On july 1, gilbert county bought computer equipment for use in the administrative offices of the county. the equipment has an estimated useful life of three years and salvage of $10,000. gilbert county has a 6/30 fiscal year-end. assuming that the county maintains its books and records in a manner that facilitates the preparation of fund financial statements, the $85,000 cost of this equipment would require which of the following entries? a. debit expenditures $85,000; credit cash $85,000. b. debit equipment $85,000; credit cash $85,000. c. debit expenses $85,000; credit cash $85,000. d. no entry in the city’s governmental funds

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Post test question number 9 for entering the job market

Oerstman, inc. uses a standard costing system and develops its overhead rates from the current annual budget.the budget is based on an expected annual output of 120,000 units requiring 480,000 direct labor hours.(practical capacity is 500,000 hours)annual budgeted overhead costs total $772,800, of which $556,800 is fixed overhead.a total of 119,300 units, using 478,000 direct labor hours, were produced during the year.actual variable overhead costs for the year were $260,400 and actual fixed overhead costs were $555,450.required: 1. compute the fixed overhead spending variance and indicate if favorable or unfavorable.2. compute the fixed overhead volume variance and indicate if favorable or unfavorable.