The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:Actual variable manufacturing overhead cost incurred: $24,380
Actual machine-hours worked: 2400 hours
Variable overhead rate variance: $4620 U
Total variable overhead spending variance: $6380 U
The variable overhead efficiency variance for July is:
A. $1760 U
B. $1760 F
C. $11,000 F
D. $11,000 U
Answer: A
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Reynolds, Inc. needs to raise $5 million by selling common stock. Reynolds sells 1 million shares of
stock at $5 each to Goldman Sachs, who then is responsible for selling the shares to investors. This is an example of a A) privileged subscription. B) commission or best-efforts agreement. C) standby agreement. D) negotiated purchase.
When a firm issues debt instead of equity to finance a new project,
A) bondholders take on additional voting control as a result of their ownership of the debt instruments. B) shareholders share voting rights with bondholders. C) shareholders maintain voting control of the company but may face additional restrictive covenants found in the bond indenture. D) shareholders generally retain their rights to dividends owed before they are responsible for making newly contracted interest payments to bondholders.
David, age 62, retires and receives $1,000 per month annuity from his employer's qualified pension plan. David made $65,000 of after-tax contributions to the plan prior to his retirement. Under the simplified method, David's number of anticipated payments is 260. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments?
A. $3,000 B. $9,000 C. $12,000 D. $2,600
The tools of monetary policy include
A. open market operations. B. the purchase of corporate stock. C. the federal government deficit. D. taxation.