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In: Accounting

1. A business operated at 100% of capacity during its first month, with the following results:...

1. A business operated at 100% of capacity during its first month, with the following results:

Sales (114 units) $638,400
Production costs (142 units):
   Direct materials $85,961
   Direct labor 21,948
   Variable factory overhead 38,408
   Fixed factory overhead 36,579 182,896
Operating expenses:
   Variable operating expenses $5,576
   Fixed operating expenses 4,166 9,742

The amount of operating income that would be reported on the absorption costing income statement is

a. $638,258

b. $511,192

c. $515,358

d. $481,826

2.

Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,650 pounds of material at $5.20 and standard costs for 4,430 pounds of material at $6.00 per pound.

The direct materials quantity variance is

a. $3,720 unfavorable

b. $1,320 unfavorable

c. $3,720 favorable

d. $1,320 favorable

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Expert Solution

ekkarill92 answered 2 years ago
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