Below is budgeted production and sales information for Flushing Company for the
ID: 2382265 • Letter: B
Question
Below is budgeted production and sales information for Flushing Company for the month of December:Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted production for product ZZZ during the month is: A) 423,000 units
B) 390,000 units
C) 403,000 units
D) 399,000 units
10. The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: A) factory overhead
B) direct expenses
C) indirect expenses
D) sales salaries expense
11. The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead volume variance. A) $9,000F
B) $5,500U
C) $5,500F
D) $9,000U
12. Which of the following is an example of a cost that varies in total as the number of units produced changes? A) Property taxes on factory buildings
B) Straight-line depreciation on factory equipment
C) Direct materials cost
D) Salary of a production supervisor
13. A. Both absorption and variable costing B. Variable costing only C. Absorption costing only
ABCMay be used in a manufacturing company. ABCIncludes gross profit on the income statement. ABCGenerally provides the most useful report for setting long-term prices. ABCRequired by generally accepted accounting principles. ABCOperating income is impacted by changes in inventory level. ABCTreats fixed selling cost as a period cost. ABCGenerally provides the most useful report for controlling costs. ABCTreats fixed manufacturing cost as a period cost. 14. Cost behavior refers to the manner in which: A) a cost changes as the related activity changes
B) a cost is allocated to products
C) a cost is estimated
D) a cost is used in setting selling prices
15. The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead controllable variance. A) $9,000U
B) $5,500F
C) $5,500U
D) $9,000F
16. The production budgets are used to prepare which of the following budgets? A) Operating expenses
B) Direct materials purchases, direct labor cost, factory overhead cost
C) Sales in dollars
D) Sales in units
17. Assuming that the Morocco Desk Co. purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials is $5.00, the entry to record the purchase and unfavorable direct materials price variance is:
A) Work in Process 48,000
Direct Materials Price Variance 8,000
Accounts Payable 40,000
B) Direct Materials 48,000
Direct Materials Price Variance 8,000
Accounts Payable 40,000
C) Direct Materials 40,000
Accounts Payable 40,000
D) Direct Materials 40,000
Direct Materials Price Variance 8,000
Accounts Payable 48,000
18. Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted sales for the month are: A) $9,000,000
B) $2,040,000
C) $4,680,000
D) $6,692,000
19. Which of the following budgets allow for adjustments in activity levels? A) Static Budget
B) Continuous Budget
C) Zero-Based Budget
D) Flexible Budget
20. The following production data were taken from the records of the Finishing Department for June:
Inventory in process, 6-1, 25% completed 1,500 units Transferred to finished goods during June 5,000 units Equivalent units of production during June 5,200 units
Determine the number of equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. Assume the completion percentage of 25% applies to both direct materials and conversion costs. A) 200 units
B) 1,000 units
C) 300 units
D) 575 units
21. The total manufacturing cost variance is A) the flexible budget variance plus the time variance
B) none of the above.
C) the difference between actual costs and standard costs for units produced.
