Question : 11) What the amount of fixed overhead allocated to production? : 1212152

Accounting

11) What is the amount of fixed overhead allocated to production?

A) $51,060

B) $50,500

C) $50,600

D) $55,500

12) What is the fixed overhead spending variance?

A) $560 unfavorable

B) $100 favorable

C) $100 unfavorable

D) $560 favorable

Answer the following questions using the information below:

Sport-in Corporation manufactured 10,000 golf bags during April. The following fixed overhead data pertain to March:

ActualStatic Budget

Production20,000 units20,500 units

Machine-hours5,100 hours6,150 hours

Fixed overhead cost for March$250,000$258,300

13) What is the flexible-budget amount?

A) $250,000

B) $200,500

C) $258,300

D) $204,700

14) What is the amount of fixed overhead allocated to production?

A) $252,000

B) $257,000

C) $256,250

D) $244,000

15) What is the amount of fixed overhead spending variance?

A) $8,300 unfavorable

B) $2,000 favorable

C) $2,000 unfavorable

D) $8,300 favorable

16) Which of the following statements is true of fixed overhead variances?

A) The difference between actual costs and static budget costs will give the production volume variance.

B) The difference between actual costs and static budget costs will always be nil.

C) The difference between actual costs and flexible budget costs will give the production volume variance.

D) The difference between flexible budget costs and static budget costs will always be nil.

17) Which of the following is the correct mathematical expression to calculate the fixed overhead production-volume variance?

A) static-budget amount − flexible-budget amount

B) flexible-budget amount − actual costs incurred

C) actual costs incurred − fixed overhead allocated for actual output

D) budgeted fixed overhead − fixed overhead allocated for actual output

18) Which of the following journal entries is used to record fixed overhead costs allocated?

A) Fixed Overhead Allocated

Work-in-Process Control

B) Work-in-Process Control

Fixed Overhead Allocated

C) Fixed Overhead Control

Work-in-Process Control

D) Fixed Overhead Allocated

Fixed Overhead Control

19) Bismith Company reported:

Actual fixed overhead$500,000

Fixed manufacturing overhead spending variance$30,000 unfavorable

Fixed manufacturing production-volume variance$20,000 unfavorable

To record the write-off of these variances at the end of the accounting period, Bismith would ________.

A) credit Fixed Manufacturing Overhead Allocated for $500,000

B) debit Fixed Manufacturing Overhead Spending Variance for $30,000

C) credit Fixed Manufacturing Production-Volume Variance for $20,000

D) debit Fixed Manufacturing Control for $500,000

20) Radon Corporation manufactured 33,000 grooming kits for horses during March. The following fixed overhead data pertain to March:

ActualStatic Budget

Production33,000 units30,000 units

Machine-hours6,100 hours6,000 hours

Fixed overhead costs for March$153,000$144,000

What is the fixed overhead production-volume variance?

A) $9,000 unfavorable

B) $14,400 favorable

C) $14,400 unfavorable

D) $9,000 favorable

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July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.