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Vega Company reported the following operating data for its shoe
division for the year:
0 How much is controllable margin for the year?
Shasta Industries prepared a static budget at 47,000 direct labor hours, with
estimated overhead costs of $235,000 for variable overhead and $116,000 for fixed
overhead. The company then prepared a flexible budget at 58,000 labor hours. How
much is total overhead costs at this level of activity? 3.)
Tufton Company provides the following information:
Average operating assets
Minimum (required) rate of
7.40% How much is the company's residual income?
Kanter Industries produced 114,000 units using 57,000 direct labor hours. Production
for the period was estimated at 116,000 units and 61,000 direct labor hours. A
flexible budget would compare budgeted costs and actual costs, respectively, at: 5.
Buff Company had average operating assets of $740,000 and sales of $164,000 last
year. If the controllable margin was $90,000, what was the ROI? 6.
Adams Company uses flexible budgets. At 16,100 direct labor hours, the flexible
budget for indirect materials is $32,200. If $36,800 in materials costs are incurred at
19,700 direct labor hours, the flexible budget report should show what difference for
indirect materials? 7
The current controllable margin for Kirkland Corporation is $76,000. Its current
operating assets are $730,000. The company is considering purchasing equipment
for $96,000 that will increase annual controllable margin by an estimated $20,000. If
the equipment is purchased, what will be the company's new ROI? 8
Theta retailers has established a 12.00% minimum rate of return. The
company has two investment projects available: Project
B Annual controllable
assets $57,000 $500,000 $48,000 $540,000 Which project(s) should be funded?
Kirkland Company produces a product requiring 12.8 pounds of material costing
$3.30 per pound. During December, the company purchased 4,500 pounds of
material for $17,200 and used the material to produce 420 products. What was the
materials price variance for December? 10
Rover Company has a standard of 3.6 hours of labor per unit, at $8.50 per hour. In
producing 910 units, Rover used 3,400 hours of labor at a total cost of $30,000. What
is Rover's labor quantity variance? 11
The formula for the materials price variance is
12 Willard Company produces widgets. The following information is
provided concerning its standard cost system for the year:
Labor 1,600 units
5.3 hours per
unit Actual Data
overhead How much is the overhead controllable variance?
A company assigns factory labor to production at a cost of $50,000 when the
standard cost is $52,600. Which of the following entries will be used to record the
For Blane Company, the per-unit standards for direct materials are 15.5 gallons at
$3.30 per gallon. Last month, 13,450 gallons of direct materials that actually cost
$46,400 were used to produce 970 units of product. What was the company's total
materials variance for last month? 15
Wayland Company has a standard of 4.8 hours of labor per unit, at $10.90 per hour.
In producing 820 units, Wayland used 3,700 hours of labor at a total cost of $40,000.
What is Wayland's labor price variance? 16
Kensie Company has a standard of 8.7 pounds of materials per unit, at $1.40 per
pound. In producing 1,440 units, Kensie used 13,700 pounds of materials at a total
cost of $21,000. What is Kensie's materials quantity variance? 17
Hatch has a standard of 2.5 hours of labor per unit, at $11.00 per hour. In producing
1,700 units, Hatch used 4,500 hours of labor at a total cost of $47,600. What is
Hatch's total labor variance? 18 A company issues raw materials to production at a cost of $31,800 when the
standard cost is $29,000. Which of the following entries will be used to record the
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