Chapter 1, Problem 16.2EC

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Sapphire Fitness Equipment Co. reported long-term debt of $3.8 million on its 2021 balance sheet, and $4.4 million on its 2022 balance sheet. The 2022 income statement showed an interest expense of $120,000. What was the firm’s cash flow to creditors during 2022?

America Manufacturing has determined a standard direct material cost per unit of $9.20 (4 pounds at $2.30 per pound). Last month, America purchased and used 8,500 pounds of direct materials, for which it paid $18,700. The company produced and sold 2,100 units during the month. Calculate the direct materials price variance, direct materials quantity variance, and direct materials spending variance.