1. Old Tired Professor Mullen, Inc. has $20,000 of ending finished goods inventory as of December 31, 2011. If beginning finished goods inventory was $10,000 and cost of goods sold was $40,000, how much would the Old Tired Professor report for cost of goods manufactured? A) $45,000 B) $10,000 C) $50,000 D) $30,000 2. Old Absent Minded Professor Mullen records Overhead application with a A) credit to Work in Process Inventory. B) credit to Manufacturing Overhead. C) debit to Manufacturing Overhead. D) credit to job cost sheets. 3. A process with no beginning work in process, completed and transferred out 14,000 units during a period and had 7,000 units in the ending work in process that were 50% complete. How much is equivalent units of production for the period for conversion costs? A) 17,500 equivalent units. B) 21,000 equivalent units. C) 24,500 equivalent units. D) 10,500 equivalent units. 4. Old Lao Shu Company uses flexible budgets. At normal capacity of 8,000 units, budgeted manufacturing overhead is: $64,000 variable and $180,000 fixed. If Old Lao Shu had actual overhead costs of $250,000 for 9,000 units produced, what is the difference between actual and budgeted costs? A) $2,000 unfavorable B) $2,000 favorable C) $6,000 unfavorable D) $8,000 favorable 5. Little Xiao Miao Company uses flexible budgets. At normal capacity of 8,000 units, budgeted manufacturing overhead is: $32,000 variable and $90,000 fixed. If Little Xiao Miao had actual overhead costs of $125,000 for 9,000 units produced, what is the difference between actual and budgeted costs? A) $1,000 unfavorable. B) $1,000 favorable. C) $3,000 unfavorable, D) $4,000 favorable