ACCOUNTING 31 1-FINAL-CHAPTERS 1 1 AND 12 6. Which one of the following describes the total overhcad variance? The difference between what was actually incurred and the total production budget The difference between what was actually incurred and overhead applied The difference between what was actually incurred and the flexible budget amount The difference between the overhead applied and the flexible budget amount ) 7. Dillon has a standard of 2 hours of labor per unit, at $12 per hour. In producing 2,000 units, Dillon used 3,850 hours of labor at a total cost of $46,970. Dillon's total labor variance is A) $1,030 U B) $800 U. C) $1,030 F D) $1,930 F. 8. Suzy Douglas has been offered the opportunity of investing $73,540 now. The investment will earn 8% per year and at the end of its life will return S200 000 to Suzy. How many years must Suzy wait to receive the $200,000? B) 13 C) 12 D) 10 9 Ifyou are able to earn an 8% rate of return, what amount would you need to invest to have $30,000 one year from now? A) $27,273 47 $27,778 D) $29,700 10. Bill and Ellen Sweatt plan to invest $2,500 a year in an educational IRA for their granddaughter, Sloane Martin. They will make these deposits on January 2d of each year. Bill and Ellen feel they can safely earn 8%. How much will be in this account on December 31 of the 18 year? T. Dillon has a standard of 2 hours of labor per unit, at $12 per hour. In producing 2,000 units, Dillon used 3,850 hours of labor at a total cost of $46,970. Dillon's labor price variance is A) $800 U. B) $1,030 F $770 U. 1,930 F