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Which of the following budgets is directly affected by changes in planned conversion costs? The sales budget The cash receipts budget The general and administrative budget The manufacturing cost budget Question 6 The Mighty Manufacturing Company expects to incur the following per unit costs for 1,000 units of production: Direct materials Direct labor Variable overhead Fixed overhead 2 lb. @ $40 = $80 1 hr. @ $48= $48 75% of direct labor costs 50% of direct labor costs What is the total cost reported in the manufacturing cost budget? $128,0 00 $188,0 00 $ 94,000 $ 80,000 Thomas Company has a sales budget for next month of $1,000,000. Cost of goods sold is expected to be 45 percent of sales. All goods are paid for in the month following purchase. The beginning inventory of merchandise is $20,000, and an ending inventory of $24,000 is desired. Beginning accounts payable is $152,000. For Thomas Company, the ending accounts payable should be: $156,0 00 $454,0 00 $356,0 00 $404,0 00 Which of the following amounts would be classified as part of the disinvestment phase for a project? Depreciation Collections of accounts receivable from sales Expenditure to return plant site to its preproject condition Retiring bonds issues to finance the project Boulder Milling is evaluating a proposal to invest in a new piece of equipment costing $110,000 with the following annual cash flows over the equipment's 4-year useful life: Cash revenues $95,000 Cash expenses (52,000) Depreciation expenses (straight-line) (15,000) Income provided from equipment $28,000 Cost of capital 14 percent The investment's payback period is (rounded to two decimal places): 3.9 1 3.3 3 2.3 7 2.5 6 Question 16 Which of the following statements about segment reporting is not true? Segment reports are income statements that show operating results for portions of the business. Product segment reports are designed to show the performance of product lines of a business. Product segment reports are not really segment reports. Statements A and B are correct. Question 17 Information for Tube division is as follows: Net earnings for division $40,000 Asset base for division $100,000 Target rate of return 16% Operating income margin 12% Weighted average cost of capital 8% What is Tube's residual income? $26,0 00 $24,0 00 $32,0 00 $95,2 00 Plainfield Company has two divisions: the Mixing Division and Bottling Division. The Mixing Division sells beverage mix to the Bottling Division. Standard costs for the Mixing Division are as follows: Direct materials $4.00 per gallon Direct labor 1.60 per gallon The Mixing Division uses the following predetermined overhead rate: Variable overhead $2.40 per gallon Fixed overhead 1.60 per gallon Total $4.00 per gallon What is the transfer price for the beverage mix per gallon based on standard absorption cost plus a markup of 30 percent? $ 10.75 $ 12.48 $ 17.50 $ 9.50 Homer Glen Division has the capacity to make 3,000 units of an intermediate good that is sold both internally and on the open market for a price of $63 each. To make the product, Homer Glen incurs $14 of variable cost per unit and $24 of fixed costs per unit. What is the minimum price Homer Glen would accept for an internal transfer of 1,000 units of the product if the division is operating at 100% capacity? $14.00 each $38.00 each $63.00 each $60.00 each Bosworth Boots, Inc. is considering the production of a new line of boots. Based on preliminary market research, management has decided that each pair of boots should be priced at $225. Furthermore, management believes that the profit margin should be 30 percent of sales revenue. What is the target cost? $150. 75 $225. 50 $260. 00 $157. 50 Which of the following statements describes a legitimate disadvantage of cost-based pricing? Marginal costs and revenues are difficult to measure. Determining the amount a customer is willing to pay may require estimation. Customers may not be willing to pay the price determined by the procedure. Most cost data are not readily available. Question 28 USE THE FOLLOWING INFORMATION FOR QUESTIONS 47 - 50: Seemore Company manufactures binoculars. The actual costs for 2013 and 2014 were as follows: 2013 Direct materials: Plastic case Lens set Direct labor $ 8.00 34.00 64.00(1.6 hours) 2014 $ 7.60 34.40 60.00(1.5 hours) Indirect manufacturing costs: Variable Fixed 16.00 4.00(100,000 units) 14.20 3.80(120,000 units) Beginning in 2014, Seemore implemented a continuous improvement program that required a first-year cost reduction target of a 7 percent reduction of the 2013 base. Seemore's continuous improvement target for direct labor in 2014 was: $64.0 0 $60.0 0 $59.52 $70.4 0 Question 29 In what way does a cost center differ from either an investment center or a profit center? Cost centers are a much less common component of current business organizations, given the increased emphasis on value chain analysis. A cost center is always smaller than either an investment center or a profit center. A cost center recognizes neither revenues nor computes income. Both A and B are correct. Which term describes difference between the actual price of inputs and the standard price of inputs? Price variance Standard cost variance Inflation index adjustment Materials price index In a two-stage activity-based costing model, stage one involves: Assigning activity costs to cost objects Measuring the various indirect resource costs and determining resource drivers Assigning indirect resource costs to activity pools Assigning direct costs to cost objects The practical capacity for a particular production facility is best described as: The highest level of activity possible allowing for normal repairs and maintenance The highest level of activity possible under any circumstance The highest level of activity at which average costs are minimized The level of activity that makes the most practical sense within the framework of a given situation The most appropriate cost driver for the activity of cleaning (bussing) tables in a restaurant is: The number of cooks in the kitchen The number of tables cleaned The number of employees assigned to the job of cleaning tables The amount of money deposited to the bank each day Which of the following is not a key element of any indirect cost allocation system? An accurate measurement of direct labor hours A cost allocation base A cost objective A cost pool Which of the following allocation methods fully recognizes services that service departments provide to each other? The direct method The linear algebra method The step method None of the above Question 45 Checker Company has two service departments whose direct department costs are $30,000 and $50,000, respectively, and two producing departments whose direct department costs are $420,000 and $400,000, respectively. The combined total department costs for the producing departments after allocating the service departments are: $980,000 $830,000 $900,000 $130,000 Question 46 Which of the following characteristics is a consequence of the implementation of a plant-wide allocation rate? Allocations are first conducted among departments, and then aggregated for the plant as a whole. The uniqueness of individual departments is not reflected in the cost numbers. Downstream costs are not measured at all. Managers have absolutely no incentive to control costs. Traditional costing systems often commit the cardinal sin of overproduction in a lean production company by: Using predetermined overhead rates based on labor or machine hours Motivating managers to build inventory balances Motivating managers to maximize favorable variances and minimize unfavorable variances All of the above Ideally, cycle time would consist of only which of the following components? Process time Sales time Move time Just-in-time All of the following are key elements of a just-in-time philosophy, except: Increased coordination throughout the value chain Reduced inventory Reduced production times Lack of a need for accurate product cost information