ACCOUNTING HOMEWORK - I need these questions answered in 30 mins or less! ASAP1.)
Vega Company reported the following operating data for its shoe division for the year:
Contribution margin 291,000
Controllable fixed costs 54,000
Average operating assets 350,000How much is controllable margin for the year?2.)Shasta Industries prepared a static budget at 47,000 direct labor hours, with estimated overhead costs of $235,000 for variable overhead and $116,000 for fixed overhead. The company then prepared a flexible budget at 58,000 labor hours. How much is total overhead costs at this level of activity?3.)Tufton Company provides the following information:
Average operating assets $280,000
Controllable margin $66,000
Contribution margin $219,000
Minimum (required) rate of return 7.40%How much is the company's residual income?4.Kanter Industries produced 114,000 units using 57,000 direct labor hours. Production for the period was estimated at 116,000 units and 61,000 direct labor hours. A flexible budget would compare budgeted costs and actual costs, respectively, at:
57,000 hours and 61,000 hours.
59,000 hours and 59,000 hours.
61,000 hours and 54,197 hours.
57,000 hours and 57,000 hours.5.Buff Company had average operating assets of $740,000 and sales of $164,000 last year. If the controllable margin was $90,000, what was the ROI?6.Adams Company uses flexible budgets. At 16,100 direct labor hours, the flexible budget for indirect materials is $32,200. If $36,800 in materials costs are incurred at 19,700 direct labor hours, the flexible budget report should show what difference for indirect materials?7The current controllable margin for Kirkland Corporation is $76,000. Its current operating assets are $730,000. The company is considering purchasing equipment for $96,000 that will increase annual controllable margin by an estimated $20,000. If the equipment is purchased, what will be the company's new ROI?8Theta retailers has established a 12.00% minimum rate of return. The company has two investment projects available:
Annual controllable margin Operating assets
Project A $57,000 $500,000
Project B $48,000 $540,000Which project(s) should be funded?9Kirkland Company produces a product requiring 12.8 pounds of material costing $3.30 per pound. During December, the company purchased 4,500 pounds of material for $17,200 and used the material to produce 420 products. What was the materials price variance for December?10Rover Company has a standard of 3.6 hours of labor per unit, at $8.50 per hour. In producing 910 units, Rover used 3,400 hours of labor at a total cost of $30,000. What is Rover's labor quantity variance?11The formula for the materials price variance is12Willard Company produces widgets. The following information is provided concerning its standard cost system for the year:
Standard Data Actual Data
Budgeted production 1,600 units Actual production 1,800 units
Budgeted fixed overhead $4.10 per hour Actual overhead $99,600
Budgeted variable overhead $6.60 per hour
Labor 5.3 hours per unitHow much is the overhead controllable variance?13A company assigns factory labor to production at a cost of $50,000 when the standard cost is $52,600. Which of the following entries will be used to record the transaction?14For Blane Company, the per-unit standards for direct materials are 15.5 gallons at $3.30 per gallon. Last month, 13,450 gallons of direct materials that actually cost $46,400 were used to produce 970 units of product. What was the company's total materials variance for last month?15Wayland Company has a standard of 4.8 hours of labor per unit, at $10.90 per hour. In producing 820 units, Wayland used 3,700 hours of labor at a total cost of $40,000. What is Wayland's labor price variance?16Kensie Company has a standard of 8.7 pounds of materials per unit, at $1.40 per pound. In producing 1,440 units, Kensie used 13,700 pounds of materials at a total cost of $21,000. What is Kensie's materials quantity variance?17Hatch has a standard of 2.5 hours of labor per unit, at $11.00 per hour. In producing 1,700 units, Hatch used 4,500 hours of labor at a total cost of $47,600. What is Hatch's total labor variance?18A company issues raw materials to production at a cost of $31,800 when the standard cost is $29,000. Which of the following entries will be used to record the transaction?