Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $120, 000 $79, 800 $24, 400 February 110, 000 67, 800 24, 600 March 125, 000 83, 050 27, 400 April 130, 000 86, 300 29, 000 Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% in the second month following sale. One percent of sales is uncollectible and expensed at the end of the year. Morgan pays for all purchases in the month following purchase and takes advantage of a 3% discount. The following balances are as of January 1: Cash $88, 000 Accounts receivable* 000' 85 Accounts payable 72, 000 *Of this balance, $25,000 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $5,000 of depreciation. The expenses are paid in the month incurred. Morgan's expected cash balance at the end of February is: Multiple Choice $87,400. $110,754. $92,400. O $94,560. O $89,560.TB MC Qu. 2-29 The accounting records of Dixon Company revealed... The accounting records of Dixon Company revealed the following costs: direct materials used, $360,000; direct labor, $445,000; manufacturing overhead, $378,000; and selling and administrative expenses, $290,000. Dixon's product costs total: Multiple Choice O $1,183,000. $893,000. O $1,095,000. O $1,473,000. O None of the answers is correct.TB MC Qu. 7-26 Narchie sells a single product for... Narchie sells a single product for $60. Variable costs are 70% of the selling price, and the company has fixed costs that amount to $427,500. Current sales total 24,500 units. If Narchie sells 27,000 units, its safety margin will be: Multiple Choice O $195,000. O $427,500 O $1,425,000. O $1,620,000. O None of the answers is correct.TB MC Qu. 8-32 Vega Enterprises has computed... Vega Enterprises has computed the following unit costs for the year just ended: Direct material used $ 12 Direct labor 17 Variable manufacturing overhead 24 Fixed manufacturing overhead 32 Variable selling and administrative cost 9 Fixed selling and administrative cost 16 Under absorption costing, each unit of the company's inventory would be carried at: Multiple Choice $33 O $53 O $62. O $85. O None of the answers is correct