Name: Dane I. The initial budget prepared in the master budget is the A) sales budget. B) production badget C) budgeted balance sheet. D) budgeted income statement 2. Which statement is true? A) A project with an internal rate of return that is acro or positive is acceptable. B) A project with a net present value that is zero is acceplable C) Petential salvage value is ignored as a noncash flow item D) The internal rate of return method cannot be calculated when unequal annual cash inflows exist would occur if 3. An unfavorable materials quantity variance A) more materials are purchased than are used. B) actual pounds of materials used were less than the standard labor hours. C) actual labor hours were greater than the standard labor hours allowed. D) actual pounds of materials used were greater than the standard pounds allowed. 4. A company uses 30,000 pounds of materials for which the price paid was S3.50 pound. The materials price variance was $3,000 favorable. What is the standard price per pound? A) $10.00 30, 0OO B) $3.90 33 30,0 S3.70X 30 x39u D) S13.80 14,00o A company uses 2,400 pounds of materials and exceeds the standard by 80 pounds. The quantity variance is $40 unfavorable. What is the standard price? A) $2.00 B) $62.00 2400 1320 C) S5.00 XS0U D) S0.50 . 00i 0