The activity variance for net operating income in June would be closest to:Multiple Choice$524 F$9,256 F$9,256 U$524 U Trevorrow Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During June, thecompany budgeted for 6,200 units, but its actual level of activity was 6,160 units. The company has provided the following data concerning the formulas used in itsbudgeting and its actual results for June:Data used in budgeting:Fixed elementVariable elementper monthper unitRevenue$ 0$ 0$ 27.80$ 3.10Direct laborDirect materials10.20Manufacturing overhead37,2001.10Selling and administrative expenses22,8000.30Total expenses$ 60,000$ 14.70Actual results for June:Revenue$ 178,318$ 18,606$ 60,652$ 43,896$ 24,688Direct laborDirect materialsManufacturing overheadSelling and administrative expensesThe activity variance for net operating income in June would be closest to:

Answered: Image /qna-images/answer/be18f93e-e1b7-4a0c-875c-1ef7a3a4fa22.jpg

Answered: Multiple Choice $524 F $9,256 F $9,256…

Business

Accounting

Multiple Choice $524 F $9,256 F $9,256 U $524 LL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The balance sheet of Cattleman's Steakhouse shows assets of $104,400 and liabilities of $30,000. The fair value of the assets is $112.500 and the fair value of its liabilities is $30,000. Longhorn paid Cattleman's $140,000 to acquire all of its assets and liabilities. Longhorn-should record goodwill on this purchase of: Muitiple Choice $27,500. $41.100. $98,600.
Knight Company owned 80% of the common stock of Stoop Company. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $2 and is convertible into four shares of common stock. Knight did not own any of Stoop's preferred stock. Stoop also had 600 bonds outstanding, each of which is convertible into ten shares of common stock. Stoop's annual after-tax interest expense for the bonds was $2,000. Knight did not own any of Stoop's bonds. There are no excess amortizations or intra-entity transactions associated with this consolidation. Stoop reported net income of $300,000 for 2024. Knight has 100,000 shares of common stock outstanding and reported net income of $400,000 for 2024. What would Knight report as consolidated basic earnings per share? Note: Round your answer to two decimal places. Multiple Choice O $5.68 $6.37 O M Saved 12+ Sep 16 5:02
Multiple Choice $161 per unit $82 per unit $87 per unit $78 per unit
On October 15, Cross Eyeglasses had a balance of $4,390 in its Social Security tax payable account and $1,026.69 in its Medicare Tax Payable account. It posted credit entries of $4,390 to Social Security tax payable and $1,026.69 to Medicare tax payable on its October 31 pay date. If Cross Eyeglasses is a monthly schedule depositor, what entry should appear on November 15 for the remittance of the month's FICA taxes?
On November 1, Alan Company signed a 120-day, 11% note payable, with a face value of $14,400. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice $14,928 $14,576 $14,664 $14,400 Mc raw Hill Type here to search 9:10 PM 96% 3/21/202
Malander Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During November, the kennel budgeted for 3,400 tenant-days, but its actual level of activity was 3,390 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for November: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for November: Fixed element per month $0 $ 2,700 500 9,600 6,600 $ 19,400 $ 90,470 $ 20,606 Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses The food and supplies in the flexible budget for November would be closest to: Variable element per tenant-day $28.00 $ 5.40 10.20 3.30 0.20 $ 19.10 $ 35,838 $ 20,857 $ 7,518
jagdish
Flowers for All Occasions (FLO) produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow: Standard 8.0 Actual 8.2 Average number of roses per arrangement Price per rose Cost of roses per arrangement Flow planned to make 350 arrangements but actually made 420. What is the total materials variance based on the flexible budget? 0.35 2.80 0.30 2.46
Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product Standard Quantity 7.1 pounds 0.5 hours Direct materials Direct labor Variable manufacturing overhead During March, the following activity was recorded by the company: 0.5 hours Standard Price or Rate $.90 per pound $ 46.50 per hour $9.80 per hour . During March, 1,220 direct labor-hours were worked at a rate of $43.50 per hour. • Variable manufacturing overhead costs during March totaled $15,361. Standard Cost $6.39 $ 23.25 • The company produced 3,700 units during the month. • A total of 20,700 pounds of material were purchased at a cost of $14,880. . There was no beginning inventory of materials on hand to start the month; at the end of the month, 4,920 pounds of material remained in the warehouse. The direct materials purchases…
Using the following information, what is the cost to lease a car? (Assume there are no charges for damage at the end of the lease) Security deposit Monthly lease payment Opportunity cost of security deposit End-of-lease charges $140 $140 per month for a five-year lease $140x loan period (in years) * 3% interest $340
PV$1 PVA FV$1 FVA 3 0.77218 2.5313 1.2950 %6 3.2781 4 6% 0.79209 3.4651 1.2625 4.3746 8% 0.68058 3.9927 1.4693 5.8666 5% 0.74622 5.0757 1.3401 6.8019 10 4% 0.67556 8.1109 1.4802 12.0061 0.76567 10.4148 1.3060 13.6022 12 2.25% 42.5803 1.2705 54.0978 48 0.50% 0.78710
Timberlake Company planned for a production and sales volume of 12,000 units. However, the company actually makes and sells 13,000 units. Per unit Static Flexible standards Budget Budget Number of units 12,000 13,000 Sales revenue $65.00 $780,000 $845,000 Variable manufacturing costs: $11.00 $ 9.00 $ 4.20 143,000 117,000 Materials 132,000 Labor 108,000 Overhead 50,400 54,600 Variable general, selling, and administrative costs $11.00 132,000 143,000 Contribution margin $357,600 $387,400 Fixed costs Manufacturing overhead General, selling, and administrative 100,800 100,800 costs 45,000 45,000 Net income $211,800 $241,600 What was the sales volume variance?