PART 6 (6 points) Please answer gny 3 of the following multiple choice questions. Record your answers on the lines provided. Do not answer more than 3 questions as only your first 3 annwers will be graded -1. 3. Normal standards: Standards differ from budge (a) budgets are a total amount and standards are a (a) allow for rest periods, machine breakdouns, and (b) represent levels of performance under perfect (c) are rarely used because managers bellieve they (d) are more likely than ideal standards to result in setup time operating conditions. lower workforce morale unethical practices unit amoun (b) only (c) budgets but not standards may be used in valuing (d) budgets but not standards may be journalized contribute to management planning and control. inventories -4, 2. Generally accepted accounting principles allow a- which of the following-lot be an objective used in the customer perspective of the balanced scorecard company to: (a) report inventory at standard cost but cost of goods (b) report cost of goods sold at standard cost but (c) report inventory and cost of goods sold at stan- sold must be reported at actual cost inventory must be reported at actual cost ences between actual and standard cost (a) Earnings per share (b) Customer retention. ic) Brand recognition. id) Percentape of customers who would recommend dard cost as long as there are no significant differ product to a friend ld) report inventory and cost of goods sold only at actual costs; standard costing is never permitted PART 7 (8 points) Instructions: From the account balances listed below, prepare on the back of the separetely distributed cencrel ieurnel pexe a "Schedule of Cost of Goods Manufactured" for Craig Manufacturing Company for the month ended April 30, 2014. Be sure to print your name on the general journal page Finished Goods Inventory, April 30 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, April 1 Work In Process Inventory, April 30 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, April 1 Raw Materials Purchases Work In Process Inventory, April 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, April 30 Sales Returns and Allowances $54,000 14,000 18,000 22,000 15,000 14,000 8,000 35,000 75,000 10,000 6,000 85,000 14,000 5,000 17,000 Indirect Labor PAGE S