selling and administrative, and fixed manufacturing overhead For #34 and #35: Robyn Company reports the following information for the current year. All beginning inventory amounts equaled 50 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 25,000 units 15,000 units $9 per unit $11 per unit $75,000 in total $137,500 in total 34. Given Robyn Company's data, and the knowledge that the product is sold for $50 per unit and operating expenses are $200,000, compute the net income under absorption costing. (Show work on test paper or separate scanned submission.) A. $55,000 B. $67,500 C. $80,500 D. $122,500 E. $205,000 35. Given Robyn Company's data, and the knowledge that the product is sold for $50 per unit and operating expenses are $200,000, compute the net income under variable costing. (Show work on test paper or separate scanned submission.) A. $55,000 B. $67,500 C. $80,500 D. $122,500 E. $205,000 36. A comprehensive or overall formal plan for a business that includes specific plans for expected sales, the units of product to be produced, the merchandise or materials to be purchased, the expense to be incurred, the long-term assets to be purchased, and the amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet, is called a: (Definitional-Showing Work Not Required) A. Master budget. B. Cash budget. C. Capital expenditures budget. D. Rolling budget. E. Production budget. 37. A quantity of merchandise or materials over the minimum needed reduce the risk of running short is called: (Definitional-Showing Work Not Required) A. Just-in-time inventory. B. Budgeted stock. C. Continuous inventory. Page 9 of 16