Fill in the blank with the appropriate answer.

_____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%?

_____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?

_____Beginning Finished Goods Inventory + Cost of Goods Manufactured Ending Finished Goods Inventory = what?

_____The costs of depreciation on the factory and indirect materials would be classified as what type of cost?

____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?

____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?

____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?

____When creating a master budget, the first budget to be prepared is which one?

____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%?

___Billie computed the NPV for a project and found that NPV=0. Is the investment acceptable or unacceptable?