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84) Red River Corporation reports the following standards for direct labor for the year: Standard cost per hour$18.50 Standard quantity per finished good2.5 hours During the year, 180,000 finished goods were produced. The direct labor efficiency variance was $38,850 favorable. The direct labor flexible budget variance was $700 favorable. Calculate the following items regarding.
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39) Tuff Stuff Company's managers received the following incomplete performance report: TUFF STUFF COMPANY Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices Flexible Budget Variance Flexible Budget for Actual Number of Output Units Sales Volume Variance Static (Master) Budget Output units 57,000 57,000 3,500F Sales revenue $328,500 $328,500 $36,000F Variable expenses 121,500 120,000 15,000U Fixed expenses 160,500 150,000 ---0--- Total expenses 282,000 270,000 15,000U Operating income $46,500 58,500 21,000F Find the missing data by completing the performance report..
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89) The following direct materials variance computations are incomplete. Fill in the missing values, and identify the direct materials flexible budget variance as favorable or unfavorable. Direct materials price variance = ($? - $5) x 4,000 pounds = $4,000 U Direct materials efficiency variance = (? - 3,800 pounds) x $5 =.
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85) Copper Company reports the following standards for direct materials for the year: Standard cost per pound$2.50 Standard amount per finished good6 pounds During the year, 420,000 finished goods were produced. The direct materials price variance was $13,600 unfavorable. The direct materials flexible budget variance was $1,200 favorable. Calculate the following items regarding direct.
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11) Royal Industries has the following information about its standards and production activity for January: Actual manufacturing overhead cost incurred, $86,500 Variable manufacturing overhead cost @ $2.50 per unit produced Fixed manufacturing overhead cost @ $2 per unit produced     ($24,000/12,000 budgeted units) Actual units produced, 4,500 Assume the allocation base for fixed overhead costs is.
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11) A flexible budget variance is the difference between: A) actual results and amounts in the static budget. B) amounts in the flexible budget and the actual results. C) amounts in the flexible budget and the static budget. D) the budgeted amounts for each level of sales in the flexible budget. 12) Which of the.
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30) Match each of the following terms to the definitions below by entering the letter of the term on the line in front of the definition. A.  Price variance B.  Efficiency variance C.  Overhead flexible budget variance D.  Production volume variance _____Measures how well the business keeps unit prices of direct material and direct labor.
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19) Good Roast roasts, grinds and bags of organic coffee beans sold at specialty grocery stores. Good roast allocates manufacturing overhead based on direct labour hours. Good Roast has projected total overhead for the year to be $640,000. Of this amount, $480,000 relates to fixed overhead expenses. Good Roast expects.
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40) Handco has a relevant range extending to 60,000 units each month. The following performance report provides information about Handco's budget and actual performance for April. HANDCO Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices   (A) Flexible Budget for Actual Number of Output Units (B) Static (Master) Budget Output units 50,000 (C) 60,000 Sales revenue $480,000 $10,000F (D) Variable expenses (E) $375,000 Fixed expenses $30,000 (F) $40,000 Total expenses Operating.
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38) Tuff Stuff Company's managers received the following incomplete performance report: TUFF STUFF COMPANY Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices Flexible Budget Variance Flexible Budget for Actual Number of Output Units Sales Volume Variance Static (Master) Budget Output units 19,000 19,000 1,000F Sales revenue $109,500 $109,500 $12,000F Variable expenses 40,500 40,000 5,000U Fixed expenses 53,500 50,000      --- 0 ---  Total expenses 94,000 90,000 5,000U Operating income $15,500 $19,500 $14,000F Find the missing data.
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30) SnoGo, Inc., produces ergonometric tool used for snow removal.  The company's static budget income statement for January follows. It is based on expected sales volume of 11,000 tools. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue$330,000 Variable expenses: Cost of goods sold63,250 Sales commissions27,500 Utilities expense 22,000 Fixed expenses: Salary expense30,000 Depreciation expense25,000 Rent expense10,000 Utilities expense   .
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26) SnoGo, Inc., produces plastic tray used in cafeterias and for snow sledding. The company's static budget income statement for January follows. It is based on expected sales volume of 5,500 trays. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue $16,500 Variable expenses: Cost of goods sold 6,350 Sales commissions1,400 Utilities expense 1,000 Fixed.
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11) Nadia Corporation, which manufactures straw hats, is developing direct labor standards.  The basic direct labor rate is $10.00 per hour.  Payroll taxes are 12% of the basic direct labor rate, while fringe benefits such as vacation and health care insurance, are $4.00 per hour.  What is the standard rate.
