EXTRA CREDIT: Titus Company purchased and used 650 pounds of tomatoes (direct materials) to produce a taco sauce with a 635 pound standard direct materials requirement. The standard materials price is $22.40 per pound. The actual price of the tomatoes was $22.20 per pound.   Journalize the entries to record (a) the purchase of the tomatoes and (b) the tomatoes used in production. Titus records standard costs and variances in its accounts.

Materials used by Square Yard Products Inc. in producing Division 3’s product are currently purchased from outside suppliers at a cost of $5.00 per unit. However, the same materials are available from Division 6. Division 6 has unused capacity and can produce the materials needed by Division 3 at a variable cost of $3.00 per unit. A transfer price of $3.20 per unit is established, and 40,000 units of material are transferred, with no reduction in Division 6’s current sales. ​Square Yard Products Inc.’s total operating income will increase by

EXTRA CREDIT: Miller’s Quarter Horse Company has sales of $4,500,000. It also has invested assets of $2,500,000 and operating expenses of $3,800,000. The company has established a minimum return of 7%. Round percentages and investment turnover to one decimal place. a. What is Miller’s profit margin? b. What is the investment turnover? c. What is the rate of return on investment? d. What is Miller’s residual income?

EXTRA CREDIT: Sally’s Chocolate Company makes gourmet cupcakes which are sold by the dozen. Compute the standard cost for one dozen cupcakes, based on the following standards:   Standard materials quantity: 4.25 cups of ingredients at $0.56 per cup Standard labor: 1.10 hours at $8.30 per hour Factory overhead: $3.80 per direct labor hour

Which of the following would be the most appropriate cost driver allocating the service department costs of the Information Systems Department?

EXTRA CREDIT: Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows:   Actual costs 125 hours at $54 Standard costs 131 hours at $53 ​ Determine the direct labor (a) time variance, (b) rate variance, and (c) total cost variance.

Operating income for Division L is $250,000, total support department allocations are $400,000, and operating expenses are $2,750,000. The revenues for Division L are

In Python, everything is an object.

From instances we can construct classes.

In Python, a function within a class definition is called a: