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217) The managerial accountant at Matheson Tool Company is compiling a fixed overhead volume variance report. According to the data, 4,200 standard hours were tallied at $8 per machine hour, the fixed overhead volume variance was calculated at $2,860 U. Compute the budgeted fixed overhead cost at $2,860U and compare.
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71) Puget Company has gathered the following information about its purchase and use of raw materials for December: Standard Price (SP) per pound of raw material$12.00 Actual purchase price per pound of raw material$11.50 Standard Quantity Allowed (SQ.A for actual production (pounds)1,000 Actual Quantity (AQ) of raw materials purchased (pounds)1,150 Puget Company uses a standard cost.
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237) A(n) ________ "arises because the number of units actually sold differs from the static budget units." A) flexible budget B) sales volume variance C) benchmarking D) overhead flexible budget variance 238) Costanza Manufacturing gathered the following information for the year ended December 31: Actual sales$285,000 Standard sales$285,000 Standard cost of goods sold$200,000 Direct material price variance$4,200Unfavorable Direct material.
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154) When deciding whether or not to adopt standard costs and perform variance analysis, management should do which of the following? A) Examine the costs and benefits of a standard costing system B) Update inaccurate standard costs C) Adopt lean thinking D) Increase automation of assembly lines 155) Identify four advantages of standard costs and.
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118) Razzle Baking Company gathered the following actual results for the current month: Actual amounts: Units produced5,500 Direct labor cost (10,000 hours)$53,000 Budgeted production and standard costs were: Budgeted production5,000 Direct labor2 hrs./unit at $9.00/hr. What is the direct labor rate variance? A) $40,700 unfavorable B) $40,700 favorable C) $37,000 unfavorable D) $37,000 favorable 119) Razzle Baking Company gathered.
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164) How is the variable overhead rate variance calculated? A) The difference between the actual overhead rate and the standard overhead rate multiplied by the actual hours B) The difference between the actual overhead rate and the standard overhead rate multiplied by the standard hours allowed C) The difference between the standard hours.
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21) If the Standard Quantity Allowed (SQA) for direct materials is greater than the Actual Quantity (AQ) used, the quantity variance is unfavorable. 22) A quantity (efficiency) variance for production inputs (materials and labor) is the difference between the Actual Quantity (AQ) of input used and the standard quantity of input,.
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  1) Capital investments do not typically require large sums of money. 2) The process of making capital investment decisions is referred to as capital budgeting. 3) Self-check-in machines at airports are an example of capital assets. 4) Capital budgeting is done when common stock is issued. 5) Choosing among alternative capital investments is.
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51) Myles Company budgeted 10,500 pounds of direct materials costing $23.50 per pound to make 5,300 units of product. The company actually purchased 11,000 pounds of direct materials costing $25.00 per pound to make the 5,300 units. What is the direct materials price variance? A) $16,500 favorable B) $16,500 unfavorable C) $15,750 unfavorable D).
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91) (Present value tables required) The present value of an investment is affected by which of the following? A) The interest rate B) The number of time periods (length of the investment) C) The type of investment (annuity versus lump sum) D) All of the above 92) (Present value tables required) You win the lottery.
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144) All variances discovered by management must be investigated. 145) Up-to-date standard costs provide a benchmark by which to evaluate actual costs and operations. 146) Managers will want to use management by exception to determine which variances are significant enough to warrant investigation. 147) Price and quantity variances are a way to motivate.
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51) Suppose Whole Foods is considering investing in warehouse-management software that costs $600,000, has $60,000 residual value and should lead to cash cost savings of $130,000 per year for its five-year life. In calculating the ARR, which of the following figures should be used as the equation's denominator? A) $60,000 B) $600,000 C).
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152) Hill Manufacturing is a large manufacturer that produces a part that inserts into diesel engines. The company has several large divisions and the managerial accountant reported the part is currentlyproduced in the assembly department. The managerial accountant reported that the variable selling expenses and manufacturing costs related to the.
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88) The direct labor rate variance describes differences in the anticipated (standard) labor rate and the actual labor rate paid. 89) The direct labor rate variance is calculated by multiplying the standard hours that should have been worked for the actual output by the difference between the standard labor rate and.
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143) Weissfeld Corporation manufactures a single product. The direct materials standard calls for 5 pounds of direct material per unit. The standard for direct material cost per pound is $10. A computer error has wiped out the records for the direct labor standards but the following information is found for.
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162) Flexible budgets are budgets that summarize cost and revenue information for a single volume level. 163) Both the static budget and the flexible budget used for performance evaluation are developed before the period of actual production. 164) The difference between the actual revenues and expenses and the master budget is known.
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180) A company's flexible budget for 93,000 units of production showed sales of $300,000; variable costs of $150,000; and fixed costs of $90,000. What net operating income would you expect the company to earn if it produces and sells 98,000 units? (Assume 98,000 units is in the relevant range.) 181) The.
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11) Kalanja Designs, which produces earrings, is developing direct material standards. Each earring requires 0.52 kilograms of a special metal. The allowance for waste is 0.03 kilograms per earring, while the allowance for rejects is 0.02 kilograms per earring. What is the standard quantity of metal per earring? A) 0.52.
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207) The Perry Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products: Standard fixed overhead per direct labor hour$4.50 Standard direct labor hours per unit0.25 Budgeted production3,250 Budgeted fixed overhead costs$3,656.25 Actual production in units3,400 Actual fixed overhead costs incurred$2,900.00 What is Perry's fixed manufacturing overhead volume variance? A).
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41) Jackson Industries has collected the following data for one of its products: Direct materials standard (6 pounds per unit @ $0.55/lb.)$3.30 per finished good Direct materials flexible budget variance-unfavorable$12,000 Actual Direct Materials Used (AQU)35,000 pounds Actual finished goods produced26,000 units What is the actual cost of the Direct Materials Used (AQU) per pound? A) $2.79 B).