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91) Anderson Company manufactures a single product.  The direct materials standard calls for 3 pounds of direct material per unit.  The standard for direct material cost per pound is $15.50.  A computer error has wiped out the records for the direct labor standards but the following information is found for.
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22) Match each of the following terms to the definitions below by entering the letter of the term on the line in front of the definition. A. Flexible budget B.  Flexible budget variance C. Static budget D. Variance E. Sales volume variance _____ The difference arising only because the number of units actually sold differs form.
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27) SnoGo, Inc., produces plastic tray used in cafeterias and for snow sledding. The company's static budget income statement for January follows. It is based on expected sales volume of 50,000 trays. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue   $50,000 Variable expenses: Cost of goods sold20,000 Sales commissions 5,000 Utilities expense 2,500 Fixed expenses: Salary.
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36) Tuff Stuff Company's managers received the following incomplete performance report: TUFF STUFF COMPANY Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices Flexible Budget Variance Flexible Budget for Actual Number of Output Units Sales Volume Variance Static (Master) Budget Output units 18,000 18,000 2,000F Sales revenue $108,000 $108,000 $12,000F Variable expenses 42,000 40,500 4,500U Fixed expenses 53,000 50,000 --- 0 ---  Total expenses 95,000 90,500 4,500U Operating income $13,000 $17,500 $7,500F Find the missing data by.
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71) Johnson Faucet Company manufactures faucets.  The following data relate to the standards for direct labor: Standard direct labor hours per faucet 2.0 Standard direct labor rate per hour $18.50 Johnson Faucet Company had the following actual results for August: Actual direct labor hours 3,800 Actual total direct labor cost $52,750 Actual number of.
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31) SnoGo, Inc., produces ergonometric tool used for snow removal.  The company's static budget income statement for January follows. It is based on expected sales volume of 11,000 tools. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue $495,000 Variable expenses: Cost of goods sold 121,000 Sales commissions66,000 Utilities expense38,500 Fixed expenses: Salary expense50,000 Depreciation expense40,000 Rent expense15,000 Utilities expense.
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61) Hewlitt Company has gathered the following information about its purchase and use of raw materials for September: Standard price per pound of raw material $10.00 Actual purchase price per pound of raw material $9.60 Standard quantity allowed for actual production (pounds) 900 Actual quantity of raw materials purchased (pounds) 1,000 Hewlitt Company uses a.
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17) McClean supplies restaurants with many sanitation supplies (such as paper towels and soaps). Assume that the manufacturing plant processing the fries anticipated incurring a total of $800,000 of manufacturing overhead during the year. Of this amount, $500,000 is fixed. Manufacturing overhead is allocated based on machine hours. The plant.
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1) A standard cost for production inputs is a carefully predetermined cost that usually is expressed on a per-unit basis. 2) Standard costs for production inputs help motivate employees by serving as benchmarks against which their performance is measured. 3) Standard costs for production inputs are used to develop flexible budgets. 4) The.
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21) What does an unfavorable direct labor price variance indicate? A) Both actual quantity and actual cost of direct labor hours exceeded standard quantity and standard cost of hours for actual output. B) The actual quantity of direct labor hours worked exceeded the standard quantity of hours for actual output. C) The actual.
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34) The Flashlight Company projected yearly sales of 12,000 units at $15.00 per unit. Actual sales for the year were 15,000 units at $16.00 per unit. Actual variable expenses, budgeted at $12.00 per unit, amounted to $10.00 per unit. Actual fixed expenses, budgeted at $50,000, totaled $48,000. Prepare the Flashlight Company's.
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31) Thomas Corporation produces stopwatches.  According to company standards, it should take 1 hour of direct labor to produce a stopwatch. Thomas' standard labor cost is $18 per hour.  During June, Thomas produced 5,000 stopwatches and used 5,150 hours of direct labor at a total cost of $102,500.  What is.
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43) Linkin Co.has a relevant range extending to 50,000 units each month. The following performance report provides information about Linkin Co.'s budget and actual performance for April. LINKIN COMPANY Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices   (A) Flexible Budget for Actual Number of Output Units (B) Static (Master) Budget Output units 39,000 (C) 46,500 Sales revenue $376,500 $7,950F (D) Variable expenses (E) $285,975 Fixed expenses 22,500 (F) $34,500 Total.
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88) Montrose Processing Corporation has the following information regarding direct materials: Actual pounds of direct materials purchased and used 42,000 Standard quantity of direct materials2 pounds per finished good Actual production21,000 finished goods Direct materials efficiency variance $12,000 F Direct materials price variance $8,000 U Compute Jeremy's standard price per pound and actual price per pound.
