Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate
Direct materials 5.0 grams $7.00 per gram
Direct labor 0.30 hours $21.30 per hour
Variable manufacturing overhead 0.30 hours $9.60 per hour
The company has reported the following actual results for the product for June:
Actual output 8,500 units
Raw materials purchased 48,100 grams
Actual price of raw materials $7.70 per gram
Raw materials used in production 42,490 grams
Actual direct labor-hours 2,300 hours
Actual direct labor rate $21,70 per hour
Actual variable overhead rate $9.80 per hour
The variable overhead efficiency variance for the month is closet to:.
a. $2,450 F
b. $2,400 U
c. $2,400 F
d. $2,450 U

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.