Answer:
1. $10
2. The fixed overhead budget variance and volume variance is $4,000 unfavorable and $10,000 favorable respectively
Explanation:
1. The computation of the predetermined overhead rate for the year is shown below:
Predetermined overhead rate = (Total estimated budgeting fixed manufacturing overhead) ÷ (estimated direct labor-hours)
= $250,000 ÷ 25,000 hours
= $10
2. The computation of the fixed overhead budget variance and volume variance is shown below:
Fixed overhead budget variance = Actual fixed overhead cost for the year - Total budgeted fixed overhead cost for the year
= $254,000 - $250,000
= $4,000 unfavorable
Volume variance = (Budgeted direct labor hours - standard direct labor hours) × predetermined overhead rate
= (25,000 hours - 26,000 hours) × $10
= $10,000 favorable
Sanctions put prohibited on actions related to specific nations, conduct themes, commodities and services, or people and companies. Cuba's economy is a mixed command economy that is predominately made up of state-run businesses.
The state employs the vast majority of the labour force. The Cuban Communist Party, which was in power throughout that decade, prohibited the creation of worker cooperatives and independent business ventures. Financial and trade limitations imposed on a foreign nation are referred to as economic sanctions. These limitations are meant to make life difficult for the citizens of the foreign country so that they would put pressure on the government to change its political policies.
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Answer:
Disclose the contingency and state that an estimate cannot be made.
Explanation:
Taylor Company's attorney informs its client that it is possible, but not probable, that the company will lose a currently litigated lawsuit. No reliable estimate of the potential loss is currently available. Taylor should accrue and/or disclose this potential loss BY DISCLOSING THE CONTINGENCY AND STATE THAT AN ESTIMATE CANNOT BE MADE.
Answer: $5,681
Explanation:
As this is a residential property the Modified Accelerated Cost Recovery System (MACRS) depreciation rate is applicable.
Also as it was sold during the month, the mid month convention is also in effect which states that when an asset is sold during the month, only 15 days of that month are considered for depreciation assuming a 30 day month.
The straight line rate for MACRS after the first year for this residential property is 3.636% per annum.
The asset didn't last the entire year so this needs to be accounted for.
Out of 12 months it lasted 7 months till July and 15 days in August which means it lasted 7.5/12 of the year.
Depreciation for the year is therefore,
= 250,000 * 3.636% * 7.5/12
= $5,681