Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Miguez Corporation makes a product with the following standard costs, based on a budgeted production of 2,600 units: Standard Price Standard Quantity per liter 2.3

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Miguez Corporation makes a product with the following standard costs, based on a budgeted production of 2,600 units: Standard Price Standard Quantity per liter 2.3 liters $ 7.00 Standard Materials Cost Per Unit $ 16.10 Direct materials The company purchased 5,800 liters of direct material at $7.20 per liter and used 5,440 liters to produce 2,300 units in September. Assuming Miguez computes price variance at the time materials are purchased, the materials price variance for September is: A. $1,050 U B. $3,680 U C. $1,160 U D.$3,570 U Bux Corporation produces and sells one product. In November it expects to sell 10,600 units of this product. The company's variable selling and administrative expense is $8.00 per unit sold and its fixed selling and administrative expense is $50,000 per month. The estimated selling and administrative expense for November is closest to: A. $134,800 B. $84,800 C. $50,000 D. $34,800 Krizun Industries makes heavy construction equipment. The standard for a particular crane calls for 20 direct labor-hours at $24 per direct labor-hour. During a recent period 875 cranes were made. The labor efficiency variance was $12,000 Favorable. How many actual direct labor-hours were worked? A. 18,000 B. 17,000 C. 18,500 D. 17,500 Buckson Framing's cost formula for its supplies cost is $1,350 per month plus $18 per frame. For the month of June, the actual activity for the month was 720 frames, although the planned level of activity was 750 frames. The actual supplies cost for the month was $14,820. The supplies cost in the flexible budget for June would be closest to: A. $14,850 B. $14,310 C. $12,600 D. $13,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Equity Audits In The Classroom To Reach And Teach All Students

Authors: Kathryn B. McKenzie, Linda E. Skrla

1st Edition

141298677X, 978-1412986779

More Books

Students also viewed these Accounting questions

Question

What are the five key services provided by SIP?

Answered: 1 week ago