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32) SnoGo, Inc., produces ergonometric tool used for snow removal.  The company's static budget income statement for January follows. It is based on expected sales volume of 11,000 tools. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue $300,000 Variable expenses: Cost of goods sold 72,000 Sales commissions11,000 Utilities expense 24,000 Fixed expenses: Salary expense 30,000 Depreciation expense24,000 Rent.
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87) Kentucky Industries' actual direct labor cost was $52,000 during the current period.  Kentucky reported an unfavorable direct labor price variance of $1,200 and a favorable direct labor efficiency variance of $3,600.  What was the standard direct labor cost for actual output during the period? .
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29) SnoGo, Inc., produces ergonometric tool used for snow removal.  The company's static budget income statement for January follows. It is based on expected sales volume of 5,500 tools. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue $82,500 Variable expenses: Cost of goods sold 31,625 Sales commissions  6,875 Utilities expense5,500 Fixed expenses: Salary expense15,000 Depreciation expense  .
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90) Switzer Chocolate Company produces fudge in large batches.  One batch of fudge has the following standard costs and amounts: Standard quantity of sugar (pounds) 100 Standard cost per pound of sugar $1.90 Standard direct labor hours per batch of fudge 2.0 Standard direct labor cost per hour $18.00 Switzer Chocolate Company produced.
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1) Manufacturing overhead cost allocated to production equals the standard predetermined manufacturing overhead cost rate times the actual quantity of the allocation base allowed for the standard number of outputs. 2) The production volume variance is favorable whenever actual output is greater than expected output. 3) The overhead flexible budget variance is.
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15) McClean supplies restaurants with many sanitation supplies (such as paper towels and soaps). Assume that the manufacturing plant processing the fries anticipated incurring a total of $6,160,000 of manufacturing overhead during the year. Of this amount, $2,640,000 is fixed. Manufacturing overhead is allocated based on machine hours. The plant.
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83) Cassandra Designs makes chair cushions. The standard direct materials quantity is 1 pound per cushion at a cost of $2.50 per pound. The actual results for the production of 20,000 cushions was 1.25 pounds per cushion, at a cost of $2.40 per pound. Calculate the direct materials price variance.
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28) SnoGo, Inc., produces ergonometric tool used for snow removal.  The company's static budget income statement for January follows. It is based on expected sales volume of 5,500 tools. SnoGo Inc Static Budget Income Statement Month Ended January 31 Sales revenue$82,500 Variable expenses: Cost of goods sold .31,625 Sales commissions 6,875 Utilities expense 5,500 Fixed expenses: Salary expense15,000 Depreciation expense .
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41) Handco has a relevant range extending to 60,000 units each month. The following performance report provides information about Handco's budget and actual performance for April. HANDCO COMPANY Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices   (A) Flexible Budget for Actual Number of Output Units (B) Static (Master) Budget Output units 40,000 (C) 48,000 Sales revenue $320,000 $8,000F (D) Variable expenses (E) $300,000 Fixed expenses $24,000 (F) $32,000 Total expenses Operating.
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51) Dazzle Toy Company gathered the following actual results for the current month: Actual amounts: Units produced 4,000 Direct materials purchased and used (5,000 lbs.) $22,500 Direct labor cost (4,500 hours) $51,750 Manufacturing overhead costs incurred $24,000 Budgeted production and standard costs were: Budgeted production 3,500 units Direct materials 2 lbs./unit at $4.25/lb. Direct labor 1.5 hrs./unit at.
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37) Tuff Stuff Company's managers received the following incomplete performance report: TUFF STUFF COMPANY Income Statement Performance Report Year Ended January 31 Actual Results at Actual prices Flexible Budget Variance Flexible Budget for Actual Number of Output Units Sales Volume Variance Static (Master) Budget Output units 27,000 27,000 3,000F Sales revenue $162,000 $162,000 $ 18,000F Variable expenses 63,000 60,750 6,750U Fixed expenses 79,500 75,000   --- 0 -- Total expenses 142,500 135,750 6,750U Operating income $ 19,500 $ 26,250 $.
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81) On the line in front of each variance, enter the letters of the items needed to compute that variance. You will enter more than one item on each line. A. Actual price B. Actual quantity C. Standard price D. Standard quantity ________Direct materials price variance ________Direct materials efficiency variance 82) On the line in front of.
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11) A company uses milk in producing its product.  If the price of milk doubles, which variance is directly impacted? A) Materials price variance B) Materials efficiency variance C) Labor price variance D) Labor efficiency variance 12) The unemployment rate is high in the city in which a company has a factory.  The company finds.
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