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Chapter 8 Review Farron Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $92 Units in beginning inventory 0 Units produced 3,700 Units sold 8,300 Units in ending inventory 400 Variable costs per unit: Direct materials $13 Direct labour $55 Variable manufacturing overhead $1 Variable selling and administrative $5 Fixed costs: Fixed manufacturing overhead $130,500 Fixed selling and administrative $8,300 1. What was the unit product cost for the month under variable costing? A. $69 B. $74. C. $84. D. $89 2. What was the unit product cost for the month under absorption costing? A. $69. B. $74. C. $84. D. $89. 3. What was the operating income (loss) for the month under variable costing? A. ($17,000) B. $6,000. C. $10,600. D. $16,600.4. What was the operating income (loss) for the month under absorption costing? A. ($17,000). B. $6,000. C. $10,600. D. $16,600. 5. What was the amount of fixed overhead cost in ending inventory under absorption costing? A. $33,600. B. $27,000. C. $6,000. D. SOChapter 9 Review 1. Shawnee Company's sales are 30% in cash and 70% on credit. Sixty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder is uncollectible. The following are budgeted sales data: January February March April Total Sales $60,000 $70,000 $50,000 $30,000 What would be the budgeted total cash receipts in April? a. $27,230 b. $38,900 C. $47,900 d. $36,230 2. Omega Company produces and sells Product AlphaB. To guard against stockouts, the company requires that 20% of the next month's sales be on hand at the end of each month. Budgeted sales of Product AlphaB over the next four months are: June July August September Budgeted Sales (units) 30,000 40,000 60,000 50,000 What would be the budgeted production for August? a. 50,000 units b. 62,000 units C. 70,000 units d. 58,000 units 3. Fletcher Company has a cash balance of $9,000 on April 1. The company must maintain a minimum cash balance of $6,000. During April, expected cash receipts are $45,000. Expected cash disbursements during the month total $52,000. What amount will the company need to borrow during April? a. $2,000 b. $6,000 C. $4,000 d. $8,000Chapter 10 Review 1. Bailey Corporation. incurred 2,300 direct labor hours to produce 600 units of product. Each unit should take 4 direct labor hours. Bailey Corporation applies variable overhead to production on a direct labor hour basis. The variable overhead efficiency variance a. will be unfavorable. b. will be favorable. c. will depend upon the capacity measure selected to assign overhead to production. d. is impossible to determine without additional information. 2. The variance most useful in evaluating plant utilization is the a. variable overhead spending variance. b. fixed overhead spending variance. c. variable overhead efficiency variance. d. fixed overhead volume variance. 3. A favorable fixed overhead volume variance occurs if a. there is a favorable labor efficiency variance. b. there is a favorable labor rate variance. c. production is less than planned. d. production is greater than planned. 4. The fixed overhead application rate is a function of a predetermined activity level. If standard hours allowed for good output equal the predetermined activity level for a given period, the volume variance will be a. zero. b. favorable. c. unfavorable. d. either favorable or unfavorable, depending on the budgeted overhead.Ritchie Company Ritchie Company uses a standard cost system for its production process. Ritchie Company applies overhead based on direct labor hours. The following information is available for July: Standard: Direct labor hours per unit 2.20 Variable overhead per hour $2.50 Fixed overhead per hour (based on 11,990 DLHs) $3.00 Actual: Units produced 4,400 Direct labor hours 8,800 Variable overhead $29,950 Fixed overhead $42,300 5. What is the variable overhead spending variance? a. $7,950 U b. $25 F C. $7,975 U d. $10,590 U 6. What is the variable overhead efficiency variance? a. $9,570 F b. $9,570 U C. $2,200 F d. $2,200 U 7. What is the fixed overhead budget variance? a. $15,900 U b. $6,330 U C. $6,930 U d. $935 F 8. What is the fixed overhead volume variance? a. $6,930 U b. $13,260 U C. SO d. $2,640 F9. Debop Company planned to produce 3,000 units of its single product, the bop, during November. The standards for one bop specify six kilograms of materials at $0.30 per kilogram. Actual production in November was 3,100 bops. There was a favourable materials price variance of $380 and an unfavourable materials quantity variance of $120. Based on this information, what could one assume? A) That more materials were purchased than were used. B) That more materials were used than were purchased. C) That the actual cost per kilogram for materials purchased was less than the standard cost per kilogram. D) That the actual usage of materials was less than the standard allowed.Chapter 11 Review 1. Fenway Market has two stores, F and G. During February, Store F had a segment margin of $10,000, traceable fixed expenses of $26,000 and variable costs of 55% of sales. Fenway Market as a whole had a combined segment margin of 15%, a contribution margin ratio of 40%, and total sales of $180,000. Based on this information, the traceable fixed expenses in Store G were: $19,000 b. $17,000 C. $30,000 d. $36,000 2. The managers of Herwhen want to introduce a new product. The financial information for the most recent year is given below: Sales $63,300,000 Less: Variable Costs $36,720,000 Contribution Margin $26,580,000 Less: Fixed Expenses $22,720,000 Net profit $3,860,000 Operating Assets Employed $23,200,000 The company estimates that the required return on investment should be a minimum of 12%. The sales manager estimates that sales for the new product will be 420,000 units per year if the selling price is $5.20 per unit. Variable costs are estimated to be $2.86 per unit. Fixed costs will increase by $900,000. A budget of $2,000,000 has been agreed for investment in new machinery. Calculate the Return on Investment for the new project. a. 16.9% b. 8.12% C. 4.33% d. 4.14%3. Calculate the existing Return on Investment before the new investment. a. 10.51% 16.64% C. 42.00% d. 60.98% 4. Calculate the ROI after the new investment is accepted. a. 14.1% 14.8% c. 15.65% d. 22.10% 5. Which of the following would be considered an operating asset in return on investment computations? a. Land held for plant expansion b. Treasury Stock c. Accounts receivable d. Common Stock 6. March Company that had current operating assets of one million and net income of $200,000 had an opportunity to invest in a project that requires an additional investment of $250,000 and increased net income by $40,000. The company's required rate of return is 12%. After the investment, the company's residual income will amount to: a. $80,000 b. $85,000 C. $90,000 d. $95,000 7. Foxtrot Co. had average operating assets of $90,000, a turnover rate of 8, and ROI of 48%. Sales for Foxtrot Co. must have been: a. $187,500 b. $345,600 c. $720,000 d. $900,000 8. Using the data from question 7 operating income for Foxtrot Co. must have been: a. $43,200 b. $54,000 c. $72,000 d. $76,0009. Last year, Division A had an ROI of 15% and residual income of $13,500. The division's average operating assets were $450,000. What is the company's minimum required rate of return? a. 10% b. 12%. C. 15%. d. 18%. Chapter 12 N-Air Corporation, which uses a joint process to produce three products: A, B and C, all derived from one input. The company can sell these products at the point of split-off (end of the joint process) or process them further. The joint production costs during October were $10,000. N-Air allocated joint costs to the products in proportion to the relative physical volume of output. Other information follows. If Processed Further Unit Sales Unit Unit Units Price at Sales Additional Product Produced Split-off Price Cost 1,000 $4.00 $5.00 $.75 2,000 2.25 4.00 1.20 1,500 3.00 3.75 90 Assuming sufficient demand exists, N-Air could sell all the products at the prices above at either the split-off point or after further processing. To maximize its profits, N-Air Corporation should Sell product A at split-off and perform additional processing on products B and C Sell product B at split-off and perform additional processing on products C and A Sell product Cat split-off and perform additional processing on products A and B Sell products, A, B, and Cat split-off