Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct material = $ 11 direct labor = $ 3 variable manufacturing overhead = $ 1 variable selling and administrative = $ 1 fixed costs per year: fixed manufacturing overhead = $ 330,000 fixed selling and administrative = $ 240,000 during the year, the company produced 30,000 units and sold 23,000 units. the selling price of the company’s product is $43 per unit. 1) assume that the company uses absorption costing:
a. compute the unit product cost. 2) assume that the company uses variable costing:
a. compute the unit product cost.

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na