$.$ An examination of Hyong Corporation's inventory accounts

revealed the following information: Raw materials, June $1$: $46,300$

units Raw materials, June $30$: $51,300$ units Purchases of raw

materials during June: $188,000$ units Hyong$$s finished product

requires four units of raw materials. On the basis of this

information, how many finished products were manufactured during

June? Multiple Choice $45,750.48,250.58,575.71,400.$

None of the answers is correct.. Assume that Toy Craft makes ragdolls. Each ragdoll requires $15$

square feet of fabric. If the number of dolls to be produced during

the quarter is $20,000,$ the desired ending inventory of fabric is

$12,400$ square feet, the beginning inventory of fabric is $23,800$

square feet, and the cost of the fabric is $$12$ per square foot,

what is the total cost of fabric purchases? Multiple Choice $$

$$3,668,400$ $$3,463,200$ $$288,600$ $$379,800$ $$3,565,8003.$ A budget serves as a benchmark against which: Multiple Choice

$$ actual results become inconsequential. $$ cash balances can be

compared to expense totals. $$ allocated results can be compared. $$

allocated results become inconsequential. $$ actual results can be

compared$\mathrm{.}4.$ A manufacturer develops budgets for the direct materials,

direct labor, and overhead that will be required in the production

process from which of the following? Multiple Choice $$ The selling

and administrative expenses budget. $$ The production budget. $$ The

budget for merchandise purchases. $$ The cash budget $$ The sales

budget.Nevis$$ production data for a new deluxe product were taken from

the most recent quarterly production budget: July August September

Planned production in units $1,2501,3501,230$ In addition, Nevis

produces $5,500$ units a month of its standard product. It takes two

direct labor hours to produce each standard unit and $2\mathrm{.}50$ direct

labor hours to produce each deluxe unit. Nevis$$ cost per labor hour

is $$15.$ Direct labor cost for August would be budgeted at: Multiple

Choice $$ $$215,625.$ $$211,875.$ $$243,750.$ $$246,750.$ None of

the answers is correct. Consider the following statements about

budget administration: I. The budgeting process is a very formal

process in all organizations regardless of an organization's size.

II$.$ The budget manual is prepared to communicate budget procedures

and deadlines to employees throughout an organization. III.

Effective internal control procedures require that the budget

director be an individual other than the controller. Which of the

above statements is $($are$)$ true? Multiple Choice $$ II only. $$ I

only. $$ III only. $$ I and III. $$ I and II$.$Overton Industries has the following sales forecasts for

its hip waders next year: First Quarter $20,000$ pairs Second Quarter

$6\%$ increase over first quarter Third Quarter $4\%$ decrease from

second quarter Fourth Quarter $9\%$ increase over first quarter What

is Overton$$s estimated sales revenue for next year if each pair

sells for an average of $$35?$ Multiple Choice $$ $$2,667,000.$

$$2,800,000.$ $$2,847,320.$ $$2,917,320.$ None of the answers is

correct.The following events took place when Managers A$,$ B$,$ and C were

preparing budgets for the upcoming period: I. Manager A increased

property tax expenditures by $2\%$ when she was informed of a recent

rate hike by local authorities. II$.$ Manager B reduced sales

revenues by $4\%$ when informed of recent aggressive actions by a new

competitor. III. Manager C$,$ who supervises employees with widely

varying skill levels, used the highest wage rate in the department

when preparing the labor budget. Assuming that the percentage

amounts given are reasonable, which of the preceding cases is $($are$)$

an example of building slack in budgets? Multiple Choice $$ I and

II$.$ III only. $$ II and III. $$ II only. $$ I only.. Harrington makes all sales on account, subject to the

following collection pattern: $20\%$ are collected in the month of

sale; $70\%$ are collected in the first month after sale; and $10\%$ are

collected in the second month after sale. If sales for June, July,

and August were $$80,000,$ $$140,000,$ and $$130,000,$ respectively, what

were the firm's budgeted collections for August and the company's

budgeted receivables balance on August $31?$ August Collections

August $31$ Receivables Balance A$.$ $ $124,000$ $ $144,000$ B$.$ $ $132,000$ $

$118,000$ C$.$ $ $132,000$ $ $112,000$ D$.$ $ $224,000$ $ $118,000$ E$.$ None of

these options is correct. Multiple Choice $$ Choice A $$ Choice B $$

Choice C $$ Choice D $$ Choice E$$Which of the following statements about financial planning

models $($FPMs$)$ is $($are$)$ false? Multiple Choice $$ FPMs express a

company's financial and operating relationships in mathematical

terms. $$ FPMs have become less popular in recent years because of

computers and spreadsheets. $$ Both FPMs are commonly known as

"what$-$if$"$ models and FPMs have become less popular in recent years

because of computers and spreadsheets. $$ FPMs allow a user to

explore the impact of changes in variables. $$ FPMs are commonly

known as "what$-$if$"$ models.