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Question;Question 3;Hunten Manufacturing assigns overhead based on;machine hours. The Milling Department logs 1,400 machine hours and Cutting;Department shows 3,000 machine hours for the period. If the overhead rate is $5;per machine hour, the entry to assign overhead will show a;credit to Manufacturing Overhead for $22,000.;debit to Work in Process for $15,000.;debit to Manufacturing Overhead for $22,000.;credit to Work in Process?Cutting Department;for $15,000.;Question 4;A process with no beginning work in process;completed and transferred out 95,000 units during a period and had 50,000 units;in the ending work in process inventory that were 30% complete. The equivalent;units of production for the period were;110,000 equivalent units.;47,500 equivalent units.;95,000 equivalent units.;145,000 equivalent units.;The;Molding Department of Kenst Company has the following production data;beginning work in process 40,000 units (60% complete), started into production;680,000 units, completed and transferred out 690,000 units, and ending work in;process 70,000 units (40% complete). Assuming conversion costs are incurred;uniformly during the process, the equivalent units for conversion costs are;690,000.;694,000.;718,000.;760,000.;Question 6;Conrad Company's Assembly Department has;materials cost at $5 per unit and conversion cost at $8 per unit. There are;20,000 units in ending work in process, all of which are 70% complete as to;conversion costs. How much are total costs to be assigned to inventory?;$260,000.;$112,000.;$212,000.;$182,800.;Question 7;A department adds materials at the beginning of;the process and incurs conversion costs uniformly throughout the process. For;the month of July, there was no beginning work in process, 40,000 units were;completed and transferred out, and there were 20,000 units in the ending work;in process that were 40% complete. During July, $96,000 materials costs and;$84,000 conversion costs were charged to the department.;The unit production costs for materials and conversion costs for July was;Materials;Conversion Costs;$2.40;$2.13;$1.60;$1.75;$2.00;$1.40;$1.60;$1.40;Question 9;Which of the following costs are variable?;Cost;10,000 Units;30,000 Units;1.;$100,000;$300,000;2.;40,000;240,000;3.;90,000;90,000;4.;50,000;150,000;1 and 2;only 2;only 1;1 and 4;Question 11;In applying the high-low method, what is the;unit variable cost?;Month;Miles;Total Cost;January;80,000;$144,000;February;50,000;120,000;March;70,000;141,000;April;90,000;$180,000;Cannot be determined;from the information given;$2.00;$1.50;$2.40;Question 13;If a company had a contribution margin of;$750,000 and a contribution margin ratio of 40%, total variable costs must have;been;$300,000.;$1,125,000.;$450,000.;$1,875,000.;Question 14;The following monthly data are available for;Hepburn, Inc. which produces only one product: Selling price per unit, $42;Unit variable expenses, $14, Total fixed expenses, $84,000, Actual sales for;the month of June, 4,000 units. How much is the margin of safety for the;company for June?;$1,000;$84,000;$126,000;$42,000;Question 15;Klinc, Inc. wants to sell a sufficient quantity;of products to earn a profit of $70,000. If the unit sales price is $10, unit;variable cost is $8, and total fixed costs are $120,000, how many units must be;sold to earn income of $70,000?;23,750 units;950,000 units;95,000 units;70,000 units;Question 16;Sivenchy Company sells 100,000 wrenches for $18;per unit. Fixed costs are $625,000 and net income is $375,000. What should be;reported as variable expenses in the CVP income statement?;$1,425,000;$1,000,000;$1175;$800,000;Question 19;At January 1, 2014, Zella Company has beginning inventory of;2,000 DVD players. Zella estimates it will sell 10,000 units during the first;quarter of 2014 with a 12% increase in sales each quarter. Zella?s policy is to;maintain an ending inventory equal to 25% of the next quarter?s sales. Each DVD;player costs $100 and is sold for $140. How much is budgeted sales revenue for;the third quarter of 2014?;$12,544;$420,000;$1,820,000;$1,756,160;Question 20;Vonak Co. estimates its sales at 240,000 units in the first;quarter and that sales will increase by 24,000 units each quarter over the;year. They have, and desire, a 25% ending inventory of finished goods. Each;unit sells for $25. 40% of the sales are for cash. 70% of the credit customers;pay within the quarter. The remainder is received in the quarter following;sale.;Cash collections for the third quarter are budgeted at;$5,904,000.;$7,092,000.;$8,208,000.;$4,068,000.;Question 21;Niles Manufacturing estimates its sales at;220,000 units in the first quarter and that sales will increase by 20,000;units each quarter over the year. They have, and desire, a 25% ending;inventory of finished goods. Each unit sells for $35. 40% of the sales;are for cash. 70% of the credit customers pay within the quarter. The;remainder is received in the quarter following sale.;Production in units for the third quarter should be budgeted at;330,000.;260,000.;275,000.;265,000;Question 19;At January 1, 2014, Zella Company has beginning inventory of;2,000 DVD players. Zella estimates it will sell 10,000 units during the first;quarter of 2014 with a 12% increase in sales each quarter. Zella?s policy is to;maintain an ending inventory equal to 25% of the next quarter?s sales. Each DVD;player costs $100 and is sold for $140. How much is budgeted sales revenue for;the third quarter of 2014?;$12,544;$420,000;$1,820,000;$1,756,160;Question 20;Vonak Co. estimates its sales at 240,000 units;in the first quarter and that sales will increase by 24,000 units each quarter;over the year. They have, and desire, a 25% ending inventory of finished goods.;Each unit sells for $25. 40% of the sales are for cash. 70% of the credit;customers pay within the quarter. The remainder is received in the quarter;following sale.;Cash collections for the third quarter are budgeted at;$5,904,000.;$7,092,000.;$8,208,000.;$4,068,000;Question 21;Niles Manufacturing estimates its sales at 220,000 units in;the first quarter and that sales will increase by 20,000 units each quarter;over the year. They have, and desire, a 25% ending inventory of finished goods.;Each unit sells for $35. 40% of the sales are for cash. 70% of the credit;customers pay within the quarter. The remainder is received in the quarter;following sale.;Production in units for the third quarter should be budgeted at;330,000.;260,000.;275,000.;265,000.;Question 30;Corrington Manufacturing Company prepared a;fixed budget of 80,000 direct labor hours, with estimated overhead costs of;$400,000 for variable overhead and $120,000 for fixed overhead. Corrington then;prepared a flexible budget at 78,000 labor hours. How much is total overhead;costs at this level of activity?;$510,000;$440,000;$520,000;$400,000;Question 31;At 18,000 direct labor hours, the flexible;budget for indirect materials is $36,000. If $37,600 are incurred at;18,400 direct labor hours, the flexible budget report should show the;following difference for indirect materials;$1,600 favorable.;$1,600 unfavorable.;$800 unfavorable.;$800 favorable.

 

Paper#43933 | Written in 18-Jul-2015

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