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accounting assignment latest 2016
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ANY ONLINE SITE. 1. McCabe
Manufacturing Co.'s static budget at 8,000 units of production includes $40,000
for direct labor and $4,000 for electric power. Total fixed costs are $23,000.
At 9,000 units of production, a flexible budget would show: variable
costs of $49,500 and $25,875 of fixed costs variable
costs of $44,000 and $23,000 of fixed costs variable
costs of $49,500 and $23,000 of fixed costs variable
and fixed costs totaling $75,3752 points Question 21. For
January, sales revenue is $600,000; sales commissions are 5% of sales; the
sales manager's salary is $96,000; advertising expenses are $80,000; shipping
expenses total 2% of sales; and miscellaneous selling expenses are $2,100 plus
1/2 of 1% of sales. Total selling expenses for the month of January are: $157,100 $223,100 $183,750 $182,1002 points Question 31. Machine
Manufacturers, Inc. projected sales of 66,000 machines for 2008. The estimated
January 1, 2008, inventory is 6,500 units, and the desired December 31, 2008,
inventory is 7,000 units. What is the budgeted production (in units) for 2008? 65,500 66,000 66,500 65,0002 points Question 41. Mancini
Corporation sells a single product. Budgeted sales for the year are anticipated
to be 640,000 units, estimated beginning inventory is 108,000 units, and
desired ending inventory is 90,000 units. The quantities of direct materials
expected to be used for each unit of 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 points Question 51. The
Martin Company had a finished goods inventory of 55,000 units on January 1. Its
projected sales for the next four months were: January - 200,000 units; February
- 180,000 units; March - 210,000 units; and April - 230,000 units. The Martin
Company wishes to maintain a desired ending finished goods inventory of 20% of
the following months sales.What would be the budgeted inventory for March 31st? 46,000 36,000 Cannot
be determined from the data given 42,0002 points Question 61. OneSystem
treasurer has accumulated the following budget information for the first two
months of the coming year: March AprilSales. $450,000 $520,000Manufacturing costs
290,000 350,000Selling and administrative
expenses
41,400 46,400Capital additions
250,000 --- 2. 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 the month following the sale. One-fourth of the manufacturing
costs are expected to be paid in the month 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 selling and administrative
expenses. Insurance is paid in February and a $40,000 installment on income
taxes is expected to be paid in April. Of the remainder of the selling and
administrative expenses, one-half are expected to be paid in the month in which
they are incurred and the balance in the following month. Capital additions of
$250,000 are expected to 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 desires to 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 points Question 71. SOM
Company was organized on August 1 of the current year. Projected sales for the
next three months are as follows:August $100,000September 185,000October 225,000 2. SOM expects to sell 40% of its merchandise for cash. Of the
sales on account, one third are expected 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 points Question 81. The
standard costs and actual costs for direct materials for the manufacture of
2,500 actual units of product are as follows:Standard CostsDirect materials 2,500
kilograms @ $8 Actual CostsDirect materials 2,600
kilograms @ $8.75 2. The amount of the direct materials quantity variance is: $875
favorable $800
unfavorable $800
favorable $875
unfavorable2 points Question 91. The
following data relate to direct materials costs for November:Actual costs 4,600
pounds at $5.50Standard costs 4,500
pounds at $6.00 2. 3. What is
the direct materials price variance? $2,250
favorable $2,250
unfavorable $2,300
favorable $1,700
unfavorable2 points Question 101. The
following data relate to direct labor costs for the current period:Standard costs 7,500
hours at $11.60Actual costs 6,000
hours at $12.00 2. What is the direct labor time variance? $3,000
favorable $15,000
unfavorable $2,400
favorable $17,400
favorable2 points Question 111. The
following data relate to direct labor costs for the current period:Standard costs 6,000
hours at $12.00Actual costs 7,500
hours at $11.60 2. What is the direct labor rate variance? $15,000
unfavorable $3,000
favorable $17,400
unfavorable $2,400
favorable2 points Question 121. The
standard costs and actual costs for factory overhead for the manufacture of
2,500 units of actual production are as follows:Standard CostsFixed overhead (based on 10,000 hours) 3 hours @ $.80 per hourVariable overhead 3
hours @ $2 per hour Actual Costs Total variable
cost, $18,000 Total fixed cost,
$8,000 2. 3. The
amount of the factory overhead volume variance is: $2,000
favorable $2,000
unfavorable $2,500
unfavorable $02 points Question 131. Emerald
Company produces a chair that requires 5 yds. of material per unit. The
standard price 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 points Question 141. Virtue
Manufacturing Finishing Dept. prepared the following factory overhead cost
budget for October of the current year, during which it expected to operate at
a 100% capacity of 10,000 machine hours:Variable cost: Indirect factory
wages $18,000 Power and light 12,000 Indirect materials
4,000 Total variable
cost $34,000Fixed cost: Supervisory salaries $12,000
Depreciation of
plant and equipment 8,800
Insurance and
property taxes 3,200
Total fixed cost 24,000Total factory overhead
$58,000 2. During October, the plant was operated for 9,000 machine
hours and the factory overhead costs 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 actual amount 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 points Save and SubmitClick Save and Submit to save and submit. Click Save All
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