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MSU Corporation's budgeted sales are 5600,000, its budgeted variable expenses we $420,000, and its budgeted fixed expenses are $120,000. The company's break-even in dollar sales is: $ 60,000 $ 180,000 S 400,000 $ 480,000 The following labor standards have been established for a particular product: Standard labor-hours per unit of output Standard labor rate 3.3hours $ 16.15 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 6300hours $ 103,635 2,000 units What is the labor rate variance for the month? $2,955 F $4,935 F $2,955 U $1,890 U The difference between absorption and variable costing is that: Companies are required to use variable costing under GAAP. Absorption costing includes fixed manufacturing costs as part of the product cost. Operating income increases under variable costing when production is greater than sales. Absorption costing expenses all fixed manufacturing costs as a period cost. Managerial accounting reports are prepared: to meet the needs of decision makers within the firm. to present historical information. to provide creditors with information useful in making credit decisions. all of these are correct

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