
ACCT 102 CH 7 & 8
Quiz
•
Business
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University
•
Practice Problem
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Hard
A Smith
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10 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Bengal Company provides the following unit sales forecast for the next three months:
July August September Sales units 4,800 5,500 5,360
The company wants to end each month with ending finished goods inventory equal to 25% of the next month's sales. Finished goods inventory on June 30 is 1,200 units. The budgeted production units for July are:
6,000 units.
3,600 units.
6,175 units.
2,400 units.
4,975 units.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A merchandiser, provides the following information for its December budgeting process:
November 30 inventory 1,800 units Budgeted sales for December 4,500 units Desired December 31 inventory 3,150 units
Budgeted purchases in December are:
4,500 units.
5,850 units.
6,300 units.
7,650 units.
3,150 units.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Southland Company is preparing a cash budget for August. The company has $17,900 cash at the beginning of August and anticipates $122,600 in cash receipts and $136,300 in cash payments during August. Southland Company wants to maintain a minimum cash balance of $10,000. To maintain the minimum cash balance of $10,000, the company must borrow:
$0.
$10,000.
$5,800.
$7,900.
$27,900.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Janitor Supply produces an industrial cleaning powder that requires 22 grams of material at $0.10 per gram and 0.35 direct labor hours at $18.00 per hour. Overhead is applied at the rate of $17 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card?
$12.25.
$28.10.
$14.45.
$8.50.
$8.15.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A company's flexible budget for 15,000 units of production showed per unit contribution margin of $4.00 and fixed costs, $33,000. The income expected if the company produces and sells 20,000 units is:
$47,000.
$2,000.
$80,000.
$27,000.
$33,000.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The standard materials cost to produce 1 unit of Product R is 8 pounds of material at a standard price of $53 per pound. In manufacturing 6,000 units, 47,000 pounds of material were used at a cost of $54 per pound. What is the total direct materials variance?
$48,000 unfavorable.
$54,000 unfavorable.
$54,000 favorable.
$6,000 unfavorable.
$6,000 favorable.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Grant Company uses the following standard to produce a single unit of its product: Variable overhead (2.60 hours per unit @ $4.70/hour) Actual data for the month show total variable overhead costs of $485,480, and 39,000 units produced. The total variable overhead variance is:
$8,900F.
$8,900U.
$164,877U.
$164,877F.
$0.
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