48. Barnes Company purchased $72,000 of 9.0% bonds at par. The bonds mature in six years and are a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the semiannual interest payment?

Multiple Choice

• debit Cash, $6,480; credit Unrealized Gain-Equity, $6,480.

• debit Cash, $6,480; credit Long-Term InvestmentsHTM, $6,480.

• debit Cash, $3,240; credit Interest Revenue, $3,240.

• debit Unrealized Gain-Equity, $3,240; credit Cash, $3,240.

• debt Cash, $3,240; credit Long-Term InvestmentsHTM, $3,240.

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

Beginning Raw Materials Inventory	$	33,000
Ending Raw Materials Inventory		24,600
Beginning Work in Process Inventory		63,000
Ending Work in Process Inventory		72,000
Beginning Finished Goods Inventory		92,000
Ending Finished Goods Inventory		75,000
Cost of Goods Sold for the period		548,000
Sales revenues for the period		1,262,000
Operating expenses for the period		240,000

Multiple Choice

• $540,000.

• $531,000.

• $565,000.

• $557,000.

• $573,200.

55. Alliance Companys budgets production of 29,000 units in January and 33,000 units in the February. Each finished unit requires 4 pounds of raw material K that costs $3.00 per pound. Each months ending raw materials inventory should equal 30% of the following months budgeted materials. The January 1 inventory for this material is 34,800 pounds. What is the budgeted materials cost for January?

Multiple Choice

• $348,000.

• $466,800.

• $223,200.

• $243,600.

• $362,400.

62. Wichita Industries' sales are 20% cash and 80% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the following month. On December 31, the accounts receivable balance includes $23,000 from November sales and $35,000 from December sales. Assume that total sales for January are budgeted to be $61,000. What are the expected cash receipts for January from the current and past sales?

Multiple Choice

• $62,640.

• $26,840.

• $56,440.

• $74,840.

• $67,340.

64. Based on a predicted level of production and sales of 26,000 units, a company anticipates total variable costs of $80,600, fixed costs of $39,000, and operating income of $104,780. Based on this information, the budgeted amount of operating income for 24,000 units would be:

Multiple Choice

• $207,120.

• $132,720.

• $93,720.

• $13,120.

• $74,400.

68. Cahuilla Corporation predicts the following sales in units for the coming four months:

	April		May		June		July
Sales in Units	430		470		490		430

Each month's ending Finished Goods Inventory should be 40% of the next month's sales. March 31 Finished Goods inventory is 172 units. A finished unit requires 5 pounds of direct material B at a cost of $3.00 per pound. The March 31 Raw Materials Inventory has 280 pounds of B. Each month's ending Raw Materials Inventory should be 30% of the following month's production needs. The budgeted purchases of pounds of direct material B during May should be:

Multiple Choice

• 466 lbs.

• 3,089 lbs.

• 2,372 lbs.

• 1,673 lbs.

• 478 lbs.

90. Georgia, Inc. has collected the following data on one of its products. The actual cost of the direct materials used is:

Direct materials standard (4 lbs @ $2/lb)	$8	per finished unit
Total direct materials cost varianceunfavorable	$15,250
Actual direct materials used	100,000	lbs.
Actual finished units produced	20,000	units

Multiple Choice

• $175,250.

• $160,000.

• $100,000.

• $144,750.

• $216,250.

96. A company's flexible budget for 13,000 units of production showed sales, $65,000; variable costs, $32,500; and fixed costs, $17,000. The sales expected if the company produces and sells 17,000 units is (Do not round intermediate calculations):

Multiple Choice

• $20,269.

• $85,000.

• $38,750.

• $3,269.

• $15,500.