X Company's 2019 budgeted overhead cost function was C=$11.80X + $221,800, where X is the number of units produced. The following information is also available for 2019:

	Master	Actual
	Budget	Results
Production	10,900 units	13,100 units
Total variable costs	$128,620	$174,716
Total fixed costs	$221,800	$224,837

1. What was the total overhead static budget for 2019?

2. What was the total overhead flexible budget variance for 2019 [a positive number means a favorable variance and a negative number means an unfavorable variance]?

X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $54,000 increase in Cash and a $54,000 decrease in Accounts Receivable. Which of the following transactions is consistent with this entry? X Company

A) sold merchandise to customers on account for $54,000. B) received $54,000 from a new investor. C) received $54,000 from a customer who bought merchandise with cash. D) paid $54,000 to a supplier from whom the firm had previously bought merchandise on account. E) received $54,000 from a customer who had previously bought merchandise on account.

F) borrowed $54,000 from a bank and signed a note.