A budget that is adjusted in accordance with changes in actual output is called

Question 1Select one:

a.

a flexible budget.

b.

a balanced budget.

c.

a static budget.

d.

a trial balance budget.

e.

a cost budget.

Lukehart Industries Inc. produces air purifiers in batches. To manufacture a batch of the purifiers, Lukehart Inc. must set up the machines and assembly line tooling. Setup costs are batch-level costs because they are associated with batches rather than individual units of products. A separate Setup Department is responsible for setting up machines and tooling for different models of the air purifiers. Setup overhead costs consist of some costs that are variable and some costs that are fixed with respect to the number of setup hours. The following information pertains to June 2022:

	Budget Amounts	Actual Amounts
Units produced and sold	10,000	9,500
Batch size (number of units per batch)	400	375
Setup hours per batch	6	5.5
Variable overhead cost per setup hour	$50	$52
Total fixed setup overhead costs	$18,250	$17,750

Calculate the efficiency variance for variable setup overhead costs.

Question 2Select one:

a.

$264.00 favourable

b.

$264.30 unfavourable

c.

$114.00 favourable

d.

$158.30 favourable

e.

$250.00 favourable

Royal Company uses a single cost pool for fixed manufacturing overhead. The amount for June 2019 was budgeted at $500,000; however, the actual amount was $700,000. Actual production for June was 12,500 units, and actual machine hours were 10,000. Budgeted production included 17,750 units and 12,375 machine hours. What is Regal Company's budgeted fixed overhead rate per output unit?

Question 3Select one:

a.

$28.17 per unit

b.

$39.44 per unit

Fahmy's Corporation manufactured 25,000 grooming kits for horses during March. The fixed-overhead cost allocation rate is $20.00 per machine-hour. The following fixed overhead data pertain to March:

Actual Static Budget

Production 25,000 units 24,000 units

Machine-hours 7,100 hours 6,900 hours

Fixed overhead costs for March $123,000 $138,000

What is the fixed overhead rate variance?

Question 19Select one:

a.

$5,164 unfavourable

b.

$983 unfavourable

c.

$1,000 unfavourable

d.

$5,000 favourable

e.

$2,000 favourable

c.

$40.40 per unit

d.

$56.56 per unit

e.

$65.17 per unit

Beetles Corporation used the following data to evaluate their current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit.

	Actual	Budgeted
Units sold	495,000 units	500,000 units
Variable costs	$1,250,000	$1,500,000
Fixed costs	$925,000	$900,000

What is the static-budget variance of revenues?

Question 10Select one:

a.

$5,000 favourable

b.

$50,000 unfavourable

c.

$50,000 favourable

d.

$5,000 unfavourable

e.

$25,000 unfavourable

Overseas Tractor Corporation produces toy tractors. The company uses the following direct cost categories:

Category	Standard Inputs for 1 output	Std. Cost per input
Direct Materials	4.00	$12.50
Direct Labour	1.40	9.50
Direct Marketing	0.54	5.50

Actual performance for the company is shown below:

Actual output: 5,000 units

Direct Materials:

Materials costs	$299,000
Input purchased and used	23,000
Actual price per input	$13.00

Direct Manufacturing Labour:

Labour costs	$95,000
Labour-hours of input	9,500
Actual price per hour	$10.00

Direct Marketing Labour:

Labour costs	$40,000
Labour-hours of input	5,000
Actual price per hour	$8.00

What is the efficiency variance for direct materials?

Question 11Select one:

a.

$36,000 favourable

b.

$23,750 unfavourable

c.

$37,500 unfavourable

d.

$47,350 favourable

e.

$36,000 unfavourable

In variance analysis, fixed manufacturing overhead will have

Question 14Select one:

a.

a rate variance.

b.

a flexible-budget variance.

c.

a static-budget variance.

d.

no variance, because it is fixed.

e.

an efficiency variance.

Some financial variances show increases in operating income relative to a budgeted or allocated amount, and others show decreases in operating income. Respectively, these variances are

Question 15Select one:

a.

favourable, unfavourable.

b.

fixed, variable.

c.

standard, budgeted.

d.

unfavourable, favourable.

e.

budgeted, standard.

Best-4-U Things Ltd. planned on producing 600 units for the year. However, actual production was 400 units. Information concerning the direct labour cost for Best-4-U Things Ltd. is as follows: actual results, 1,000 hours at $25 per hour; static budget amounts, 1,200 hours at $21 per hour. What is the Best-4-U Things Ltd. static-budget variance?

