Document Preview: 1)??At the start of 2011, X Company created the following budgeted for an expected production level of
10,200 units:
Total variable overhead $86,802
Total fixed overhead $390,000
If actual production in 2011 turned out to be 10,700 units, what was the static budget for total overhead for
2011?
2) X?Company's?budgeted?overhead?cost?function?for?the?year?was?$201,000?+?
$4.40X,?where?X?represents?the?number?of?units?produced.?Production?was?expected?
to?be?10,000?units.?It?actually?cost?$255,165?to?produce?11,000?units.?What?was?the?
flexible?budget?variance?for?the?year?(a?positive?number?means?a?favorable?variance?
and?a?negative?number?means?an?unfavorable?variance)??
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3)X Company, a manufacturer, had the following transactions during the year:
1. Bought $8,447 of materials on account from suppliers.
2. Sold products to customers, on account, for $11,312; the products cost $6,787 to manufacture.
3. Collected $3,539 from customers who had previously bought products on account.
4. Paid wages of $1,111.
5. Paid $3,085 to suppliers for materials that had previously been bought on account.
If total assets at the beginning of the year were $13,155, what were total assets at the end of the year?
4)X Company, a manufacturer, made the following adjusting entries on December 31, 2011:
1. Recorded (but did not pay) $279 of interest on a bank loan.
2. Recorded the receipt of $2,532 for merchandise that was not delivered until 2012.
3. Recorded $1,965 of depreciation.
4. Recorded $3,700 of rent that had expired
If total equities prior to these adjusting entries were $11,762, what were total equities after the entries?
5) X Company generates monthly financial statements. The phone company charges X Company $139 per
month for unlimited domestic calls and $.10 per minute for long-distance calls. It receives a phone bill at
the end of each month and pays it the following month. The phone bill on January 31 was $305; on
February 28, it was $278....