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Multiple choice B points each Use the folowing information to answer Qestios 1-: Cost standards for one unit of product no.C77 3 pounds at $2.50 per pound 5 hours at $7.50 per hour $ 7.50 37.50 Direct material Direct labor Actual results: Units produced 7.800 units Direct material purchased Direct material used 26,000 pounds at $2.70 23,100 pounds at $2.70 40,100 hours at $7.30 $ 70,200 62,370 292,730 Direct labor Assume that the company computes variances at the earliest point in time. 1. The direct-material quantity variance is: A. $750F B. $750U. C. $6,500U D. $7,250U E. None of the answers is correct. 2. The direct-material price variance is: A. $4,620F B. $4,620U. C. $5,200F. D. $5,200U. E. None of the answers is correct 3. The direct-labor rate variance is: A. $7,800F. B. $7,950F C. $8,020F D. $8,000U. E. None of the answers is correct. 4. The direct-labor efficiency variance is: A. $8,000F B. $8,000U C.$8,250F. D. $8,250U. E. None of the answers is correct. 5. The standard hours allowed for the work performed are: B. 5.14. C. 39,000. D. 40,100. E. None of the answers is correct. Use the following information to answer Questions 6 and 7 Commerce Corporation has a high probability of operating at 40,000 activity hours during the upcoming period, and lower probabilities of operating at 30,000 hours and 50,000 hours. The company's flexible budget revealed the following: Variable costs Fixed costs 5135,000 720,000 180.000 720 6. Commerce's flexible-budget formula, where Y is defined as total cost and AH represents activity hours, is: A. Y $4.50AH+$24AH. B. Y- $4.50AH+$720,000. C. Y -$22.50AH. D. Y = $180,000 + $18AH. E. Y $945,000. 7. If Commerce operated at 35,000 hours, its total budgeted cost would be A. $877,500. B. $945,000. C. $787,500. D. $997,500. E. $810,000. Admac Technologies has a standard variable overhead rate of $4.50 per machine hour, and each unit produced has a standard time allowed of three hours. The company's static budget was based on 46,000 units. Actual results for the year follow. Actual units produced: 42,000 Actual machine hours worked: 120,000 Actual variable overhead incurred:$520,000 8. Admac's variable-overhead spending variance is: A. $20,000 favorable. B. $20,000 unfavorable. C. $27,000 favorable. D. $27,000 unfavorable. E. None of the answers is correct 9. Admac's variable-overhead efficiency variance is: A. $20,000 favorable. B. $20,000 unfavorable. C. $27,000 favorable. D. $27,000 unfavorable. E. None of the answers is correct. 10. Messenger, Inc. has a standard variable overhead rate of $5 per machine hour, with each completed unit expected to take three machine hours to produce. A review of the company's accounting records found the following: Actual production: 19,500 units Variable-overhead efficiency variance: $9,000U Variable-overhead spending variance:$21,000F What was Messenger's actual variable overhead during the period? A. $262,500. B. $280,500. C. $304,500. D. S322,500. E. None of the answers is correct. 11. Sandy Shores Corporation operates two stores: J and K. The following information relates to J: Sales revenue Variable operating expenses Fixed expenses: $1,300,000 600,000 Traceable to J and controllable by J Traceable to J and controllable by others 275.000 80,000 J's segment contribution margin is: A. $345,000 B. $425,000. C.$620,000. D. $700,000. E. $745,000. 12. Miracle Green information relates to store A: le Green Corporation operates two garden supply stores: A and B. The following 900,000 400,000 Sales revenue Variable operating expenses Fixed expenses: Traceable to A and controllable by A Traceable to A and controllable by others 120,000 A's segment profit margin is: A. $105,000. B. $225,000. C. $380,000 D. $500,000. E. $505,000. Use the following information to answer Questions 13-14. Management of Wee Ones (WO), an operator of day-care facilities, wants the company's profit to be subdivided by center. The firm's accountant has provided the following data: Budgetedtul Budgeted Actual Center Revenue ecneetDireet Downtown$320,000 340.200 $300,000300,000 60,000 534,600 $10,000 440,000 Trvine5 H. Beach 740 Totals WO's advertising, which is handled by the home office, is not reflected in the preceding figures and amounted to $60,000. 