Question 17Select one:

a.

$600 F

b.

$400 F

c.

$400 U

d.

$200 U

e.

$200 F

Fahmy's Corporation manufactured 25,000 grooming kits for horses during March. The fixed-overhead cost allocation rate is $20.00 per machine-hour. The following fixed overhead data pertain to March:

	Actual	Static Budget
Production	25,000 units	24,000 units
Machine-hours	7,100 hours	6,900 hours
Fixed overhead costs for March	$123,000	$138,000

What is the fixed overhead rate variance?

Question 19Select one:

a.

$5,164 unfavourable

b.

$983 unfavourable

c.

$1,000 unfavourable

d.

$5,000 favourable

e.

$2,000 favourable

During October Foxmore Inc. used $250,000 in manufacturing overhead costs, of which $66,500 was variable. Budgeted manufacturing overhead was $229,500, of which $75,000 was variable. Which of the following entries for manufacturing overhead could have been recorded?

Question 21Select one:

a.

Work-in-Process Control	66,500
Accounts Payable and other accounts	66,500

b.

Variable Manufacturing Overhead Control	66,500
Accounts Payable and other accounts	66,500

c.

Work-in-Process Control	66,500
Variable Manufacturing Overhead Allocated	66,500

d.

Variable Manufacturing Overhead Allocated	75,000
Work -in-Process Control	75,000

e.

Variable Manufacturing Overhead Allocated	75,000
Accounts Payable and other accounts	75,000

Overseas Tractor Corporation produces toy tractors. The company uses the following direct cost categories:

Category	Standard Inputs for 1 output	Std. Cost per input
Direct Materials	4.00	$12.50
Direct Labour	1.40	9.50
Direct Marketing	0.54	5.50

Actual performance for the company is shown below:

Actual output: 5,000 units

Direct Materials:

Materials costs	$299,000
Input purchased and used	23,000
Actual price per input	$13.00

Direct Manufacturing Labour:

Labour costs	$95,000
Labour-hours of input	9,500
Actual price per hour	$10.00

Direct Marketing Labour:

Labour costs	$40,000
Labour-hours of input	5,000
Actual price per hour	$8.00

What is the rate variance of the direct materials?

Question 26Select one:

a.

$10,000 favourable

b.

$11,000 favourable

c.

$11,500 unfavourable

d.

$11,500 favourable

e.

$10,000 unfavourable

Flying Beetles Corporation used the following data to evaluate their current operating system. The company sells items for $10 each and had used a budgeted selling price of $11 per unit.

Actual

Budgeted

Units sold

306,000 units

300,000 units

Variable costs

$965,000

$950,000

Fixed costs

$ 53,000

$ 50,000

What is the static-budget variance of variable costs?

Question 27Select one:

a.

$3,000 unfavourable

b.

$13,000 unfavourable

c.

$15,000 favourable

d.

$13,000 favourable

e.

$15,000 unfavourable

All-4-1 Corporation manufactured 54,000 door jambs during September. The fixed-overhead cost allocation rate is $50.00 per machine-hour. The following fixed overhead data pertain to September:

	Actual	Static Budget
Production	54,000 units	60,000 units
Machine-hours	1,000 hours	1,150 hours
Fixed overhead costs for March	$63,600	$64,055

What is the amount of fixed overhead allocated to production?

Question 30Select one:

a.

$53,400.50

b.

$57,469.50

c.

$57,500.00

d.

$49,250.00

e.

$100,000.00

Moeller Electric manufactures light fixtures. The following information pertains to the company's manufacturing overhead data.

Budgeted output units	34,000 fixtures
Budgeted machine-hours	10,000 hours
Budgeted variable manufacturing overhead costs for 30,000 fixtures	$80,625
Actual output units produced	44,000 fixtures
Actual machine-hours used	10,000 hours
Actual variable manufacturing overhead costs	$131,000

What is Moeller Electric's variable manufacturing overhead static-budget variance?

Question 23Select one:

a.

$40,375 favourable

b.

$2,750 unfavourable

c.

$44,000 unfavourable

d.

$2,750 favourable

e.

$50,375 unfavourable

Please don't use chatgpt and give answers asap. Thanks in advance