Herald company, a jacket selling company, prepares its master budget for the year 2020 on a quarterly basis. The budget officer has gathered the following data: 1. Estimated Sales for each quarter is $230,000. All sales are on credit and all sales are collected in the following quarter. 2. Cost of goods sold for each quarter is $100,000 3. Variable selling and administrative expenses for each jacket are 10% sales commission 4. Fixed selling and administrative (S&A) expenses for the year are: Advertising Executive salaries Insurance Depreciation Total fixed S&A expenses $60,000 $120,000 $40,000 $20.000 $240.000 5. The company expects to borrow $80,000 on April, 1.2020. No principal will be repaid during the year, Interest rate at an annual rate of 10% is due quarterly. 6. The company will declare $3,000 dividend in December 2020, which will be paid in January 2021 How much is the net income for the year 2020? Help Save & Exits o All of the other answers are incorrect o $182,000 o $179,000 o s2022 o S188,000 Maxima Corp. uses a standard cost system with machine-hours as the activity base for both variable and foed manufacturing overhead (VMOH & FMOH). The following information relates to production for last year: Variable $14,000 Fixed ? Total budgeted overhead (at the denominator level of activity) Total applied overhead Total actual overhead $15,400 $15,800 $35,200 $31,800 The actual machine-hours incurred were 2.300, VMOH Efficiency Variance was $700 Unfavorable. What was Maxima's FMOH Volume Variance? ultiple Cholce All of the other answers are incorrect 18 of 20 !!! All of the other answers are incorrect O $3,200 Unfavorable O $200 Unfavorable $200 Favorable $3.200 Favorable Pray 18 of 20 til Next >