D) the difference between planned costs and standard costs for units produced
22. At the end of the fiscal year, variances from standard costs are usually transferred to the: A) cost of goods sold account
B) direct labor account
C) factory overhead account
D) direct materials account
23. For January, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; 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: A) $183,750
B) $182,100
C) $240,600
D) $157,100
MAKE SURE ALL ANSWERS ARE CORRECT. PLEASE DOUBLE CHECK :)
Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted production for product ZZZ during the month is: A) 423,000 units
B) 390,000 units
C) 403,000 units
D) 399,000 units
Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted production for product ZZZ during the month is: A) 423,000 units
B) 390,000 units
C) 403,000 units
D) 399,000 units
Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted production for product ZZZ during the month is: Product XXX Product ZZZ 30,000 units 18,000 units 34,000 units 17,000 units 320,000 units 260,000 units 180,000 units 140,000 units 10. The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: A) factory overhead
B) direct expenses
C) indirect expenses
D) sales salaries expense
10. The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: A) factory overhead
B) direct expenses
C) indirect expenses
D) sales salaries expense
The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: 11. The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead volume variance. A) $9,000F
B) $5,500U
C) $5,500F
D) $9,000U
11. The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead volume variance. A) $9,000F
B) $5,500U
C) $5,500F
D) $9,000U
The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead volume variance. 12. Which of the following is an example of a cost that varies in total as the number of units produced changes? A) Property taxes on factory buildings
B) Straight-line depreciation on factory equipment
C) Direct materials cost
D) Salary of a production supervisor
12. Which of the following is an example of a cost that varies in total as the number of units produced changes? A) Property taxes on factory buildings
B) Straight-line depreciation on factory equipment
C) Direct materials cost
D) Salary of a production supervisor
Which of the following is an example of a cost that varies in total as the number of units produced changes? 13. A. Both absorption and variable costing B. Variable costing only C. Absorption costing only
ABCMay be used in a manufacturing company. ABCIncludes gross profit on the income statement. ABCGenerally provides the most useful report for setting long-term prices. ABCRequired by generally accepted accounting principles. ABCOperating income is impacted by changes in inventory level. ABCTreats fixed selling cost as a period cost. ABCGenerally provides the most useful report for controlling costs. ABCTreats fixed manufacturing cost as a period cost. 13. A. Both absorption and variable costing B. Variable costing only C. Absorption costing only
ABCMay be used in a manufacturing company. ABCIncludes gross profit on the income statement. ABCGenerally provides the most useful report for setting long-term prices. ABCRequired by generally accepted accounting principles. ABCOperating income is impacted by changes in inventory level. ABCTreats fixed selling cost as a period cost. ABCGenerally provides the most useful report for controlling costs. ABCTreats fixed manufacturing cost as a period cost. ABCMay be used in a manufacturing company. ABCIncludes gross profit on the income statement. ABCGenerally provides the most useful report for setting long-term prices. ABCRequired by generally accepted accounting principles. ABCOperating income is impacted by changes in inventory level. ABCTreats fixed selling cost as a period cost. ABCGenerally provides the most useful report for controlling costs. ABCTreats fixed manufacturing cost as a period cost. 14. Cost behavior refers to the manner in which: A) a cost changes as the related activity changes
B) a cost is allocated to products
C) a cost is estimated
D) a cost is used in setting selling prices
14. Cost behavior refers to the manner in which: A) a cost changes as the related activity changes
B) a cost is allocated to products
C) a cost is estimated
D) a cost is used in setting selling prices
Cost behavior refers to the manner in which: 15. The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead controllable variance. A) $9,000U
B) $5,500F
C) $5,500U
D) $9,000F
15. The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead controllable variance. A) $9,000U
B) $5,500F
C) $5,500U
D) $9,000F
The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
Compute the factory overhead controllable variance. 16. The production budgets are used to prepare which of the following budgets? A) Operating expenses
B) Direct materials purchases, direct labor cost, factory overhead cost
C) Sales in dollars
D) Sales in units
16. The production budgets are used to prepare which of the following budgets? A) Operating expenses
B) Direct materials purchases, direct labor cost, factory overhead cost
C) Sales in dollars
D) Sales in units
The production budgets are used to prepare which of the following budgets? 17. Assuming that the Morocco Desk Co. purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials is $5.00, the entry to record the purchase and unfavorable direct materials price variance is:
A) Work in Process 48,000
Direct Materials Price Variance 8,000
Accounts Payable 40,000
B) Direct Materials 48,000
Direct Materials Price Variance 8,000
Accounts Payable 40,000
C) Direct Materials 40,000
Accounts Payable 40,000
D) Direct Materials 40,000
Direct Materials Price Variance 8,000
Accounts Payable 48,000
17. Assuming that the Morocco Desk Co. purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials is $5.00, the entry to record the purchase and unfavorable direct materials price variance is:
A) Work in Process 48,000
Direct Materials Price Variance 8,000
Accounts Payable 40,000
B) Direct Materials 48,000
Direct Materials Price Variance 8,000
Accounts Payable 40,000
C) Direct Materials 40,000
Accounts Payable 40,000
D) Direct Materials 40,000
Direct Materials Price Variance 8,000
Accounts Payable 48,000
Assuming that the Morocco Desk Co. purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials is $5.00, the entry to record the purchase and unfavorable direct materials price variance is:
18. Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted sales for the month are: A) $9,000,000
B) $2,040,000
C) $4,680,000
D) $6,692,000
18. Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted sales for the month are: A) $9,000,000
B) $2,040,000
C) $4,680,000
D) $6,692,000
Below is budgeted production and sales information for Flushing Company for the month of December:
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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 $6 and for product ZZZ is $15.
