Question
Question 4 (2.5 points) Use the following information to answer Questions 4 & 5 Projected cost information for a new product is as follows: Variable
Question 4 (2.5 points)
Use the following information to answer Questions 4 & 5
Projected cost information for a new product is as follows:
| Variable manufacturing costs: | $8 per unit |
| Variable selling costs: | $2 per unit |
| Fixed manufacturing costs: | $25,000 |
| Fixed selling costs: | $45,000 |
The product is to be sold at $18 per unit Determine the break-even point for this product (in $)?
Question 4 options:
| $45,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $157,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $8,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $126,000
Use the following information to answer Questions 8 & 9: The following information has been projected for Sommers Inc. for March:
The selling price is $40 per unit. Each unit requires 4 pounds of material which costs $6 per pound. The beginning inventory of raw materials is 12,000 pounds. The company wants to have 3,000 pounds of material in inventory at the end of March. Determine Sommers' budgeted production for March? Question 8 options:
Save Question 9 (2.5 points)  Use the following information to answer Questions 8 & 9: The following information has been projected for Sommers Inc. for March:
The selling price is $40 per unit. Each unit requires 4 pounds of material which costs $6 per pound. The beginning inventory of raw materials is 12,000 pounds. The company wants to have 3,000 pounds of material in inventory at the end of March. Determine the budgeted material purchases (in $) for March? Question 9 options:
Save Question 10 (2.5 points)  Gastone Inc. has estimated the following forecasted sales for a 3-month period:
On average, 60% of sales are collected in the month of sale, 39% in the following month, and the remaining 1% is never collected. Determine the budgeted cash receipts for September? Question 10 options:
Save Question 11 (2.5 points)  Polar Fans has prepared all the necessary budgets and is attempting to prepare their forecasted income statement. The budgeted total manufacturing cost is $600,000, the budgeted beginning and ending WIP balances are $120,000 and $170,000 respectively, the budgeted costs of goods manufactured is $550,000, and the budgeted beginning and ending FG inventories are $60,000 and $78,000 respectively. Determine the budgeted cost of goods sold for Polar Fans? Question 11 options:
Save Question 12 (2.5 points)  The following information was reported for Lake Co.:
How much cash will Lake Co. have to borrow to meet its cash balance requirements? Question 12 options:
Save Question 13 (2.5 points)  Garth Inc. has determined the following monthly budget numbers based on a budgeted production level of 2,000 units:
The actual production level during February was 3,000 units. Based on the information provided, determine the direct material & factory property taxes, respectively, for February. Question 13 options:
Save Question 14 (2.5 points)  Excel Co. has collected the following data for April: Budgeted direct labor: 3 hours per unit at $6 per hour Direct labor efficiency variance: $1,200 (U) Actual direct labor cost: $28,900 Units produced: 1,600 Determine the actual number of direct labor hours worked in April? Question 14 options:
Save Question 15 (2.5 points)  What type of direct material variances for quantity and price will arise if the actual number of pounds of material used exceeds budgeted pounds but actual cost per pound is less than budgeted cost per pound? Question 15 options:
Save Question 16 (2.5 points)  Use the following information to answer Questions 16-20 The budgeted and actual costs at Goodyear Company is as follows:
The budgeted cost and actual cost, respectively, of producing one tire is (to the nearest $) Question 16 options:
Save Question 17 (2.5 points) 
Use the following information to answer Questions 16-20
The budgeted and actual costs at Goodyear Company is as follows:
The direct labor efficiency variance is: Question 17 options:
Save Question 18 (2.5 points) 
Use the following information to answer Questions 16-20
The budgeted and actual costs at Goodyear Company is as follows:
The direct materials quantity variance is: Question 18 options:
Save Question 19 (2.5 points) 
Use the following information to answer Questions 16-20
The budgeted and actual costs at Goodyear Company is as follows:
The direct materials price variance is: Question 19 options:
Save Question 20 (2.5 points) 
Use the following information to answer Questions 16-20
The budgeted and actual costs at Goodyear Company is as follows:
The direct labor rate variance is: Question 20 options:
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Modern Internal Auditing An Operational Approach
Authors: Victor Zinn Brink
3rd Edition
0471065242, 978-0471065241
