Chapter 21, Problem 16DQ

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Elizabeth Corp. sold 3,800 units of its product at a price of $92.25 per unit. The total variable cost per unit is $63, consisting of $41.50 in variable production cost and $21.50 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing. a. $192,850 b. $94,960 c. $196,140 d. $333,900 e. ($139,180)

Bentley Industries applies manufacturing overhead on the basis of direct labor hours. At the beginning of the most recent year, the company based its predetermined overhead rate on a total estimated overhead of $127,500 and 5,100 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $131,200 and actual direct labor hours were 4,800. The applied manufacturing overhead for the year was closest to __.

Compute the company's predetermined overhead rate

The Hidalgo Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 18,500 units. The ending work in process inventory is 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the costs per equivalent unit for the period are $3.75 for materials and $5.20 for labor and overhead, what would be the balance of the ending work in process inventory account? (Do not round cost per equivalent unit).

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Please provide the correct solution to this financial accounting question using valid principles.

What is the static budget variance?

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