Posted: June 20th, 2024

Indiana Tech ACCOUNTING acc McCabe Manufacturing Co.’s static budget at 8,000 units

Please email me your answers to the essay/shortanswer questions on the exam. Do not pasteyour answers into the text box. DO NOTPLAGIARIZE. DO NOT TAKE WORD FOR WORDFROM ANY ONLINE SITE.1. McCabe Manufacturing Co.’s static budget at 8,000 units of production includes $40,000for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 9,000units of production, a flexible budget would show:variable costs of $49,500 and $25,875 of fixed costsvariable costs of $44,000 and $23,000 of fixed costsvariable costs of $49,500 and $23,000 of fixed costsvariable and fixed costs totaling $75,3752 pointsQuestion 21.For January, sales revenue is $600,000; sales commissions are 5% of sales; the salesmanager’s salary is $96,000; advertising expenses are $80,000; shipping expenses total 2% ofsales; and miscellaneous selling expenses are $2,100 plus 1/2 of 1% of sales. Total sellingexpenses for the month of January are:$157,100$223,100$183,750$182,1002 pointsQuestion 31.Machine Manufacturers, Inc. projected sales of 66,000 machines for 2008. The estimatedJanuary 1, 2008, inventory is 6,500 units, and the desired December 31, 2008, inventory is7,000 units. What is the budgeted production (in units) for 2008?65,50066,00066,50065,0002 pointsQuestion 41.Mancini Corporation sells a single product. Budgeted sales for the year are anticipated tobe 640,000 units, estimated beginning inventory is 108,000 units, and desired endinginventory is 90,000 units. The quantities of direct materials expected to be used for each unitof finished product are given below.Material A .50 lb. per unit @ $ .60 per poundMaterial B 1.00 lb. per unit @ $1.70 per poundMaterial C 1.20 lb. per unit @ $1.00 per poundThe dollar amount of direct material A used in production during the year is:$186,600$181,200$240,000$210,6002 pointsQuestion 51.The Martin Company had a finished goods inventory of 55,000 units on January 1. Itsprojected sales for the next four months were: January – 200,000 units; February – 180,000units; March – 210,000 units; and April – 230,000 units. The Martin Company wishes tomaintain a desired ending finished goods inventory of 20% of the following months sales.What would be the budgeted inventory for March 31st?46,00036,000Cannot be determined from the data given42,0002 pointsQuestion 61.OneSystem treasurer has accumulated the following budget information for the first twomonths of the coming year:Sales.Manufacturing costsSelling and administrativeexpensesCapital additions2.One System expects to sell about 35% of its merchandise for cash. Of sales on account,80% are expected to be collected in full in the month of the sale and the remainder in themonth following the sale. One-fourth of the manufacturing costs are expected to be paid in themonth in which they are incurred and the other three-fourths in the following month.Depreciation, insurance, and property taxes represent $6,400 of the probable monthly sellingand administrative expenses. Insurance is paid in February and a $40,000 installment onincome taxes is expected to be paid in April. Of the remainder of the selling andadministrative expenses, one-half are expected to be paid in the month in which they areincurred and the balance in the following month. Capital additions of $250,000 are expectedto be paid in March.Current assets as of March 1 are composed of cash of $45,000 and accounts receivable of$51,000. Current liabilities as of March 1 are composed of accounts payable of $121,500($102,000 for materials purchases and $19,500 for operating expenses). Management desiresto maintain a minimum cash balance of $20,000.Prepare a monthly cash budget for March and April.Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Path: pWords:020 pointsQuestion 71.SOM Company was organized on August 1 of the current year. Projected sales for thenext three months are as follows:AugustSeptemberOctober2.SOM expects to sell 40% of its merchandise for cash. Of the sales on account, one third areexpected to be collected in the month of the sale and the remainder in the following month.Prepare a schedule indicating cash collections of accounts receivable for August, September,and October.Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Path: pWords:020 pointsQuestion 81.The standard costs and actual costs for direct materials for the manufacture of 2,500actual units of product are as follows:Standard CostsDirect materials2,500 kilograms @ $8Actual CostsDirect materials2.The amount of the direct materials quantity variance is:2,600 kilograms @ $8.75$875 favorable$800 unfavorable$800 favorable$875 unfavorable2 pointsQuestion 91.The following data relate to direct materials costs for November:Actual costsStandard costs2.3.What is the direct materials price variance?$2,250 favorable$2,250 unfavorable4,600 pounds at $5.504,500 pounds at $6.00$2,300 favorable$1,700 unfavorable2 pointsQuestion 101.The following data relate to direct labor costs for the current period:Standard costsActual costs2.What is the direct labor time variance?7,500 hours at $11.606,000 hours at $12.00$3,000 favorable$15,000 unfavorable$2,400 favorable$17,400 favorable2 pointsQuestion 111.The following data relate to direct labor costs for the current period:Standard costsActual costs2.What is the direct labor rate variance?6,000 hours at $12.007,500 hours at $11.60$15,000 unfavorable$3,000 favorable$17,400 unfavorable$2,400 favorable2 pointsQuestion 121.The standard costs and actual costs for factory overhead for the manufacture of 2,500units of actual production are as follows:Standard CostsFixed overhead (based on 10,000 hours)Variable overheadActual Costs3 hours @ $.80 per hour3 hours @ $2 per hourTotal variable cost, $18,000Total fixed cost, $8,0002.3.The amount of the factory overhead volume variance is:$2,000 favorable$2,000 unfavorable$2,500 unfavorable$02 pointsQuestion 131.Emerald Company produces a chair that requires 5 yds. of material per unit. The standardprice of one yard of material is $7.50. During the month, 8,500 chairs were manufactured,using 43,700 yards at a cost of $7.60. Determine the (a) price variance, (b) quantity variance,and (c) cost variance.Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Path: pWords:020 pointsQuestion 141.Virtue Manufacturing Finishing Dept. prepared the following factory overhead costbudget for October of the current year, during which it expected to operate at a 100% capacityof 10,000 machine hours:Variable cost:Indirect factory wagesPower and lightIndirect materialsTotal variable costFixed cost:Supervisory salariesDepreciation of plant andequipmentInsurance and property taxesTotal fixed costTotal factory overhead2.During October, the plant was operated for 9,000 machine hours and the factory overheadcosts incurred were as follows: indirect factory wages, $16,400; power and light, $10,000;indirect materials, $3,000; supervisory salaries, $12,000; depreciation of plant and equipment,$8,800; insurance and property taxes, $3,200.Prepare a factory overhead cost variance report for October. (The budgeted amounts for actualamount produced should be based on 9,000 machine hours.)Press Tab to enter the content editor. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).Path: pWords:020 pointsSave and SubmitClick Save and Submit to save and submit. Click Save All Answers to save all answers.Save and Submit

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