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138) 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 labor rate B. Actual labor hours C. Standard labor rate D. Standard labor hours ________Direct labor rate variance ________Direct labor efficiency variance 139) Cuyahoga Corporation.
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128) Akron Clay Company manufactures flowerpots. The following data relate to the standards for direct labor: Standard direct labor hours per pot.5 Standard direct labor rate per hour$18.75 Akron Clay Company had the following actual results for April: Actual direct labor hours4,100 Actual total direct labor cost$78,000 Actual number of pots produced8,350 What is the direct labor.
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210) Cash flows from operations and gross margin growth may be examples of the A) customer perspective. B) financial perspective. C) internal business perspective. D) learning and growth perspective. 211) New product development time may be an example of the A) financial perspective. B) customer perspective. C) learning and growth perspective. D) internal business perspective. 212) List the four.
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84) Miller Manufacturing Corporation has the following information regarding direct materials: Actual pounds of direct materials purchased and used47,000 Standard quantity of direct materials2.5 pounds per finished good Actual production20,000 finished goods Direct materials quantity variance$11,500 F Direct materials price variance$9,400 U Compute Miller's Standard Price (SP) per pound and Actual Price (AP) per pound of.
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200) The number of defects found during the manufacturing process may be an example of measuring which perspective of the balanced scorecard? A) Internal business B) Customer C) Financial D) Learning and growth 201) The ________ approach recognizes that both financial and operational performance measures should be considered when evaluating company performance. A) financial and operational.
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21) The accounting rate of return uses non-cash flow factors including depreciation in calculating the operating income of the asset. 22) Investments with longer payback periods are more desirable, all else being equal. 23) The payback method can be used when the net cash inflows from a capital investment are unequal. 24).
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197) If the actual number of units produced is less than the number of units budgeted to produced, then the fixed overhead volume variance will always be unfavorable. 198) The two fixed overhead variances are the A) budget and volume variances. B) rate and efficiency variances. C) price and usage variances. D) rate and volume.
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172) Peddlin' Pete's Cycles sells its entry-level bicycles for $400 each. Its variable cost is $250 per bicycle. Fixed costs are $35,000 per month for volumes up to 1,200 bicycles. Above 1,200 bicycles, monthly fixed costs are $55,000. What is the budgeted operating income at a level of 900 bicycles.
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101) (Present value tables required) Assuming an interest rate of 6%, the present value of $22,000 to be received 9 years from now would be closest to A) $16,434. B) $13,024. C) $37,162. D) $35,068. 102) Assuming an interest rate of 6%, the present value of $18,000 received at the end of each year for.
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192) The Berwin Company established a master budget volume of 35,000 units for April. Actual overhead costs incurred amounted to $98,500. Actual production for the month was 34,000 units. The standard variable overhead rate was $1.75 per direct labor hour. The standard fixed overhead rate was $1.50 per direct labor.
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41) Gomez Corporation is considering two alternative investment proposals with the following data: Proposal XProposal Y Investment$850,000$468,000 Useful life8 years8 years Estimated annual net cash inflows for 8 years$125,000$78,000 Residual value$40,000$ - Depreciation methodStraight-lineStraight-line Required rate of return14%10% What is the accounting rate of return for Proposal Y? A) 5.24% B) 4.17% C) 29.17% D) 16.67% 42) The Warren Company is considering investing in.
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227) Raw materials inventory is credited for which of the following when recording the use of direct materials in the production process? A) Standard quantity of Direct Materials Used (AQU) for actual production multiplied by the actual cost per pound B) Standard quantity of Direct Materials Used (AQU) for actual production multiplied.
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174) Capital Manufacturing designs and manufactures bathtubs for home and commercial applications. Capital recorded the following data for its commercial bathtub production line during the month of March: Standard DL hours per tub3 Standard overhead rate per DL hour$6.50 Standard overhead cost per unit$19.50 Actual overhead costs$22,750 Actual DL hours3,250 Actual overhead cost per machine hour$7.00 Actual.
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184) The standard variable overhead cost rate for the Gordon Company is $11.25 per unit. Budgeted fixed overhead cost is $50,000. The company budgeted 5,000 units for the current period and actually produced 4,150 finished units. What is the fixed overhead volume variance? Assume the allocation base for fixed overhead.
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142) Nixon's Diner bakes pies in large batches. One batch of pies has the following standard costs and amounts: Standard quantity of sugar (pounds)115 Standard cost per pound of sugar$2.10 Standard direct labor hours per batch of pies1.5 Standard direct labor cost per hour$19.00 Nixon's Diner baked 425 batches of pies in the most recent.
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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 (AP) B.Actual Quantity (AQ) C.Standard Price (SP) D.Standard quantity ________Direct materials price variance ________Direct materials quantity variance 82) McNabb Corporation makes shoe polish. The standard.
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61) Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Materials) CupcakesButter (Direct Materials) Cookies Standard quantity per batch2 lbs.3 lbs. Standard Price (SP) per.
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190) Employee satisfaction would be an example of measuring which perspective of the balanced scorecard? A) Financial B) Customer C) Learning and growth D) Internal business 191) The number of repeat customers may be an example of measuring which perspective of the balanced scorecard? A) Customer B) Financial C) Internal business D) Learning and growth 192) The number.
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31) The direct materials price variance is calculated as A) the difference in Actual Quantities (AQ) multiplied by the Actual Price (AP) of the input. B) the Actual Quantity (AQP) of direct materials divided by the Actual Quantity (AQ). C) the difference in prices of the Actual Quantity Purchased (AQP) and the Actual.
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