Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine- hour Number of units in the job Total machine-hours Direct materials Direct labor cost Recently, Job T687 was completed with the following characteristics: 10 30,700 $337,700 4.00 20 $ 575 $1,150 $ If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: (Round your intermediate calculations t 2 decimal places.)

Q: What is notional principal?

A: This is a type of derivative used by two parties under a contract to exchange the consequences (net…

Q: Define corporation

A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: Define target company

A: Companies expand by acquiring or merging with other companies. By purchasing companies, company can…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: What can be understood from Integrated disclosure system.

A: Integrated disclosure system: It is an update in the security exchange commission’s guidelines to…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: What are operational assets? Give example?

A: Operational assets: Operational assets are those assets acquired for use in the day to day…

Q: Consistency Principal Definition

A: Generally Accepted Accounting Principles (GAAP):These are the guidelines necessary to create…

Q: G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary…

A: Rate of FBT= 32% GMV= MV+ FBT  so, GMV= MV/68% Expenses of the employee borne by the employer are…

Q: Dollar Company incurred the following costs while producing 610 units: direct materials, $6 per…

A: Absorption costing refers to the method of product costing in which the price of the product is…

Q: Define classified boards

A: In classified board structure, certain board of directors are classified depending on time length of…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: Identify the segment information that is required to be disclosed by GAAP.

A: Segment reporting: Presentation of disclosures along with the financial statements which shows the…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.