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1) The standards for comparisons in financial statement analysis include (1)
_____________, (2) ______________, (3) _______________, and (4) _____________.
2) A machine costing $450,000 with a four-year life and an estimated $30,000 salvage
value is installed by Lux Company on January 1. The factory estimates the machine
will produce 1,050,000 units of product during its life. It actually produces the
following units for the first 2 years: Year 1, 260,000; Year 2, 275,000. Enter the
depreciation amounts for years 1 and 2 in the table below for each depreciation method.
Show calculation of amounts below the table.
3) The following information describes production activities of the Central Corp.:
30,000 units were completed during the year
Budgeted standards for each unit produced:
1/2 lb. of raw material at $4.15 per lb.
10 minutes of direct labor at $12.50 per hour
Compute the direct materials price and quantity and the direct labor rate and efficiency
variances. Indicate whether each variance is favorable or unfavorable.
4) Short-term investments in held-to-maturity debt securities are accounted for using
the __________________________.
5) Describe how tracking inventory activities were necessary for Heritage Link Brands.
