Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials 5.0grams$7.00per gramDirect labor 0.30hours$21.30per hourVariable manufacturing overhead 0.30hours$9.60per hour?The company has reported the following actual results for the product for June: Actual output 8,500unitsRaw materials purchased 48,100gramsActual price of raw materials$7.70per gramRaw materials used in production 42,490gramsActual direct labor-hours 2,300hoursActual direct labor rate$21.70per hourActual variable overhead rate$9.80per hour?The variable overhead efficiency variance
for the month is closest to:
A. $2,450 F
B. $2,450 U
C. $2,400 F
D. $2,400 U
Answer: C
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Baj Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year. The company has provided the following data for the most recent year. ?Estimated total fixed manufacturing overhead from thebeginning of the year$534,000 ?Estimated activity level from the beginning of the year 30,000machine-hours?Actual total fixed manufacturing overhead$487,000 ?Actual activity level 27,400machine-hours?The predetermined overhead rate per machine-hour would be closest to:
A. $19.49 B. $17.80 C. $17.77 D. $16.23
Larry wants to be politically correct, so when introducing Janis Stewart, the vice president of marketing in his company to friends at a party, he says, "I would like you to meet Janis Stewart,
A) our woman vice president of marketing." B) the highest placed girl in our company." C) one of the best female minds in marketing." D) our vice president of marketing."
Which of the following actions will increase the Common Stock account?
A) cash dividend B) stock split C) stock dividend declared and distributed D) purchase of treasury stock
An analysis of the political economy of the savings and loan crisis helps one to understand
A) why politicians hampered the efforts of thrift regulators, cutting regulatory appropriations and encouraging regulatory forbearance. B) why thrift regulators were reluctant to admit that any problem even existed in the thrift industry. C) why thrift regulators willingly acceded to pressures placed upon them by members of Congress. D) all of the above. E) only A and B of the above.