QUESTION 47 A Company makes all purchases on credit. April purchases were budgeted to be $60,000 and May purchases were budgeted at $80,000. Purchases are paid for 40% in the month of purchase and 60% in the month following the month of purchase. The budgeted balance sheet for May 31 would show accounts payable of: $48,000 $24,000 $36,000 $72,000 QUESTION 48 Bear Company has set the following standards for the production of one unit of output: Direct labor: 4 hours at $7.00 per hour - $28 per unit. During June, actual production amounted to 420 units of output. Actual direct labor hours worked were 1,720 hours and total direct labor costs were $12,212 The labor rate variance for june is: $168 F $168 U $2800 $1720