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45) Littrell Company produces chairs and has determined the following direct cost categories and budgeted amounts: Standard InputsStandard Cost Categoryfor 1 outputper input Direct Materials1.00$7.50 Direct Labor0.309.00 Direct Marketing0.503.00 Actual performance for the company is shown below: Actual output: (in units)4,000 Direct Materials: Materials costs$30,225 Input purchased and used3,900 Actual price per input$7.75 Direct Manufacturing Labor: Labor costs$11,470 Labor-hours of input1,240 Actual price.

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56) The following data are available for Ruggles Company for the year ended September 30, 2011. Sales:24,000 units at $50 each Expected and actual production:30,000 units Manufacturing costs incurred: Variable:$525,000 Fixed:$372,000 Nonmanufacturing costs incurred: Variable:$144,800 Fixed:$77,400 Beginning inventories:none Required: a.Determine operating income using the variable-costing approach. b.Determine operating income using the absorption-costing approach. c.Explain why operating income is not the same.

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3) Which of the following is NOT a step in developing budgeted variable overhead rates? A) identifying the variable overhead costs associated with each cost-allocation base B) estimating the budgeted denominator level based on expected utilization of available capacity C) selecting the cost-allocation bases to use D) choosing the period.

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Answer the following questions using the information below: Tunney Corporation incurred fixed manufacturing costs of $7,200 during 2011. Other information for 2011 includes: The budgeted denominator level is 1,600 units. Units produced total 2,000 units. Units sold total 1,900 units. Beginning inventory was zero. The fixed manufacturing cost rate is based on the budgeted denominator.

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60) Galliart Company has two identical divisions, East and West. Their sales, production volume, and fixed manufacturing costs have been the same for the last five years. The amounts for each division were as follows: 20X120X220X320X420X5 Units produced50,00055,00055,00044,00044,000 Units sold45,00045,00050,00050,00050,000 Fixed manufacturing costs              $55,000              $55,000$55,000$55,000$55,000 East Division uses absorption costing and West Division uses variable.

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Answer the following questions using the information below: Roberts Corporation manufactured 100,000 buckets during February. The overhead cost-allocation base is $5.00 per machine-hour. The following variable overhead data pertain to February: ActualBudgeted Production100,000 units100,000 units Machine-hours9,800 hours10,000 hours Variable overhead cost per machine-hour$5.25$5.00 21) What is the actual variable overhead cost? A) $49,000 B) $50,000.

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47) Give at least three good reasons why an unfavorable efficiency variance for direct manufacturing labor might be reported. 1) A purchasing manager's performance is best evaluated using the: A) direct materials price variance B) direct materials flexible-budget variance C) direct manufacturing labor flexible-budget variance D) affect the manager's action.

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21) Variable costing includes all variable costs?both manufacturing and nonmanufacturing?in inventory. 22) Under both variable and absorption costing, all variable manufacturing costs are inventoriable costs. 23) The main difference between variable costing and absorption costing is the way in which fixed manufacturing costs are accounted for. 24) Under absorption costing, all.

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Answer the following questions using the information below: Gus Corporation manufactured 10,000 golf bags during April. The fixed overhead cost-allocation rate is $40.00 per machine-hour. The following fixed overhead data pertain to March: ActualStatic Budget Production10,000 units12,000 units Machine-hours5,100 hours6,000 hours Fixed overhead cost for March$244,000$240,000 12) What is the flexible-budget amount? A) $200,000 B).

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Answer the following questions using the information below: Hector's Camera Shop has prepared the following flexible budget for September and is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable variance.   Flexible    Variances   BudgetPriceEfficiency Material A$20,000$1,000U$1,200F Material B30,000500F800U Material C40,0001,400U1,000F   31) The actual amount spent for Material A was:.

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53) Jarvis Golf Company sells a special putter for $20 each. In March, it sold 28,000 putters while manufacturing 30,000. There was no beginning inventory on March 1. Production information for March was: Direct manufacturing labor per unit15 minutes Fixed selling and administrative costs$ 40,000 Fixed manufacturing overhead132,000 Direct materials cost per unit2 Direct.

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31) What is the variable overhead spending variance? A) $4,500 unfavorable B) $3,937.50 unfavorable C) $4,500 favorable D) $3,937.50 favorable 32) What is the variable overhead efficiency variance? A) $3,937.50 favorable B) $3,937.50 unfavorable C) $4,500 favorable D) $4,500 unfavorable 33) What is the total variable overhead variance A) $7,875 unfavorable B) $3,937.50 f unfavorable C).

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23) At the end of the fiscal year, the fixed overhead spending variance is always prorated among work-in-process control, finished goods control, and cost of goods sold on the basis of the fixed overhead allocated to these accounts. 24) Lungren has budgeted construction overhead for August of $260,000 for variable costs.

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20) Heston Company has the following information for the current year: Beginning fixed manufacturing overhead in inventory$190,000 Fixed manufacturing overhead in production750,000 Ending fixed manufacturing overhead in inventory50,000 Beginning variable manufacturing overhead in inventory$20,000 Variable manufacturing overhead in production100,000 Ending variable manufacturing overhead in inventory30,000 What is the difference between operating incomes under absorption costing and.

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41) The variable overhead efficiency variance is computed in a different way than the efficiency variance for direct-cost items. 42) The variable overhead flexible-budget variance measures the difference between the actual variable overhead costs and the flexible-budget variable-overhead costs. 43) The variable overhead efficiency variance measures the efficiency with which the.

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13) Jeremy's Football Manufacturing Company reported: Actual fixed overhead$500,000 Fixed manufacturing overhead spending variance$30,000 favorable Fixed manufacturing production-volume variance$20,000 unfavorable To isolate these variances at the end of the accounting period, Jeremy would debit Fixed Manufacturing Overhead Allocated for: A) $480,000 B) $490,000 C) $500,000 D) $510,000 14) Kristin's Basketball Manufacturing Company reported: Actual.

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Answer the following questions using the information below: The actual information pertains to the month of September. As part of the budgeting process, Kriger Fencing Company developed the following static budget for September. Kriger is in the process of preparing the flexible budget and understanding the results.   ActualFlexibleStatic ResultsBudgetBudget Sales volume (in units)10,000     12,500 Sales.

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Answer the following questions using the information below: Sawyer Industries, Inc. (SII), developed standard costs for direct material and direct labor. In 2011, SII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container.   Budgeted quantityBudgeted price Direct materials0.20 pounds$25 per pound Direct labor0.10 hours$15 per hour During.

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35) Mayberry Company had the following journal entries recorded for the end of June. Unfortunately, the company's only accountant quit on July 10 and the president is at a loss as to the company's performance for the month of June. Materials Control300,000 Direct Materials Price Variance10,000 Accounts Payable Control290,000 Work-in-Process Control120,000 Direct Materials Efficiency Variance8,000 Materials.

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27) a.Explain the difference between the variable and absorption costing methods. b.Which method(s) are required for external reporting? For internal reporting? 1) The contribution-margin format of the income statement: A) is used with absorption costing B) calculates gross margin C) distinguishes between manufacturing and nonmanufacturing costs D) is used with variable costing 2) The gross-margin format.

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