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The predetermined overhead allocation rate for Harris, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000. Actual cost incurred were:Direct material $250,000Direct labor 410,000Indirect material 55,000Indirect labor 125,000Sales commissions 50,000Factory depreciation 170,000Property taxes, factory 15,000Factory utilities 35,000Advertising 62,500Factory equipment rental 100,000a. Calculate the predetermined overhead allocation rate.b. Calculate the overhead cost applied during the year.c. Determine the amount of over- or underapplied overhead.d. Prepare thejournal entry to eliminate the over- or underapplied overhead assuming that it is not material in amount.
As controller of a widely held public company, you are concerned with making the best decisions for the stockholders. At the end of its first year of operations, you are fac
Draft a single accounting memo discussing the accounting treatment of each issue below. Specifically, determine whether actual adjustment of the December 31, 2015 financial
Which of the follwoing statemetns is true when referring to fixed costs? 1. Committed fixed costs arise from the annual decisions by management. 2. As volume increases, unit f
Bill is single and has a 447,500 salary as his sole source of income. Bill also sustains a long-term capital loss of $10,000. What is Bill's capital loss carry forward to fu
Koel corporation acquired all the voting stock of Rain company for $500,000 on January 1, 2005 when Rain had capital stock of $300,000 and retained earnings of $150,000.
The tobacco companies have paid billions because of smoking-related illnesses. In particular, Philip Morris, a leading cigarette manufacturer, paid more than $3,000,000,00
下面哪种not appear in a post-closing trial balance? a. Accumulated Depreciation, b. Unearned Service Fees, c. Accounts Receivable, d. Depreciation Expense
Describe in your own words what "segregation of duties" is in an AIS context. Explain how MYOB can assist in the implementation of separation of duties
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