The following information is available for the Benning Corporation for the year ended Dec. 31, 2014:
In addition, the following information is available from the comparative balance sheet for Benning at the end of 2014 and 2013:
Required: Prepare Benning's statement of cash flows for the year ended Dec. 31, 2014, using the indirect method.
Definitions:
Standard Rate
The predetermined cost or price utilized in budgeting and costing exercises, aimed at simplifying accounting practices or performance evaluations.
Direct Labor Hours
The total hours worked by employees directly involved in the production of goods or services.
Total Materials Variance
The difference between the standard cost of materials supposed to be used for the products and the actual cost of materials used.
Price Standard
A predetermined cost that companies use to measure the variance between the expected and actual cost.
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