Lorenzo company applies overhead to jobs on the basis of direct materials cost. at year-end, the work in process inventory account shows the following.

work in process inventory
date explanation debit credit balance
dec. 31 direct materials cost 1,000,000 1,000,000
direct labor cost 280,000 1,280,000
overhead applied 400,000 1,680,000
to finished goods 1,594,000 86,000

(1) determine the predetermined overhead rate used (based on direct materials cost).
(2) only one job remained in work in process inventory at december 31. its direct materials cost is $23,000. how much direct labor cost and overhead cost are assigned to this job?

Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers. b) may not accept the offer because it is considered lavish entertainment. c) must obtain written consent from batts brothers before accepting the offer.

When it is 4: 00 a. m. in halifax, it is 1: 00 p. m. in karachi, and when it is 9: 00 a. m. in karachi, it is 5: 00 a. m. in warsaw. mary left halifax to fly to karachi, but she accidentally left her watch on warsaw time. according to mary’s watch, she left halifax at 9: 40 p. m. on monday. the local time when she arrived at karachi was 3: 00 p. m. tuesday. how long was mary’s flight? a. 9 hours, 20 minutes b. 13 hours, 20 minutes c. 14 hours, 20 minutes d. 17 hours, 20 minutes

Double corporation acquired all of the common stock of simple company for