Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE PLEASE ANSWER ASAP. THANK YOU! 1. Consider Derek's budget information: materials to be used, $63,000; direct labor, $198,800; factory overhead, $396,100; work in process

PLEASE PLEASE ANSWER ASAP. THANK YOU!

1. Consider Derek's budget information: materials to be used, $63,000; direct labor, $198,800; factory overhead, $396,100; work in process inventory on January 1, $187,100; and work in progress inventory on December 31, $197,400. What is the budgeted cost of goods manufactured for the year?

a.$647,600

b.$657,900

c.$845,000

6. Use the information for the company below to answer the question that follow.

A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data have been provided:

January February March
Cash receipts $1,061,200 $1,182,400 $1,091,700
Cash payments 984,500 1,210,000 1,075,000

What is the amount of cash excess or deficiency (after considering the minimum cash balance required) for February?

a.excess of $109,100

b.excess of $10,900

c.deficiency of $109,100

d.deficiency of $900

d.$197,400

8. If fixed costs are $245,000, the unit selling price is $127, and the unit variable costs are $80, what are the break-even sales in units (rounded to a whole number)?

a.5,213 units

b.1,184 units

c.3,063 units

d.1,929 units

10. Variable costs as a percentage of sales for Lemon Inc. are 61%, current sales are $563,000. and fixed costs are $195,000. How much will operating income change if sales increase by $43,800?

a.$26,718 increase

b.$17,082 decrease

c.$17,082 increase

d.$26,718 decrease

11. Compute conversion costs given the following data: direct materials, $380,800; direct labor, $194,600; factory overhead, $216,400 and selling expenses, $47,000.

a.$597,200

b.$791,800

c.$169,400

d.$411,000

12. The manufacturing cost of Calico Industries for three months of the year are provided below.

Total Cost

Production (units)

April $120,200 283,700
May 90,700 160,100
June 106,600 244,800

Using the high-low method, the variable cost per unit and the total fixed costs are

a.$4.32 per unit and $5,211

b.$2.40 per unit and $5,211

c.$0.43 per unit and $26,056

d.$0.24 per unit and $52,112

15. Use the information below for Nuthatch Corporation to answer the question that follow.

Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of businessSeptember, October, and Novemberare $231,000, $300,000, and $408,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.

The cash collections expected in October from accounts receivable are estimated to be

a.$168,000

b.$135,660

c.$240,408

d.$200,340

18. A firm operated at 80% of capacity for the past year, during which fixed costs were $190,000, variable costs were 61% of sales, and sales were $1,035,000. Operating profit was

a.$213,650

b.$403,650

c.$631,350

d.$170,920

22. Motorcycle Manufacturers, Inc. projected sales of 60,000 machines for the year. The estimated January 1 inventory is 6,440 units, and the desired December 31 inventory is 7,060 units. What is the budgeted production (in units) for the year?

a.60,000

b.59,380

c.46,500

d.60,620

23. Use the information below for Darwin Company to answer the question that follow.

Sales $76,500
Direct materials used 7,300
Depreciation on factory equipment 4,700
Indirect labor 5,900
Direct labor 10,500
Factory rent 4,200
Factory utilities 1,200
Sales salaries expense 15,600
Office salaries expense 8,900
Indirect materials 1,200

Darwin Company's product costs are

a.$24,500

b.$29,200

c.$30,300

d.$35,000

24. Given the following data:

Beginning raw materials inventory $30,000
Materials purchased 65,000
Ending raw materials inventory 40,000

What is the amount of raw materials used?

a.$75,000

b.$55,000

c.$5,000

d.$30,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Explain the use of the employment interview.

Answered: 1 week ago

Question

Identify environmental factors that affect the selection process.

Answered: 1 week ago