The static budget, at the beginning of the month, for Amira Company follows: Static budget: Sales volume: 1,000 units; Sales price: $70.00 per unit Variable costs: $33.00 per unit; Fixed costs: $36,900 per month Operating income: $100 Actual results, at the end of the month, follows: Actual results: Sales volume: 980 units; Sales price: $74.00 per unit Variable costs: $35.00 per unit; Fixed costs: $34,900 per month Operating income: $3,320 Calculate the flexible budget variance for fixed costs. $2,000 F $0 $3,960 F $2,000 U If both favorable and unfavorable variances exist, the variances are subtracted from each other. The variance is determined to be favorable or unfavorable based on which one is the larger amount. True False Curtis Manufacturing completed 3,400 units with the following costs: Direct Material Costs $240,000 Direct Labor Costs $116,000 Actual Manufacturing Overhead $26,000 Allocated Manufacturing $27,000 Overhead What is the journal entry for the completed goods? Work-in-Process Inventory 382,000 Finished Goods Inventory 382,000 Work-in-Process Inventory 383,000 Finished Goods Inventory 383,000 Finished Goods Inventory 382,000 Work-in-Process Inventory 382,000 Finished Goods Inventory 383,000 Work-in-Process Inventory 383,000 Miller Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) Cost per pound of direct materials $5 The company produced 400 units and actually used 3,350 pounds of direct materials. What is the journal entry to record the materials usage? Work-in Process 16,750 Direct Materials Efficiency Variance 750 Raw Materials Inventory 17,500 Work-in Process 16,750 Direct Materials Efficiency Variance 750 Raw Materials Inventory 16,000 Work-in Process 16,000 Direct Materials Efficiency Variance 750 Raw Materials Inventory 16,750 Work-in Process 17,500 Direct Materials Efficiency Variance 750 Raw Materials Inventory 16,750 Everett Manufacturing completed 2,000 units with the following costs: Direct Material Costs $33,500 Direct Labor Costs $15,000 Actual Manufacturing Overhead $5,200 Allocated Manufacturing $5,000 Overhead What is the journal entry for the completed goods? Finished Goods Inventory 53,500 Work-in-Process Inventory 53,500 Work-in-Process Inventory 53,700 Finished Goods Inventory 53,700 Finished Goods Inventory Work-in-Process Inventory 53,700 53,700 Work-in-Process Inventory 53,500 Finished Goods Inventory 53,500 O O C Dixon Productions uses a standard cost system for recording transactions. The following data was reported for the year ended December 31: Sales revenues: $400,000 Cost of goods sold (standard costing): $120,000 Selling & administrative expenses: $55,000 Variances: Sales revenue variance $110 Direct materials cost variance 170 Direct materials efficiency variance 235 Direct labor cost variance 110 U Direct labor efficiency variance 120 F Variable overhead cost variance 245 F Variable overhead efficiency variance 90 Fixed overhead cost variance 50 F Fixed overhead volume variance 170 What is the Cost of Goods Sold at actual cost on a standard cost income statement? $119,840 $119,730 $120,160 $120,270 Kelsey Products uses standard costs for their manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the fixed overhead volume variance. Actual fixed overhead Budgeted fixed overhead $34,000 $30,000 $11 per Standard overhead allocation rate DLHr Standard direct labor hours per unit Actual output 4.5 DLHr 450 units O $7,725 F O $11,725 F $7,725 U O $11,725 U