Question

Name: 8 pt For 2018, X Company estimated production of 3,000 units of finished product and direct material cost of $20,07 Actual production in 2018 was 2,900 units of finished product, and actual direct material cost was $13,590. What was the direct material static budget for 2018? 1. AO $13,137 BO $13,590 CO $14,059 DO $19,401 EO $20,070 FO $22,077 At the start of 2018, X Company developed the following budgeted total cost function: $10.36X + $221,700, where number of units produced. Budgeted production for the year was 10,100 units. Actual total costs and actual production in 2018 were different than the budgeted amounts. The actual total cost fur turned out to be $11.34X + $198,953, and actual production was 11,100 units. 8 pt 2. What was the 2018 flexible budget variance for total fixed cost a positive number means a favorable varianc negative number means an unfavorable variance)? 2. AO $9,317 BO $11,646 CO $14,558 DO $18,198 EO $22,747 FO $28,434 8 pt 3. What was the 2018 flexible budget variance for total variable costs (a positive number means a favorable and a negative number means an unfavorable variance) 3. AO $-9,297 BO 8-10,878 CO 8-12,727 DO $-14,891 EO $-17,422 FO S-20,384 X Company started business on June 1 and prepares monthly financial statements. The following were June tra 1. received $48,000 from a group of investors 2. bought $8,251 of merchandise, $3,171 for cash and $5,080 on account 3. sales were $40,200, of which $35,918 were for cash and $4,282 were on account; Cost of Goods Sold was 4. paid $3.723 to suppliers for merchandise previously bought on account 5. collected $2,726 from customers on account 6. paid expenses totalling $6,280 EO $82,081 FO $96,034 DO $70,154 8 pt 4. What were total assets on June 30? 4. AO $43,802 BO $51,249 CO $59,961 FO 867,969 EO $46,875 DO $32,328 8 pt 5. What was Net Income in June? 5. AO $10,604 BO $15,376 CO 822,295

Answer 1

Solution 1 (X Company):

Direct material static budget for 2018 = $20070

Hence option E is correct.

Solution 2:

Flexible budget variance for total fixed costs = Budgeted fixed costs - Actual fixed costs = $221700 - $198953 = $22747

Hence option E is correct.

Solution 3:

Flexible budget variance for total variable cost = (SC- AC) * AQ = ($10.36 - $11.34)*11100 = -$10,878

Hence option B is correct.

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