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1. A department store has budgeted cost of sales of $36,000 for its men's suits in March Management also wants to have $15,000 of men's suits in inventory at the end of March to prepare for the summer season. Beginning inventory of men's suits for March is expected. $9,000. What dollar amount of men's suits should be purchased in March? A) $42,000 B) $45,000 C) $51,000 D) $60,000 2. Argyle Company is preparing the operating budget for the first quarter of 2012. They forecast sales of $50,000 in January, $s60.000 in February, and $70,000 in March. Variable and fixed expenses are as follows: Power cost (40% of Sales) Miscellaneous expenses (5% of Sales) Variable: Salary expense; $8,000 per month Rent expense: Fixed: $5,000 per month Depreciation expense: $1,200 per month Power cost/fixed portion: $800 per month Miscellancous expenses/fixed portion: $1,000 per month How much is the total operating expense for January? A) $38,500 B) $47,500 C) $41,700 D) $43,000 3. Wheeler Company is a price-taker and uses a target-pricing approach. Refer to the following information: Production volume Market price Desired operating income Total assets 600,000 units per year $32 per unit 17% of total assets $13,700,000 What is the desired profit for the year? A) $102,000 B) $19,200,000 C) $5,500,000 D) $2,329,000 its in March. dof March to expected to be Lowwater Sailmakers manufactures sails for sailboats. The company has the capacity to produce 25,000 sails per year, and is currently producing and selling 20,000 sails per year. The following information relates to current production: 4. $150 est Sale price per unit Variable costs per unit: Manufacturing Marketing and administrative Total fixed costs: Manufacturing Marketing and administrative $55 $25 $640,000 $280,000 If a special sales order is accepted for 5,000 sails at a price of $125 per unit, and Marketing and Administrative variable cost are reduced by $10 per unit, what is the change in operating income? boi A) Operating income decreases $500,000. B) Operating income increases $225,000. C) Operating income decreases $275,000. D) Operating income increases $350,000. Burr Hill golf course is planning for the coming season. Investors would like to carn a 10% return on the company's $50 million of assets. The company primarily incurs fixed costs to groom the greens and fairways. Fixed costs are projected to be $25,000,000 for the golfing season. About 500,000 golfers are expected each year. Variable costs are about $10 per golfer. The Burr Hill golf course is a pricc-taker and won't be able to charge more than its competitors who charge $75 per round of golf. What profit will it carn in terms of dollars? 5. A) $2,500,000 B) S7,500,000 C) $35,700,000 D) $32,500,000 Which of the following businesses is most likely to use a process costing system? A) a baker producing cakes to order B) a legal service provider C) an audit service provider D) a candy manufacturer 6. The following information relates to Wagner, Inc.: $10,600 17,600 1300 200 10,500 10.000 1000 51,000 2500 530,000 4700 7. Advertising Costs Administrative Salaries Delivery Vehicle Depreciation Factory Repair and Maintenance Indirect Labor Indirect Materials Manufacturing Equipment Depreciation Office Rent President's Salary Sales Revenue Sales Salary How much were Wagner's period costs? A) S87,700 B) $21,700 C) $534,700 D) $7200 8. Arabica Manufacturing uses a predetemined overhead allocation rate based on the number of machine hours. At the beginning of the year, it estimated total manufacturing overhead costs to be $1,010,000, total number of direct labor hours to be 5000, and total number of machine hours to be 25,000 hours. What was the predetermined overhead allocation rate? (Round your answer to the nearest cent.) A) $202.00 per machine hour B) $33.67 per direct labor hour C) $40.40 per machine hour D) $50.50 per direct labor hour 9. Capital budgeting is the A) process of planning for investments in long-term assets B) preparation of the budget for operating expenses C) process of evaluating the profitability of a business D) process of making pricing decisions for products Material Cost Per Yard Yards per Unit Standard $2.00 Actual $2.04 4.75 yards 9.450 Units of Production 5 yards 10. Calculate the Direct Materials Price variance using the above information: a. $1,795.50 Favorable b. $378 Favorable c. $1,795.50 Unfavorable d. $378 Unfavorable 11. Calculate the Direct Materials Quantity variance using the above information: a. $2,929.50 Unfavorable b. $2,929.50 Favorable c. $4,725 Unfavorable d. $4,725 Favorable 12. Closet Links Clothing Company provided the following marufacturing costs for the month of June. Direct labor cost Direct materials cost Equipment depreciation Kstraight-line) Factory insurance Factory manager's salary Janitor's salary Packaging costs Property taxes $138,000 85,000 24,000 19,000 11,000 3000 19,200 14,000 From the above information, calculate Closet Link's total variable costs. A) $313,200 B) $71,000 C) $242,200 D) $223,000 1galo sldat 13. A cellphone service provider charges $5.00 per month and $0.20 