1. Smith Company will receive a lump sum of $15,000 in 3 years. What is the present value of this cash flow, discounted at 8%? 2. _Terra Company incurred actual manufacturing overhead of $300,000 this year, the applied overhead was $305,000. Was Terra over or underapplied and by how much? 3. Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = what? 4. The costs of depreciation on the factory and indirect materials would be classified as what type of cost? 5. Johnson Company completes and transfers 9,000 units. Additionally, there are 3,000 units that are 30% complete as to conversion. How many equivalent units does this represent? 6. Willy has fixed costs of $30,000. The price of their product is $10 and the variable costs = $4 per unit. What is the breakeven point in units? 7. Tommie Co. has fixed costs of $250,000 and a CM ratio of .35. How much revenue would Tommie need to generate to make a profit of $60,000? 8. When creating a master budget, the first budget to be prepared is which one? 9. Bob computed the net present value of a project and found that the NPV was $2,000 when he discounted the future cash flows using a 6% discount rate. Was the IRR 6%, less than 6% or greater than 6%? 10. Billie computed the NPV for a project and found that NPV=0. Is the investment acceptable or unacceptable? 11. Barney invests $1,000 today. What is the future value of this investment at the end of 5 years if the money is invested at 8%? 12.Klingon is considering an investment which costs $13,337. The investment is for 8 years and generates cash flows of $2500 per year. The internal rate of return for this investment would be about...? 13. Donna sets a price of $10 per unit on her product. The variable cost per unit is $8. What is the contribution margin ratio? 14. When goods get finished, the Finished Goods account is debited, but which account gets credited? 15. Johnson Company has fixed costs of $1,000,000. The contribution margin per unit is $4.00 and the contribution margin ratio is .40. The breakeven point in units would be...? 16. William Company used too many direct labor hours in producing its product. Which variance would be unfavorable? 17. Name an appropriate cost driver that could be used as the denominator in the POR calculation