FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 2, Problem 11Q
To determine

State the three conditions that should be satisfied for reporting liability on the balance sheet.

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In a certain standard costing system, the following results occurred last period: total labor variance, 3200 F; labor efficiency variance, 4,300 F; and the actual labor rate was $0.35 more per hour than the standard labor rate. The number of direct labor hours used last period was __.
The annual fixed overhead is 250000, variable overhead:35
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