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Use the following information for questions 17 & 18:

Sims Company had budgeted 60,000 units of output using 30,000 units of raw materials at a total material cost of $210,000. The company purchased 25,000 units of raw materials at a cost of $7.40 per unit. Actual output was 60,000 units of product requiring 25,000 units of raw materials.

1. The materials price variance was:

A. $10,000 (favorable)

B. $10,000 (unfavorable)

C. $12,000 (unfavorable)

D. $12,000 (favorable)

2. The materials usage variance was:

$35,000 (favorable)
$36,000 (favorable)
$35,000 (unfavorable)
$37,000 (favorable)

3. What is the present value of a one-time payment of $120,000 paid out 12 years in the future at an Interest rate of 10% per year?

$38,636.79

$38,235.70

$817,643.02

$376,611.41

Comparative balance sheets show:

2017 2016

Current Assets $88,000        $80,000

For horizontal analysis using percentages, the change would be expressed as a(an)

A. 8% increase.

B. 10% increase.

C. 11% increase.

D. 12% increase.

4. The Udon Company has prepared its sales budget for the first two quarters of 2016. Expected sales in units are 480,000 in the first quarter and 840,000 in the second quarter. The company likes to maintain an inventory at the end of each quarter equal to one fourth the next quarter's expected sales. The company had 140,000 units in inventory on December 31, 2015. How many units does the company need to produce during the first quarter of 2016?

A. 1,080,000 units

B. 340,000 units

C. 550,000 units

D. 690,000 units

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