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Could you please help me find the correct answers on these so i can refer back to them later?

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18 Name: Date: 1. Genius Professor Mullen Co. is using the Target Cost approach on a new product. Information gathered so far reveals: Expected annual sales (Market Sales) 400,000 units Desired profit per unit (DP) $0.25 Target cost (TC) $168,000 What is the Market Price (MP) per unit? A) $0.42 B) $0.50 C) $0.25 D) $0.67 2. Lao Shu Bruce Inc. plans to introduce a new product and is using the target cost approach. Projected sales revenue is $810,000 (MP) ($4.50 per unit) and target costs (TC) are $729,000. What is the desired profit (DP) per unit? A) $0.45 B $2.25 C) $4.05 D None of the above 3. Professor Mullen's Excellent Suit Co. has received a shipment of suits that cost $150 each. If the company uses cost-plus pricing and applies a markup (M/U) percentage of 60%, what is the Target Sales Price (TSP) per suit? A) $250 B) $240 C) $210 D) $375 4. The calculation to determine Target Cost (TC) is A) variable manufacturing costs (V/C) + fixed manufacturing costs (F/C). B) sales price (SP) - (variable manufacturing costs + fixed manufacturing costs). D) variable manufacturing costs (V/C) + selling and administrative variable costs (S&A). sales price (SP) - desired profit (DP). Page 15. Professor Mullen's Best Baddest Boombox Inc. wants to produce and sell a new lightweight radio. Desired profit (DP) per unit is $2.76. The expected unit sales price is $33 (MP) based on 10,000 units. What is the total target cost (TC) ? A) $302,400 B) $330,000 C) $27,600 D) $357,600 Use the following to answer questions 6-7: The Lao Shu Division of Fir Products, Inc. manufactures rubber moldings and sells them externally (SP) for $165. Its variable cost (V/C) is $75 per unit, and its fixed cost (F/C) per unit is $21. Fir's president wants the Lao Shu Division to transfer 5,000 units to another company division at an offer price of $96. 6. Assuming the Lao Shu Division has available (excess) capacity of 5,000 units, the minimum transfer price (MTP) it should accept is A) $21. B) $75. C) $96 D) $165. 7. Assuming the Lao Shu Division does not have any available (no excess or zero) capacity, the minimum transfer price (MTP) it should accept is A) $21. B) $75. C) $96. D) $165. 8. The production budget of Most Excellent Professor Mullen Inc shows expected unit budgeted sales (BS) of 32,000. Beginning inventory (BI) finished goods units are 5,600. Required production (RP) units are 33,600. What are the desired ending inventory (ED) finished goods units? A) 4,000 B) 5,600 C) 6,400 D) 7,200 9. Old and Feeble Professor Mullen Inc plans to sell 4,000 purple lawn chairs during May, 3,800 in June, and 4,000 during July. The company keeps 15% of the next month's sales as ending inventory (ED) . How many units should Old & Feeble Professor Mullen Inc produce (RP) during June? A) 3,830 B) 4,400 C) 3, 770 D) Not enough information to determine. Page 210. Old Retired Professor Mullen's Nursery plans to sell 160 potted plants during April and 120 units in May. The Nursery keeps 15% of the next month's sales as ending inventory (EI) . How many units should Old Retired Professor Mullen's Nursery produce (RP) during April? A) 154 B) 166 C) 160 D) 178 1 1. Most Excellent Professor Mullen Company has 12,000 units in beginning finished goods (BI) . If sales BS) are expected to be 60,000 units for the year and Unger desires ending (ED) finished goods of 15,000 units, how many units must the Most Excellent Professor Mullen Company produce (RP) ? A) 57,000 B) 60,000 C) 63,000 D) 75,000 12. Brilliant Professor Mullen Inc determined that the budgeted cost of producing a product is $30 (UPC) per unit. On June 1, there were 60,000 units (BI) on hand, the sales department budgeted sales of 225,000 (BS) units in June, and the company desires to have 90,000 units (EI) on hand on June 30. The budgeted cost of goods manufactured (CGM) for June would be A) $5,850,000. B) $8,550,000. C) $6, 750,000. D $7,650,000. 13. If there were 60,000 pounds (BI) of raw materials on hand on January 1, and if 120,000 pounds (ED) are desired for inventory at January 31, and 360,000 pounds (DM-RP) are required for January production, how many pounds of raw materials should be purchased in January (DM-Purchases in pounds) ? A) 300,000 pounds (Ibs) B) 480,000 pounds (lbs) C) 240,000 pounds (lbs) D) 420,000 pounds (1bs) 14. Lao Shu Company required production (RP) for June is 66,000 units. To make one unit of finished product, three pounds (3 Ibs) of direct material Z are required. Actual beginning (BI) and desired ending inventories (ED) of direct material Z are 150,000 and 165,000 pounds, respectively. How many pounds of direct material Z must be purchased (DM-Purchases in lbs)? A) 189,000 pounds (Ibs) B) 198,000 pounds (lbs) C) 204,000 pounds (1bs) D) 213,000 pounds (Ibs) Page 315. Brilliant Professor Mullen determines that 27,000 pounds (DM-RP) of direct materials are needed for production in July. There are 1,600 pounds of direct materials (BI) on hand at July 1 and the desired Ending Inventory (EI) is 1,400 pounds. If the cost per pound (1b) of direct materials is $3, what is the budgeted total cost of direct materials purchases (DM-Purchases $$)? A) $79,200. B) $80,400. C) $81,600. D) $82,800. 