181)Company collected the following data regarding production of one of its products. Compute the fixed overhead cost variance.

Direct labor standard (2 hrs. @ $13.40/hr.) $ 26.80 per finished unit Actual direct labor hours 95,500 hrs. Budgeted units 49,000 units Actual finished units produced 47,000 units Standard variable OH rate (2 hrs. @ $15.60/hr.) $ 31.20 per finished unit Standard fixed OH rate ($511,500/55,000 units) $ 9.30 per unit Actual cost of variable overhead costs incurred $ 1,460,400 Actual cost of fixed overhead costs incurred $ 515,000

Multiple Choice

$15,600 unfavorable. $21,600 favorable. $77,900 unfavorable. $21,600 unfavorable. $77,900 favorable.

182)

Segmental Manufacturing owns 35% of Glesson Corp. stock. Glesson pays a total of $53,000 in cash dividends for the period. Segmental's entry to record the dividend transaction would include a:

Multiple Choice

Credit to Cash for $18,550. Credit to Long-Term Investments for $18,550. Credit to Investment Revenue for $53,000. Debit to Long-Term Investments for $18,550. Debit to Cash for $53,000.

183)

A machine with a cost of $138,000 and accumulated depreciation of $89,000 is sold for $58,000 cash. The amount that should be reported in the operating activities section reported under the direct method is:

Multiple Choice

Zero. This is a financing activity. Zero. This is an investing activity. $58,000. $49,000. $9,000.

184)

Analysis reveals that a company had a net increase in cash of $20,880 for the current year. Net cash provided by operating activities was $18,800; net cash used in investing activities was $10,400 and net cash provided by financing activities was $12,480. If the year-end cash balance is $25,200, the beginning cash balance was:

Multiple Choice

$41,760.

$16,560.

$46,080.

$40,760.

$4,320.

185)

Masterson Company's budgeted production calls for 62,000 liters in April and 58,000 liters in May of a key raw material that costs $1.85 per liter. Each month's ending raw materials inventory should equal 25% of the following month's budgeted materials. The April 1 inventory for this material is 15,500 liters. What is the budgeted materials purchases for April?

Multiple Choice

$141,525.

$118,400.

$86,025.

$114,700.

$112,850.

186)

The Gardner Company expects sales for October of $254,000. Experience suggests that 55% of sales are for cash and 45% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $71,000. What is the amount of cash expected to be collected in October?

Multiple Choice

$127,000.

$267,850.

$139,700.

$210,700.

$196,850.

187)

Use the following information about the current year's operations of a company to calculate the cash paid for merchandise.

Cost of goods sold	$	750,000
Merchandise inventory, January 1		87,700
Merchandise inventory, December 31		85,100
Accounts payable, January 1		56,300
Accounts payable, December 31		62,300

Multiple Choice

$741,000.

$741,400.

$753,000.

$747,400.

$752,600.

188)

Using the information below, calculate the cost of goods manufactured for the period:

Beginning Raw Materials Inventory	$	36,000
Ending Raw Materials Inventory		27,600
Beginning Work in Process Inventory		66,000
Ending Work in Process Inventory		75,000
Beginning Finished Goods Inventory		96,500
Ending Finished Goods Inventory		78,000
Cost of Goods Sold for the period		551,000
Sales revenues for the period		1,265,000
Operating expenses for the period		243,000

Multiple Choice

$560,000.

$569,500.

$532,500.

$576,200.

$541,500.

189)

Memphis Company anticipates total sales for April, May, and June of $930,000, $1,030,000, and $1,080,000 respectively. Cash sales are normally 20% of total sales. Of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are collected in the second month. Compute the amount of accounts receivable reported on the companys budgeted balance sheet for June 30.

Multiple Choice

$1,012,800.

$697,600.

$940,800.

$602,800.

$561,600.

190)

Using the information below, compute the raw materials inventory turnover:

Raw Materials Used	$	153,600
Beginning Raw Materials Inventory		19,600
Ending Raw Materials Inventory		21,800

Multiple Choice

7.84.

7.05.

46.60.

7.42.

51.80.

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