Budgeted sales for the month are: Product XXX Product ZZZ 30,000 units 18,000 units 34,000 units 17,000 units 320,000 units 260,000 units 180,000 units 140,000 units 19. Which of the following budgets allow for adjustments in activity levels? A) Static Budget
B) Continuous Budget
C) Zero-Based Budget
D) Flexible Budget
19. Which of the following budgets allow for adjustments in activity levels? A) Static Budget
B) Continuous Budget
C) Zero-Based Budget
D) Flexible Budget
Which of the following budgets allow for adjustments in activity levels? 20. The following production data were taken from the records of the Finishing Department for June:
Inventory in process, 6-1, 25% completed 1,500 units Transferred to finished goods during June 5,000 units Equivalent units of production during June 5,200 units
Determine the number of equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. Assume the completion percentage of 25% applies to both direct materials and conversion costs. A) 200 units
B) 1,000 units
C) 300 units
D) 575 units
20. The following production data were taken from the records of the Finishing Department for June:
Inventory in process, 6-1, 25% completed 1,500 units Transferred to finished goods during June 5,000 units Equivalent units of production during June 5,200 units
Determine the number of equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. Assume the completion percentage of 25% applies to both direct materials and conversion costs. A) 200 units
B) 1,000 units
C) 300 units
D) 575 units
The following production data were taken from the records of the Finishing Department for June:
Inventory in process, 6-1, 25% completed 1,500 units Transferred to finished goods during June 5,000 units Equivalent units of production during June 5,200 units
Determine the number of equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. Assume the completion percentage of 25% applies to both direct materials and conversion costs. 1,500 units 5,000 units 5,200 units 21. The total manufacturing cost variance is A) the flexible budget variance plus the time variance
B) none of the above.
C) the difference between actual costs and standard costs for units produced.
D) the difference between planned costs and standard costs for units produced
21. The total manufacturing cost variance is A) the flexible budget variance plus the time variance
B) none of the above.
C) the difference between actual costs and standard costs for units produced.
D) the difference between planned costs and standard costs for units produced
The total manufacturing cost variance is 22. At the end of the fiscal year, variances from standard costs are usually transferred to the: A) cost of goods sold account
B) direct labor account
C) factory overhead account
D) direct materials account
22. At the end of the fiscal year, variances from standard costs are usually transferred to the: A) cost of goods sold account
B) direct labor account
C) factory overhead account
D) direct materials account
At the end of the fiscal year, variances from standard costs are usually transferred to the: 23. For January, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; 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: A) $183,750
B) $182,100
C) $240,600
D) $157,100
MAKE SURE ALL ANSWERS ARE CORRECT. PLEASE DOUBLE CHECK :)
23. For January, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; 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: A) $183,750
B) $182,100
C) $240,600
D) $157,100 For January, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; 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:
MAKE SURE ALL ANSWERS ARE CORRECT. PLEASE DOUBLE CHECK :)
Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 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
Explanation / Answer
For January, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; 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:
C) $240,600
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