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Wadsworth Industries manufactures small appliances and uses an activity-based costing system. Information from its system for the year for all products follows: Wadsworth makes 775 of its stand mixers a year, which requires a total of 25 machine hours, 10 inspection hours, and 12 orders. The stand mixer requires $15.00 in direct materials per unit and $11.50 in direct labor per unit. The stand mixer sells for $120 per unit. What is the product margin in total for the stand mixer?
Fair Value
The amount one would expect to receive from selling an asset or the cost to transfer a liability in a smooth transaction among market players on the date of valuation.
Non-Controlling Interest (NCI)
The portion of equity ownership in a subsidiary not attributable to the parent company, reflecting the minority shareholders' share of the subsidiary's net assets and profits.
Statement Of Financial Position
A financial statement that provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time, also known as a balance sheet.
IFRS 3
An International Financial Reporting Standard that deals with the accounting treatment for all business combinations.
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