powers of the SEC be expanded or contracted?

Clearly many people believe that the US is generally over regulated and that departments such as the SEC go too far. Others think they do not go far enough. Accounting and financial information and rules are very much dependent on the SEC. What do you think? Has the SEC done a good job or are they simply in the way of an efficie