23 A manufacturing company has a beginning finished goods inventory of $29,200, cost of goods manufactured of $59,400, and an ending finished goods inventory of $28,500 The cost of goods sold for this company is Multiple Choice $117,100 $58,700 $1,700 $87,900 $60,100 24 Craigmont Company's direct materials costs are $4,900,000, its direct labor costs total $8,710,000, and its factory overhead costs total $6,710,000 Its prime costs total Multiple Choice $13,610,000 $11,610,000 $15,420,000 $6,900,000 $20,320,000 26 Leeks Company's product has a contribution margin per unit of $15 36 and a contribution margin ratio of 24 0 What is the selling price of the product Multiple Choice $6 $26 $38 $51 $64 28 Maxim manufactures a hamster food product called Green Health Maxim currently has 20,000 bags of Green Health on hand The variable production costs per bag are $3 60 and total fixed costs are $28,000 The hamster food can be sold as it is for $10 00 per bag or be processed further into Premium Green and Green Deluxe at an additional cost The additional processing will yield 20,000 bags of Premium Green and 4,800 bags of Green Deluxe, which can be sold for $9 and $7 per bag, respectively Assuming Maxim further processes Green Health further into Premium Green and Green Deluxe, revenue from the two products would be Multiple Choice $213,600 $209,600 $13,600 $9,600 $4,000 32 Kragle Corporation reported the following financial data for one of its divisions for the year average invested assets of $475,000 sales of $945,000 and income of $107,000 The investment turnover is Multiple Choice 22 10 50 30 1 99 443 90 11 30 33 A company buys a machine for $75,000 that has an expected life of 8 years and no salvage value The company anticipates a yearly net income of $3,600 after taxes of 24 , with the cash flows to be received evenly throughout each year What is the accounting rate of return Multiple Choice 9 60 4 80 2 30 38 40 7 30 35 A company is considering the purchase of a new machine for $62,000 Management predicts that the machine can produce sales of $17,400 each year for the next 10 years Expenses are expected to include direct materials, direct labor, and factory overhead totaling $6,600 per year including depreciation of $5,400 per year Income tax expense is $4,320 per year based on a tax rate of 40 What is the payback period for the new machine Multiple Choice 3 56 years 6 60 years 5 22 years 11 48 years 39 74 years 37 Indicate several reasons why companies prepare budgets for their profit centers and cost centers, and explain what role supervisors and middle managers should play in the budgeting process

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23.A manufacturing company has a beginning finished goods inventory of $29,200, cost of goods manufactured of $59,400, and an ending finished goods inventory of $28,500.

23.A manufacturing company has a beginning finished goods inventory of $29,200, cost of goods manufactured of $59,400, and an ending finished goods inventory of $28,500. The cost of goods sold for this company is:

Multiple Choice

$117,100.
$58,700.
$1,700.
$87,900.
$60,100.

24.Craigmont Company's direct materials costs are $4,900,000, its direct labor costs total $8,710,000, and its factory overhead costs total $6,710,000. Its prime costs total:

Multiple Choice

$13,610,000.
$11,610,000.
$15,420,000.
$6,900,000.
$20,320,000.

26.Leeks Company's product has a contribution margin per unit of $15.36 and a contribution margin ratio of 24.0%. What is the selling price of the product?

Multiple Choice

$6.
$26.
$38.
$51.
$64.

28.Maxim manufactures a hamster food product called Green Health. Maxim currently has 20,000 bags of Green Health on hand. The variable production costs per bag are $3.60 and total fixed costs are $28,000. The hamster food can be sold as it is for $10.00 per bag or be processed further into Premium Green and Green Deluxe at an additional cost. The additional processing will yield 20,000 bags of Premium Green and 4,800 bags of Green Deluxe, which can be sold for $9 and $7 per bag, respectively. Assuming Maxim further processes Green Health further into Premium Green and Green Deluxe, revenue from the two products would be:

Multiple Choice

$213,600.
$209,600.
$13,600.
$9,600.
$4,000.

32.Kragle Corporation reported the following financial data for one of its divisions for the year; average invested assets of $475,000; sales of $945,000; and income of $107,000. The investment turnover is:

Multiple Choice

22.10.
50.30.
1.99.
443.90.
11.30.

33.A company buys a machine for $75,000 that has an expected life of 8 years and no salvage value. The company anticipates a yearly net income of $3,600 after taxes of 24%, with the cash flows to be received evenly throughout each year. What is the accounting rate of return?

Multiple Choice

9.60%.
4.80%.
2.30%.
38.40%.
7.30%

35.A company is considering the purchase of a new machine for $62,000. Management predicts that the machine can produce sales of $17,400 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhead totaling $6,600 per year including depreciation of $5,400 per year. Income tax expense is $4,320 per year based on a tax rate of 40%. What is the payback period for the new machine?

Multiple Choice

3.56 years.
6.60 years.
5.22 years.
11.48 years.
39.74 years.

37.Indicate several reasons why companies prepare budgets for their profit centers and cost centers, and explain what role supervisors and middle managers should play in the budgeting process.