## [answered] 1.) Vega Company reported the following operating data for

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1.)

Vega Company reported the following operating data for its shoe

division for the year:

Sales

Contribution margin

Controllable fixed

costs

Average operating

assets \$670,0

00

291,00

0

54,000

350,00

0 How much is controllable margin for the year?

2.)

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

Controllable margin

Contribution margin

Minimum (required) rate of

return \$280,0

00

\$66,00

0

\$219,0

00

7.40% How much is the company's residual income?

4.

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

A

Project

B Annual controllable

margin Operating

assets \$57,000 \$500,000 \$48,000 \$540,000 Which project(s) should be funded?

9

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:

Standard Data

Budgeted production

Budgeted fixed

Budgeted variable

Labor 1,600 units

\$4.10 per

hour

\$6.60 per

hour

5.3 hours per

unit Actual Data

Actual

1,800

production

units

Actual

\$99,600

13

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

transaction? 14

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

transaction?

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