The journal entry to record the change in the accounting method. Given information: Tax rate is 35%. Cumulative income would have been lower by $300,000 if completed contract method was used.

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Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

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Summit Industries has a normal capacity of 30,000 direct labor hours. The company's variable costs are $42,000, and its fixed costs are $18,000 when running at normal capacity. What is the standard manufacturing overhead rate per unit? a) $1.50 b) $1.60 c) $2.00 d) $2.10

Ivanhoe, Inc. has recently started the manufacture of Tri-Robo, a three-wheeled robot that can scan a home for fires and gas leaks and then transmit this information to a smartphone. The cost structure to manufacture 20,400 Tri-Robos is as follows. Cost Direct materials ($51 per robot) $1,040,400 Direct labor ($39 per robot) 795,600 Variable overhead ($7 per robot) 142,800 Allocated fixed overhead ($29 per robot) 591,600 Total $2,570,400 Ivanhoe is approached by Tienh Inc., which offers to make Tri-Robo for $116 per unit or $2,366,400. Following are independent assumptions. Assume that none of the fixed overhead can be avoided. However, if the robots are purchased from Tienh Inc., Ivanhoe can use the released productive resources to generate additional income of $375,000. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Direct materials Direct labor Variable overhead Fixed overhead Opportunity cost Purchase price Totals Make…

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Answer 2

Question

Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Answer 6

Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Answer 7

Chapter 21, Problem 21.4BE

To determine

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

Ch. 21 - Are accounting changes permitted in financial...Ch. 21 - How do firms report accounting changes under the...Ch. 21 - Prob. 21.3Q Ch. 21 - How do firms account for changes in accounting...Ch. 21 - Prob. 21.5Q Ch. 21 - Prob. 21.6Q Ch. 21 - Prob. 21.7Q Ch. 21 - Prob. 21.8Q Ch. 21 - Do accounting errors that self-correct within two...Ch. 21 - Does a firm need to correct an error that...

The journal entry to record the change in the accounting method. Given information: Tax rate is 35%. Cumulative income would have been lower by $300,000 if completed contract method was used.

Solution Summary: The author explains journalizing as the process of recording the transactions of an organization in a chronological order.

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To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.

Want to see the full answer?

Chapter 21 Solutions

The journal entry to record the change in the accounting method. Given information: Tax rate is 35%. Cumulative income would have been lower by $300,000 if completed contract method was used.

Solution Summary: The author explains journalizing as the process of recording the transactions of an organization in a chronological order.

Videos

To prepare: The journal entry to record the change in the accounting method. Given information: Tax rate is 35%. Cumulative income would have been lower by $300,000 if completed contract method was used.

Want to see the full answer?

Chapter 21 Solutions

To prepare: The journal entry to record the change in the accounting method.

Given information:

Tax rate is 35%.

Cumulative income would have been lower by $300,000 if completed contract method was used.