1. A company uses 80,000 pounds of materials for which they paid $1400 The materials price variance was $80,000 favorable. What is the pound? standard price per a. $10.00 b. $13.00 c. $14.00 d $15.00 2. Which of the following is treated like a period cost under variable costing? a. Variable overhead Fixed overhead c. Direct labor d. Direct materials 3. Walnut Company produced 96,000 units in 46,000 direct labor hours. Production for the period was estimated at 99,000 units and 49,500 direct labor hours. A flexible budget would compare budgeted costs and actual costs, respectively, at 48,000 hours and 49,500 hours. 49,500 hours and 45,000 hours. 48,000 hours and 45,000 hours. 46,000 hours and 46,000 hours. a. b. C. d. 4. The initial budget prepared in the master budget is the a. sales budget b. production budget projected income statement projected balance sheet c. d. The management of Ormond Beach Company plans to have an inventory at the end of each month equal to 20% of the next month's sales. Budgeted sales in units over the next three months are 160,000 in October, 240,000 in November, and 200,000 in December. Budgeted production for November would be: a. 280,000 units b. 248,000 units c. 232,000 units d. 200,000 units 5. 6. Dryden Manufacturing Company prepared a fixed budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead. Dryden then prepared a flexible budget at 38,000 labor hours. How much is total overhead costs at this level of activity? a. $190,000 b. $247,000 c. $250,000 d. $260,000