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Use the following information for the next six questions.  Wright Corporation has the following costs associated with one of its products:   Direct material $3.00 per unit Direct labor 2.50 per unit Variable overhead 1.80 per unit Fixed overhead $200,000     Variable selling expenses $0.25 per unit sold Fixed SG&A expense $75,000   The corporation planned to produce 50,000 units and actually produced 51,000 units and sold 48,000. The selling price per unit was $25.

The fixed overhead production volume variance is ________________. 

Graph 3-2 depicts three families, X, Y, and Z, and their utility based on spending on education and other goods. Suppose free public education is provided and the new budget constraint is shown in red. Refer to Graph 3-2. Suppose the government provides free public education, as shown in the graph. There will be crowding out of private education spending if

Under variable costing, operating income is $______________.

Under absorption costing, cost of goods sold is $______________.

The variable overhead spending variance is ________.

Under absorption costing, operating income is $______________.

The corporation plans to purchase $___________________ of materials in July.

The market-size variance is $_____________.

Use the following information for the next nine questions.  Fun Wheels, Inc., produces a special line of plastic toy racing cars. The following information pertains to 2023:                                                            Actual Static-budget Amounts Amounts Units produced and sold 150,000 120,000 Direct materials quantity per unit 1.8 pounds 2 pounds Direct materials price $4 per pound $3 per pound Direct labor hours per unit 2.5 hours 3 hours Direct labor per hour $30 $25 Batch size (number of units per batch) 320 300 Setup-hours per batch 6 8 Variable overhead cost per setup-hour $45 $40 Total fixed setup overhead costs $21,000 $18,000   Setup costs are batch-level costs because they are associated with batches rather than individual units of products. A separate Setup Department is responsible for setting up machines and molds for different styles of car.