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Q1) Blaircraft company manufactures a product which requires four pounds of raw material for each unit produced. For the next year beginning inventory of raw materials is 7700 pounds. The raw material inventory at the end of each quarter should be 10% of the next quarter's raw materials needed for production. Given the projected production in units below, what is the quantity of raw materials which need to be purchased for the third quarter. Quarter 1 Expected production units: 2 67,00 4,700 3 4 7,700 5,700 A. 31600 pounds B. 30,800 pounds C. 30,000 pounds D. 60,000 pounds E. 7,900 pounds Q2 Ecology Co. sells a biodegradable product called Dissol and has the following sales for the first four months of the current year: Sales in units Jan 2300 Feb 2500 Mar 2700 April 2200 Ending inventory for each month should be 22% of the next month's sales and the December 31 inventory is consistent with that policy. How many units should be purchased in Frbruary? A. 2,744 B. 594 C. 2,544 D, 2,344 E. 2,244 Q3 Use the following information to determine the margin of safety in dollars: (Round contribution margin ratio to three decimal places) Unite sales 50,600 Dollar sales $507,000 Fixed costs $205,100 Variable costs $188,100 A. $185,927 B. $187,927 C. $188,427 D. $180,927 E. $186,927 Q4 Matrix company is trying to decide how many units of merchandise to order each month. The company's policy is to 20% of the next month's sales in inventory at the end of each month. Projected sales for Aug, Sept and Oct are 60,000 units, 50,000 units and 60,000 units, respectively. How many units must be purchased in September? A. 10,000 B. 52,000 C. 22,000 D. 12,000 E. 50,000 Q5 A department store has a budgeted sale of 14,500 men's suits in June. Management wants to have 7,600 suits in inventory at the end of the month to prepare for winter season. Beginning inventory for the month is expected to be 7,400 suits. What is the dollar amount of purchase of suits? A. $1,768,000 B. $1,752,000 C. $,,160,000 D. $1,076,000 E. $1,176,000 Q6 Assume Martin Guitar Company has a standard of 3 hours of direct labor per unit produced and $20.1 per hour of the labor rate. During last period the company used 23,900 hours of direct labor at a $456,490 total cost to produce 7,100 units. Compute the direct labor rate and efficiency variances. A. B. C. D. E. Rate variance :$23,900 unfavorable; Efficiency variance: $52,260 favorable. Rate variance :$23,900 favorable; Efficiency variance: $52,260 unfavorable. Rate variance :$28,360 favorable; Efficiency variance: $28,360 unfavorable. Rate variance :$52,260 favorable; Efficiency variance: $23,900 unfavorable. Rate variance :$52,260 unfavorable; Efficiency variance: $23,900 unfavorable. Q7 The following data relates to Metal company's estimated amounts for next year. Estimated Manufacturing overhead costs Direct labor hours Machine hours Department 1 $2,800,000 620,000 DLH 60,000 MH Department 2 $5,000,000 610,000 DLH 71,000 MH What is the company's plantwide overhead rate if direct-labor hours are the allocation base? A. $39.44 per direct labor hours B. $4.34 per direct labor hours C. $59.54 per direct labor hours D. $7.34 per direct labor hours E, $6.34 per direct labor hours Q8 Aztec industries bread which goes through two operations, mixing and baking, before it is ready to be packaged. Next year's expected costs and activities are shown below Direct labor hours Machine hours Over head costs Mixing 450,000 DLH 1,200,000 MH $900,000 Baking 80,000 DLH 1,200,000 MH $467,500 1) Compute Aztec's departmental overhead rate for the baking department based on machine hours. A. $2.00 per MH B. $5.50 per MH C. $0. B. 75 per MH D. $0.39 per MH E. $2.57 per MH 2) Compute Aztec's departmental overhead rate for the mixing department based on machine hours. A. $2.00 per MH B. $5.50 per MH C. $0.75 per MH D. $0.39 per MH E. $2.75 per MH Q9 A company had a $24,864 favorable direct labor efficiency variance during a time period when the standard rate per direct labor hour was $22.2 and the actual rate per direct labor hour was $21.2 If the standard direct labor hours allowed for production were 5,240 what is the amount of actual direct labor hours worked during this period? A. 6,360 hours B. 4,120 hours C. 91,464 hours D. 116,328 hours E. 24,864 hours Q10 A company's product sells at $28.00 per unit and has a $13.00 per unit variable cost. The company's total fixed costs are $222,000. The break-even point is? A. 5,415 B. 7,400 C. 7,929 D. 14,800 E. 17,077 Q11 Gage company reports the following information for its first year of operations. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 8,200 7,700 $21.80 per unit $29.80 per unit 7 in total $63,960 in total If the company's cost per unit of finished goods using variable costing is $62.40, what is total variable overhead? A. $24,600 B. $83,160 C. $788,560 D. $23,100 E. $20,447 Q12 Chance Inc. sold 2,600 units of its product at a price of $114 per unit. Total variable cost per unit is $79, consisting of $46 in variable production cost and $33 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing. A. $119,600 B. $91,000 C. $176,800 D. ($114,400) E. $296,400 Q13 A company manufactures and sells a product for $115 per unit. The company's fixed costs are $70,000 and its variable costs are $90 per unit. The company's break-even point in dollars is: A. $70,000 B. $318,182 C. $388,182 D. $778 E. $69,885 Q14 Big company manufactures keyboards. Management wishes to develop budgets for the upcoming quarter based on the following data: Sales in units Selling price per unit Inventory at beginning of the quarter (FG) Desired ending inventory (FG) Direct materials per unit Plastic inventory at beginning of quarter Desired ending inventory of plastic Plastic cost 720 units $78 72 units 122 units 4 ounces plastic 128 ounces 76 ounces $0.26 per ounce Compute the budgeted quantity of plastic which needs to be purchased for the next quarter. A. 770 ounces B. 3,028 ounces C. 3,132 ounces D. 718 ounces E. 822 ounces Q15 A company reports the following information for its first year of operations Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 560 units 410 units $725 per unit $975 per unit ? in total $266,000 in total If the company's cost per unit of finished goods using variable costing is $2,350 what is the total variable overhead? A. $194,750 B. $71,750 C. $266,500 D. $364,000 E. $98,000