Part 1 (20 marks) Multiple-Choice Questions Question 1 The CWB Division produced the following financial results that covered all of its responsibilities for the last month. Which type of responsibility center do these financial results reflect? A. Cost center B. Revenue center C. Investment center D. Profit center Question 2 Which of the following budgets does not provide information needed for the budgeted income statement? A. Cost of goods sold budget B. Selling and administrative expense budget C. Sales budget D. Cash Budget Question 3 Momix Corp. has two divisions, King and Queen. King produces a widget that Queen could use in its production. King's variable costs are $5 per widget while the full cost is $8. Widgets sell on the open market for $14 each. If King is operating at full capacity, what would be the cost savings if the transfer were made and Queen currently is purchasing 145,000 units on the open market? A. $0 B. $700,000 C. $800,000 D. $1,200,000 Bin Company has a direct labor standard of 10 hours per unit of output. Each employee has a standard wage rate of $10 per hour. During May, employees worked 13,000 hours. The direct labor rate variance was $9,100 favorable; the direct labor efficiency variance was $15,000 unfavorable. How many units were produced? A. 800 units B. 600 units C. 1,250 units D. 1,150 units Question 5 Takashi Ltd has a budget of $600,000 cash and is considering the following three independent projects: Which of the following is correct? A. Takashi Ltd should invest in project B only. B. Takashi Ltd should invest in projects A and B. C. Takashi Ltd should invest in projects A, B, and C. D. Takashi Ltd should invest in projects A and C