William is working with the controller of his company on the year-end financial statements. Earlier in the year, a long-time employee of the accounting department retired. The employee failed to leave any notes regarding her work before she left. William and the controller can see that $565,175 of manufacturing overhead has been applied throughout the year. Further, they can see that the company has incurred $63,425 of direct labor cost and $66,518 of direct materials. The company’s pay rate for direct labor is $12.30 per hour. If the retired employee applied overhead based on direct labor hours, what rate did she use to apply overhead (if necessary, round your answer)?

Lasting peace is possible today because we have learned from the experiences of the last 30 years that peace is a process requiring mutual restraint and practical arrangements. this conference is a part of that process – a challenge, not a conclusion. we face unresolved problems in europe; we face them with very real differences in values and aims. but if we deal with them with careful preparation,…we have the right to expect real progress

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.