Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost
Direct materials (cork board) 2.5 sq. ft. $ 2.00 per sq. ft. $ 5.00
Direct labor 1 hr. $ 14.00 per hr. 14.00
Variable manufacturing overhead
(based on direct labor hours) 1 hr. $ 0.50 per hr. 0.50
Fixed manufacturing overhead
($40,000 ÷ 160,000 units) 0.25
Bullseye has the following actual results for the month of September:
Number of units produced and sold 140,000
Number of square feet of corkboard used 360,000
Cost of corkboard used $ 756,000
Number of labor hours worked 148,000
Direct labor cost $ 1,938,800
Variable overhead cost $ 72,000
Fixed overhead cost $ 50,000
Required:
1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. (Do not round your intermediate calculations.)
Direct Materials Price Variance Unfavorable
Direct Materials Quantity Variance Unfavorable
Direct Spending Variance Unfavorable
2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. (Do not round your intermediate calculations.)
Direct Labor Rate Variance Favorable
Direct Labor Efficient Variance Unfavorable
Direct Labor Spening Variance Favorable

Presented below is a list of possible transactions. analyze the effect of the 18 transactions on the financial statement categories indicated. transactions assets liabilities owners’ equity net income 1. purchased inventory for $80,000 on account (assume perpetual system is used). 2. issued an $80,000 note payable in payment on account (see item 1 above). 3. recorded accrued interest on the note from item 2 above. 4. borrowed $100,000 from the bank by signing a 6-month, $112,000, zero-interest-bearing note. 5. recognized 4 months’ interest expense on the note from item 4 above. 6. recorded cash sales of $75,260, which includes 6% sales tax. 7. recorded wage expense of $35,000. the cash paid was $25,000; the difference was due to various amounts withheld. 8. recorded employer’s payroll taxes. 9. accrued accumulated vacation pay. 10. recorded an asset retirement obligation. 11. recorded bonuses due to employees. 12. recorded a contingent loss on a lawsuit that the company will probably lose. 13. accrued warranty expense (assume expense warranty approach). 14. paid warranty costs that were accrued in item 13 above. 15. recorded sales of product and related service-type warranties. 16. paid warranty costs under contracts from item 15 above. 17. recognized warranty revenue (see item 15 above). 18. recorded estimated liability for premium claims outstanding.

Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.

Camilo is a self-employed roofer. he reported a profit of $30,000 on his schedule c. he had other taxable income of $5,000. he paid $3,000 for hospitalization insurance. his self-employment tax was $4,656. he paid his former wife $4,000 in court-ordered alimony and $4,000 in child support. what is the amount camilo can deduct in arriving at adjusted gross income (agi)?