Lucas is looking to hire the next star accountant for his lo…
Lucas is looking to hire the next star accountant for his local accounting firm. Lucas wants to not only hire someone who will be successful in the job, but also someone who will be promoted and maximize his financial return on the staffing investment. What type of staffing goal is Lucas using for the accountant search?
Read DetailsAcme Company’s direct labor costs are 45% of its total conve…
Acme Company’s direct labor costs are 45% of its total conversion costs. During the current year, Acme’s direct material costs are $180,000 and its manufacturing overhead costs are $68,200. What are the company’s direct labor costs? Round to the nearest whole dollar amount and do not enter a dollar sign or a decimal point (e.g., enter 89, not $89.00).
Read DetailsAcme Company makes and sells a single product called a widge…
Acme Company makes and sells a single product called a widget. Acme’s income statement for the current month is as follows: Each widget sells for $150. Variable selling expenses are $8 per widget, and the remainder of the selling expenses are fixed. Variable administrative expenses are 7% of sales revenue, and the remainder of the administrative expenses are fixed. Assume “Y” equals the total selling and administrative expenses and “X” equals the total number of widgets sold. What is the mixed cost formula for total selling and administrative expenses?
Read DetailsBefore making its closing entries at the end of the year, Ac…
Before making its closing entries at the end of the year, Acme Company’s manufacturing overhead account has a debit balance of $29,500. During the year, the total amount of manufacturing overhead applied to jobs is $400,000, of which $280,000 is included in cost of goods sold, $88,000 is included in ending finished goods inventory, and $32,000 is included in ending work in process inventory. Assuming the amount in the manufacturing overhead account is material, the entry to correct the overapplied or underapplied manufacturing overhead will include a:
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