per minute per call. If a customer's current bill is $55, how many minutes did the customer use? (Round any internediate calculations and your final answer to the nearest whole minute.) A) 275 minutes B) 300 minutes C) 250 minutes D) 225 minutes ariable cost is $25 per unit. Calculate the Total contribution margin. A)S135,000 B) So0000 C)S75,000 D) 837,500 The 14. Sumhine Blender Comnpany sold 3000 units in October at a sales price of $45 per unit 1S. Carrabelle Company has provided the following information: $56 Sales price per unit Variable cost per unit Fixed costs per month lulete the contribution margin ratio. (Round your answer to two decinal places 12 $12,000 A) 21.43% B) 82.35% C) 64.71% D) 78,57% 16. Yan Basket, Ltd., sells hand-knit scarves. Each scarf sells for $40. The company pays $150 to rent a vending space for one day. The vanable costs are $10 per scarf. What total revonue unt does the company need to earn to break even per day? (Round any percentages to two decimal places and your final answer to the nearest cent,) A) $700.73 3) $200.00 C) $150.17 D) $30.00 17. Which of the following most accurately describes an annuity? A) an investment which produces increasing cash flows over time B) a series of unequal cash payments made at equal time intervals C) a stream of equal cash payments made at equal time intervals D) a term that does not apply to mortgage payable or bond payable 18. Which of the following is considered a period cost under variable costing but not under absorption costing? A) fixed selling and administrative costs B) variable manufacturing costs C) fixed manufacturing overhead D) variable selling and administrative costs nl che Tatal contrihuin ales price of $45 per unit. The mation: 19. Emerald Pools, Inc. has provided the following information for the year. Units produced Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administration costs Fixed selling and administration costs 14,000 units $700 per unit $25 per unit $45 per unit $50 per unit $470,000 per ycar places.) $90 per unit $260,000 per year s What is the unit product cost using absorption costing? (Round any intermediate caleulations and your final answer to the nearest dollar.) A) S70 B) S154 C) $160 D) S120 20. Sequoyah, Inc. reports the following information: 540 units 540 units $160 per unit $30 per unit $15 per unit $10 per unit $20.000 per ycar Units produced Units sold Sales price Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative $5 per unit $10,000 per year costs Fixed selling and administrative costs What is the unit product cost using variable costing? A) $60 B) $82 C) $55 D) $105 21. Georgia Con uses the indirect method to prepare the statement of cash flows Refar lowing section of the comparative balance sheet: Georgia Corp. Comparative Balance Sheet December 31, 2019 and 2018 2019 $45,000 48,000 180,000 $273.000 Increase/(Decrease) $18,000 3,000 48,000 $69,000 2018 $27,000 45,000 132.000 $204,000 Cash Accounts Receivable Merchandise Inventory Total Assets How will the change in Accounts Receivable be shown on the statement of cash flows? A) addition to net income under the operating activities section B) subtraction from net income under the operating activities section C) positive cash flow under the financing activities section D) negative cash flow under the investing activities section 22. Which of the following describes the financing activities section of the statement of cash flows? A) It includes increases and decreases in long-term assets. B) Ik includes cash inflows and outflows related to long-term liabilities and equity. C) It includes interest and dividend income and cash payments for interest expense. D) It reports on activities that create revenue or expenses for the entity's business. 23. Which of the following describes the operating activities section of the statement of cash flows? A) It reports cash receipts and cash payments that increase or decrease long-term assets. B) It includes cash inflows and outflows related to long-term liabilities and equity. C) It reports on activities that create revenue or expenses for the entity's business. D) It reports on how cash flows affect the total assets and total liabilities. pash flows. Refer to the 24. Nubela Manufacturing is considering two alternative investment proposals with the following data: Proposal X Proposal Y $10,700,000 5 years Investment Useful life Estimated annual net cash inflows for 5 $580,000 5 years Vears Residual value Depreciation method Required rate of return $103,000 $26,000 Straight-lind Straight-line 13% $2,140,000 $50,000 12% Calculate the payback period for Proposal X. A) 5 years B) 4 years C) 9 years D) 8 years 25. Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end: Job 5 $1.500 800 200 Not Nov 1 completed N/A N/A Job 3 $7,500$4300 20,00013,900 6,0002000 Job 4 Job 1 $1,000 12,000 1,500 Job 2 $3000 Direct Materials Direct Labor Allocated Mlg. Overhead 12,600 7900 Oct 15 Not sold Not sold N/A Sep 1 Jun 30 Job completed: Job sold: Revenues: Sep 12 Jul 10 N/A $25,000 $39,000 What was the balance in Finished Goods Inventory at year-end? A) $33,800 B) $20,200 C) $43,700 D) $23,500