Multiple Choice Question 149 In Sheridan Company’s income statement, they report actual gross profit of $43500 and the following variances:

Multiple Choice Question 149

In Sheridan Company’s income statement, they report actual gross profit of $43500 and the following variances:

Materials price$ 420 FMaterials quantity600 FLabor price420 ULabor quantity1000 FOverhead900 F

Sheridanwould report gross profit at standard of

$38500.

$41000.

$44340.

$37660.

Multiple Choice Question 148

In Bramble Corp.’s income statement, they report gross profit of $44000 at standard and the following variances:

Materials price$ 420 FMaterials quantity600 FLabor price420 ULabor quantity1000 FOverhead900 F

Bramble would report actual gross profit of

$40660.

$47340.

$41500.

$46500.

Multiple Choice Question 139

Which of the following is true?

The form, content, and frequency of variance reports do not vary among companies.

The form and content of variance reports are consistent among companies, but the frequency varies.

The form and content of variance reports vary considerably among companies, but the frequency is always weekly.

The form, content, and frequency of variance reports vary considerably among companies.