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Y_Kistochka [10]
3 years ago
5

Assume that ExxonMobil uses a standard cost system for each of its refineries. For the Houston refinery, the monthly fixed overh

ead budget is $8,000,000 for a planned outputs of 5,000,000 barrels. For September, the actual fixed cost was $8,750,000 for 5,100,000 barrels.
Required
a. Determine the fixed overhead budget variance.
b. If fixed overhead is applied on a per-barrel basis, determine the volume variance.
c. Provide formulas and an explanation.
Business
1 answer:
maksim [4K]3 years ago
5 0

Answer:

a. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

= $8,000,000 - $8,750,000

= $750,000 Unfavorable

b. Predetermined overhead rate per barrel = $8,000,000 / 5,000,000

= $1.60 per barrel

Fixed overhead applied = 5,100,000 * $1.60

= $8,160,000

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead  

= $8,160,000 - $8,000,000

= $160,000 Favorable

c. Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

Predetermined overhead rate per barrel = Budgeted fixed overhead / Planned outputs

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead  

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zvonat [6]

Answer:

$26,036.74

Explanation:

Tom is able to pay $390 per month for 7 years. The interest rate is 6.8 %. Tom will pay an equivalent of the present value of a $390 annuity for & years 6.8 per cent

The applicable formula is

PV = P ×  1 − (1+r)−n

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Where PV is the present value

P is 390

r is 6.8% per year or 0.005666

n is 7 year or 84 months

PV = $390 x 1-(1+0.005666)84

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PV = $390  x 1- 0. 622133410)

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PV =390  x  (0.37786659/0.00566)

PV = $390 x 66.760

PV = $26,036.74

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Answer:

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adjusted          453,238

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Inventory increase <u>  (11,176)  </u>

total change            (10,973)

<em>cash generated from operating activities  442.265</em>

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<u>Investing Activities</u>

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Answer:

B

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