Question
The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: January 1 finished goods, $765,000;
The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: January 1 finished goods, $765,000; December 31 finished goods, $640,000; and cost of goods sold, $2,560,000. The budgeted costs of goods manufactured is
Group of answer choices
$2,435,000
$2,560,000
$3,965,000
$1,405,000
Flag this Question
Question 21 pts
Detailed supplemental schedules based on department responsibility are often prepared for major items in the operating expenses budget.
Group of answer choices
True
False
The master budget of a small manufacturer would normally include all necessary component budgets except the budgeted balance sheet.
Group of answer choices
True
False
A budget can be an effective means of communicating managements plans to the owners of a business.
Group of answer choices
True
False
Flag this Question
Question 51 pts
Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX | Product ZZZ | |
Estimated beginning inventory | 32,000 units | 20,000 units |
Desired ending inventory | 34,000 units | 17,000 units |
Region I, anticipated sales | 320,000 units | 260,000 units |
Region II, anticipated sales | 180,000 units | 140,000 units |
The unit selling price for product XXX is $5 and for product ZZZ is $15.
Budgeted production for product ZZZ during the month is
Group of answer choices
417,000 units
380,000 units
403,000 units
397,000 units
The budgetary unit of an organization which is led by a manager who has both the authority over and responsibility for the unit's performance is known as a
Group of answer choices
control center
responsibility center
managerial department
budgetary area
Osprey Cycles, Inc. projected sales of 75,000 bicycles for the year. The estimated January 1 inventory is 5,000 units, and the desired December 31 inventory is 8,000 units. What is the budgeted production (in units) for the year?
The financial budgets of a business include the cash budget, the budgeted income statement, and the budgeted balance sheet.
Group of answer choices
True
False
Gilberts expects its September sales to be 20% higher than its August sales of $150,000. Manufacturing costs were $100,000 in August and are expected to be $120,000 in September. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Payments of manufacturing costs are as follows: 25% in the month of production and 75% in the following month. The beginning cash balance on September 1 is $7,500. The ending balance on September 30 would be
Group of answer choices
$61,500
$72,300
$75,000
$71,500
Past performance is the best overall basis for evaluating current performance and assessing the need for corrective action.
Group of answer choices
True
False
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started