Which of the following is true of absorption costing? Select one: O a. It treats indirect manufacturing costs as a period cost. O o b. It includes fixed manufacturing overhead as an inventoriable cost. c. It treats direct manufacturing costs as a period cost. d. It expenses marketing costs as cost of goods sold. O Lazy Guy Corporation manufactured 4,000 chairs during June. The following variable overhead data relates to June: Budgeted variable overhead cost per unit Actual variable manufacturing overhead cost Flexible-budget amount for variable manufacturing overhead Variable manufacturing overhead efficiency variance $10.00 $49,000 $46,800 $720 unfavorable What is the variable overhead flexible-budget variance? Select one: O a $2.200 favorable * b. 52,200 unfavorable c$1.480 unfavorable O d. 51 480 favorable 3 Majestic Corporation manufactures wheel barrows and uses budgeted machine hours to allocate variable manufacturing overhead. The following information relat data: 30,200 units Budgeted output units Budgeted machine-hours Budgeted variable manufacturing overhead costs for 28,475 units 16,005 hours 5358,785 Actual output units produced Actual machine-hours used Actual variable manufacturing overhead costs 32.475 units 15.000 hours $384,060 What is the flexible-budget amount for variable manufacturing overhead? Select one: a. $384.060 b. $409,185 0 5358.789 d. $385.887 An unfavorable variance indicates that Select one: O a. the actual units sold are less than the budgeted units O b. the budgeted contribution margin is more than the actual amount O c. the actual costs are less than the budgeted costs O d. the actual revenues exceed the budgeted revenues ) A variance is Select one: a. the difference between an actual result and a budgeted performance b. the standard units of inputs for one output c. the difference between actual fixed cost per unit and standard variable cost per unit d. the difference between actual variable cost per unit and standard fixed cost per unit Three Bears Manufacturing produces an auto-quartz watch movement called OM362. Three Bears expects to sell 12.200 units of OM362 and to have an ending finished inventory of 5.000 units. Currently it has beginning finished inventory of 1,100 units. Each unit of OM362 requires two labor operations, two labor hour(s) of assembling and three labor hour(s) of polishing. The direct laborate for usembling is 511 per assembling hour and the direct labor rate for polishing is $14.50 per polishing hour. Select one: O a. 32 200 hours of assembling; 47 800 hours of polishing 6.47.800 hours of assembling: 71,700 hours of polishing C 47 800 hours of assembling: 48 300 hours of polishing 0:32.200 hours of assembling 32 200 hours of polishing Nest page Orange Corporation has budgeted sales of 20,000 units, targeted ending finished goods inventory of 9,000 units, and beginning finished goods inventory of 6,000 units. How many units should be produced nuit year? Select one: a. 23,000 units b. 26.000 units c. 32.000 units O d. 38.000 units Which of the following is true of absorption costing? Select one: O a. It treats indirect manufacturing costs as a period cost. O o b. It includes fixed manufacturing overhead as an inventoriable cost. c. It treats direct manufacturing costs as a period cost. d. It expenses marketing costs as cost of goods sold. O Lazy Guy Corporation manufactured 4,000 chairs during June. The following variable overhead data relates to June: Budgeted variable overhead cost per unit Actual variable manufacturing overhead cost Flexible-budget amount for variable manufacturing overhead Variable manufacturing overhead efficiency variance $10.00 $49,000 $46,800 $720 unfavorable What is the variable overhead flexible-budget variance? Select one: O a $2.200 favorable * b. 52,200 unfavorable c$1.480 unfavorable O d. 51 480 favorable 3 Majestic Corporation manufactures wheel barrows and uses budgeted machine hours to allocate variable manufacturing overhead. The following information relat data: 30,200 units Budgeted output units Budgeted machine-hours Budgeted variable manufacturing overhead costs for 28,475 units 16,005 hours 5358,785 Actual output units produced Actual machine-hours used Actual variable manufacturing overhead costs 32.475 units 15.000 hours $384,060 What is the flexible-budget amount for variable manufacturing overhead? Select one: a. $384.060 b. $409,185 0 5358.789 d. $385.887 An unfavorable variance indicates that Select one: O a. the actual units sold are less than the budgeted units O b. the budgeted contribution margin is more than the actual amount O c. the actual costs are less than the budgeted costs O d. the actual revenues exceed the budgeted revenues ) A variance is Select one: a. the difference between an actual result and a budgeted performance b. the standard units of inputs for one output c. the difference between actual fixed cost per unit and standard variable cost per unit d. the difference between actual variable cost per unit and standard fixed cost per unit Three Bears Manufacturing produces an auto-quartz watch movement called OM362. Three Bears expects to sell 12.200 units of OM362 and to have an ending finished inventory of 5.000 units. Currently it has beginning finished inventory of 1,100 units. Each unit of OM362 requires two labor operations, two labor hour(s) of assembling and three labor hour(s) of polishing. The direct laborate for usembling is 511 per assembling hour and the direct labor rate for polishing is $14.50 per polishing hour. Select one: O a. 32 200 hours of assembling; 47 800 hours of polishing 6.47.800 hours of assembling: 71,700 hours of polishing C 47 800 hours of assembling: 48 300 hours of polishing 0:32.200 hours of assembling 32 200 hours of polishing Nest page Orange Corporation has budgeted sales of 20,000 units, targeted ending finished goods inventory of 9,000 units, and beginning finished goods inventory of 6,000 units. How many units should be produced nuit year? Select one: a. 23,000 units b. 26.000 units c. 32.000 units O d. 38.000 units