Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thank you so much in advance! ill make sure to like for all the help 31. Marie's Muffins is a wholesaler that sells baked goods

Thank you so much in advance! ill make sure to like for all the help
image text in transcribed
31. Marie's Muffins is a wholesaler that sells baked goods to local restaurants, bakeries, and coffee shops. All of their sales are on account and they estimate the following sales figures for the next 3 months: April: $6,200 May: $7,000 June: $6,800 Marie's Muffins has the following collection pattern for their sales: 70% in month of sales; 20% in month after sale: 5% in second month after sale; 5% uncollectible. What are Marie's budgeted cash receipts for June? a) $4,760 b) $6,470 c) $6,160 d) $6,800 32. A company is preparing a production budget and has budgeted sales in units as follows: April May June July 8,000 10,000 11,000 11,500 Management of the company wants their ending inventory to be 10% of the following month's budgeted sales in units. Ending inventory on March 31 was 800 units. What is the required production for May? a) 10,300 units b) 10,100 units c) 12,100 units d) 9,900 units 33. Classify these costs as either product or period costs in order from first to last: (1) Sales commissions (2) Indirect materials (3) Shipping costs (4) Direct labor a) Period; product; period; product b) Period; period; product; period c) Period; period, product; product d) Period; period; period; product 34. Assume the Personal Training Division of Health Inc. is operated as an investment center. Sales for the division were budgeted for the year at $415,000. Total variable costs were budgeted at $190,000. Total controllable fixed costs were budgeted at $85,000. Actual results were as follows: Sales $400,000 Variable Costs $180,000 Fixed Costs $87,000 Calculate the variance for variable costs a) $10,000 favorable b) $180,000 favorable c) $180,000 unfavorable d) $10,000 unfavorable

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

Recommended Textbook for

Essentials Of Forensic Accounting

Authors: Michael A Crain, William S Hopwood

2nd Edition

1948306441, 978-1948306447

More Books

Students also viewed these Accounting questions