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[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

 

overhead

 

Budgeted variable

 

overhead

 

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

 

overhead How much is the overhead controllable variance?

 

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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