16. Lao Shu Company is preparing its direct labor budget for May. Projections for the month are that 16,700 units (RP) are to be produced and that direct labor time is three hours per unit. If the labor cost per hour is $12, what is the total budgeted direct labor cost for May? A) $579,600. B) $590,400. C) $601,200. $648,000. 17. Genius Professor Mullen Company has the following budgeted sales: January $80,000, February $120,000, and March $100,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts (CRJ)during March are: A) $112,000. B) $106,000. C) $105,000. D) $100,000. 18. Lao Shu Mouse Company expects to purchase $90,000 of materials in July and $105,000 of materials in August. Three-quarters (75%) of all purchases are paid for in the month of purchase, and the other one- fourth (25%) are paid for in the month following the month of purchase. How much will August's cash disbursements (CDJ) for materials purchases be? A) $67,500 B) $78,750 C) $101,250 D) $105,000 19. Lao Xiao Miao Company has the following budgeted sales: July $100,000, August $150,000, and September $125,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts (CRJ) during September are A) $140,000. B) $132,500. C) $131,250. D) $125,000. Page 420. Xiao Miao Company's direct materials budget shows total cost of direct materials purchases for April $300,000, May $360,000 and June $420,000. Cash payments are 60% in the month of purchase and 40% A) in the following month. The budgeted cash payments (CDJ) for June are: $396,000. B) $384,000. C) $360,000. D) $312,000. 21. The following credit sales are budgeted by The Brilliant & Genius Professor Mullen Company: January February $136,000 March 200,000 280,000 April 240,000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following, and 8% in the second month following the sale, and 2% U/C. The anticipated cash inflow (CRJ) for the month of April is A) $246,880. B) $224,000. C) $240,000 D) $235,200. 22. The Most Brilliant Professor Mullen Company's past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5% in the second month after the sale; the remainder (5%) is never collected. Budgeted credit sales were: January $240,000 February 144,000 March 360,000 The cash inflow (CRJ) in the month of March is expected to be $271,200. B) $205,200. C) $216,000. D) $259,200. 23. Which one of the following items would never appear on Professor Mullen's Cash budget? A) Office salaries expense Interest expense C) Depreciation expense D) Travel expense 24. Lao Shu Bruce Company's direct materials budget shows total cost of direct materials purchases for January $125,000, February $150,000 and March $175,000. Cash payments are 60% in the month of purchase and 40% in the following month. The budgeted cash payments (CDJ) for March are A) $165,000. B) $160,000. C) $150,000. D) $130,000. Page 525. During September, the capital expenditure budget indicates a $280,000 purchase of equipment. The September cash balance (Net Cash) from Operations is budgeted to be $40,000 before considering the capital expenditure purchase. The company wants to maintain a minimum cash balance (EI) of $20,000. What is the minimum cash loan that must be planned to be borrowed from the bank during September? A) $220,000 B) $240,000 C) $260,000 D) $300,000 26. On January 1, Old Lao Shu Bruce Company has a beginning cash balance of $84,000. During the year, the company expects cash disbursements of $680,000 and cash receipts of $580,000. If Old Lao Shu Bruce Company requires an ending cash balance of $80,000, then this Old Lao Shu must borrow $64,000. B) $80,000. C) $96,000. D) $184,000. 27. On January 1, Xiao Miao Inc has a beginning cash balance of $21,000. During the year, the company expects cash disbursements of $170,000 and cash receipts of $145,000. If Xiao Miao Inc requires an ending cash balance of $20,000, the company must borrow A) $16,000. B) $20,000. C) $24,000. D) $46,000. 28. The following information was taken from the Most Brilliant Professor Mullen Company's cash budget for the month of July: Beginning cash balance (BI) $300,000 Cash receipts (CRJ) 190,000 Cash disbursements (CDJ) 340,000 If the company has a policy of maintaining a minimum end of the month cash balance of $250,000, the amount the company would have to borrow is A) $100,000. B) $50,000. C) $150,000. D) $60,000