1 2 4 Question 7 (0.5 points) Consider the following: Time Period Total Cash Receipts $20,000 $30,000 $50,000 $60,000 Total Cash Disbursements $15,000 $36,000 $59,000 $44,000 The organization must maintain a $5,000 cash balance. At the end of a period, automatic deposits (loans) are made to the firm's checking account by the bank for any deficiency. These loans must be repaid the following period. The cash receipts and cash disbursements in the schedule above do not include these loans or the repayment of the loans. Assuming there is no beginning cash balance at Period 1, what will be the amount of the deposit (loan) at the end of Period 3 (ignore interest)? $ 9,000 $15,000 $12,000 $ 1,000 None of the above Question 2 (0.5 points) Consider the following: Actual Material Cost Standard Material Cost Actual Actual Actual Standard Standard Standard Quantity Price Quantity x Price Quantity Price 12,000 x $4.50 = $54,000 12,000 x $4.25 = $51,000 13,000 x $4.25 =$55,250 A B C Which of the following statements is true? The result of A minus B equals the direct-material price variance The result of B minus C equals the direct-material quantity variance The result of A minus C equals the total direct-material cost variance All of the statements are true. None of the statement is true Question 8 (1 point) Gilder Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit 7.6 grams $6.00 per gram $45.60 0.1 hours $16.00 per hour $1.60 0.1 hours $6.00 per hour 50.60 The company reported the following results concerning this product in June. Originally budgeted output... Actual output........ Raw materials used in production Purchases of raw materials Actual direct labor-hours... Actual-cost of raw materials purchases Actual direct labor cost......... Actual variable overhead cost. 5,400 units 5,500 units 39,200 grams 44,100 grams 510 hours $260, 190 $7,803 $2,754 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is: Actual direct labor cost...... Actual variable overhead cost. $7.803 $2,754 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is: $330 U $330 F $306 U $306 F