46. Which of the following best describes the difference between financial and managerial accounting? a) Managerial accounting is concened solely with the future and does not record events from the past, while financial accounting records only events from past transactions b) Managerial accounting provides information to support decisions, while financial accounting does not Managerial accounting does not result in financial reports, while financia c) accounting does result in financial reports. Managerial accounting is not restricted to generally accepted accounting principles (GAAP), while financial accounting is restricted to GAAP None of the above. d) e) A company's flexible budget for 12,000 units of production showed sales, $48,000; variable costs, $18,000, and fixed costs, $16,000. The operating income expected if the company produces and sells 16,000 units is: 47. a) $24,000 b) $14,000 c) $18,667 d) $2,667 e) $35,000 A company has established 5 pounds of Material M at $2 per pound as the standard for the material in its Product A. The company has just produced 1,000 units of this product using 5,200 pounds of Material M that cost $9,880 The direct materials quantity variance is: a) $520 unfavorable b) $120 favorable 48. c) $400 favorable d) $520 favorable e) $400 unfavorable 49. Which of the following statements is true regarding product and period costs? Sales commission is a product cost and factory rent is a period cost b) Factory wages is a product cost and direct material is a period cost c) Factory maintenance is a product cost and sales commission is a period cost. d) Sales commission is a product cost and depreciation on factory equipment e) None of the above. is a product cost 50. The following ng company information is available for January: Direct materials used Standard costs for direct materials for January production 2,500 feet @ $55 per foot 2,600 feet @$53 per foct The direct material price variance is: a) $5,000 favorable b) 300 favorable c) $5,300 unfavorable d) $5,000 unfavorable e) $5,300 favorable