13. If advertising expense were allocated to centers based on actual center profitability, the amount of advertising expense allocated to the Irvine center would be closest to: A. $19,800 B. $21,000 C. $30,000. D. $40,543. E. None of the answers is correct. 14. Assume that management used the allocation base that is most influenced by advertising effort and consistent with sound managerial accounting practices. How much advertising would be allocated to the Irvine center? A. $17,838. B. $19,800. C. $20,000. D. $20,400. E. $21,000. to answer questions 15-18 The following information pertains to Travis Concrete: Sales revenue Gross margin Income Invested capital $1,500,000 600,000 90,000 450,000 The company's imputed interest rate is 8% 15. The capital turnover is: A. 3.33. B. 5.00 C. 16.67 D. 20.00 E. 30.00. 16. The sales margin is: A. 6%. B. 15%. C. 2096. D. 3096. E. 40% 17. The ROl is A.6%. B. 15%. C.20%. D. 3096. E, 4096. 18. The residual income is: A. $30,000. B. $36,000. C. $42,000. D. $54,000. E. $82,800. Thomas Enterprises purchased 56,000 pounds (cost-$420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires 5 pounds of direct material at a standard cost of $7.80 per pound. Direct materials consumed by the end of the period totaled 53,500 pounds in the manufacture of 10,900 finished units. An examination of Thomas' payroll records revealed that the company 22,000 labor hours (cost $319,000) during the period, and specifications called for each completed unit requiring two hours of labor at a standard cost of $14.80 per hour. Assume that the company computes variances at the earliest point in time 19. Thomas' direct-material price variance was: A. 16,050 F B. 16,050 U C. 16,800 F D. 16,800 U E. none of the answers is correct 20. Thomas' direct-material quantity variance was: A. 7,800F B. 16,800 F C. 7,800 U D. 16,800 U E. None of the answers is correct. Problems (10 points each) 1. Air Comfort manufactures air conditioning compressors in St. Louis, Missouri. The following information pertains to operations in March Processing time (average per batch) 8.5 hours Inspection time (average per batch) hour Waiting time (average per batch) 5 hour Move time (average per batch) Units per batch 5 hour 20 units Required: Compute the following operational measures: (1) manufacturing cycle efficiency; (2) manufacturing cycle time; (3) velocity. 2. The following selected data relate to the Ohio Division of Midwest Industries (MWD. Required: A. Compute the following for the Ohio Division: 1. Segment contribution margin. 2. Controllable profit margin. 3. Segment profit margin. Sales revenue Uncontrollable fixed costs traceable to the division Allocated corporate overhead Controllable fixed costs traceable to the divis Variable costs $4,580,000 1,360,000 590,000 1,120,000 40% of 3. The following data pertain to Napal Company for 20x1 Sales revenue Cost of goods sold Operating expenses Average invested capital $1,000,000 550,000 400,000 500,000 Required: A. Calcul B. If the sal expenses have to be reduced in 20x2 to achieve a 15% return on investment? ate the company's sales margin, capital turnover, and return on investment for 20x1. es and average invested capital remain the same, to what level would total costs and C. Assume that costs and expenses are reduced, as calculated in requirement "B." Calculate the firm's new sales margin. D. Suggest two possible actions that will improve the company's capital turnover. 4. Consider the following data of Twisted Corporation's Northern Division: Sales revenue $18,750,000 Capital turnover Average invested capital Sales margin Income Return on investment Residual income Twisted's imputed interest rate 4% 15% 12% Required A. Calculate Northern's capital turnover B. Calculate Northern's average invested capital. C. Calculate Northern's income. D. Calculate residual income