Waterway Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at $1.60 per pound) Direct labor (1 hours at $10.00 per hour) $11.20 $10.00 During the month of April, the company manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) Direct labor (370 hours) $3,600 $3,663

Q: ow to do a P&L statement

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: The components of the conceptual framework ?

A:

Q: Define the term realization principle.

A: Accounting: Accounting refers to the information system, where the economic activities of a…

Q: Consistency Principal Definition

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

Q: Define classified boards

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

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 charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

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…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.