Aces Company provided the following data for July: Direct materials $50,000 Dire
ID: 2441810 • Letter: A
Question
Aces Company provided the following data for July:
Direct materials
$50,000
Direct labor
$25,000
Overhead
$90,000
Beginning finished goods
$15,000
Ending finished goods
$34,000
Production in units
10,000
What is the cost of goods sold?
Answers
$165,000
$146,000
$214,000
$184,000
$75,000
Question 2
Aces Company budgeted the following sales in units:
January
30,000
February
20,000
March
40,000
Aces’s policy is to have 20% of the following month’s sales in inventory. On January 1, inventory equaled 7,500 units. February production in units is:
Answers
20,000.
28,000.
24,000.
26,500.
40,000.
Question 3
Figure 8-10.
Aces Company budgeted the following production in units for the first quarter of the year:
January
30,000
February
20,000
March
40,000
Each unit requires 3 pounds of raw material. Aces's policy is to have 20% of the following month’s production needs for materials in inventory. On January 1, the raw materials inventory equaled 11,000 pounds.
Refer to Figure 8-10. Raw materials purchases budgeted for February in pounds equal:
Answers
72,000.
32,000.
91,000.
30,000.
54,000.
Question 4
Figure 8-10.
Aces Company budgeted the following production in units for the first quarter of the year:
January
30,000
February
20,000
March
40,000
Each unit requires 3 pounds of raw material. Aces's policy is to have 20% of the following month’s production needs for materials in inventory. On January 1, the raw materials inventory equaled 11,000 pounds.
Refer to Figure 8-10. Desired ending inventory for January in pounds equals:
Answers
12,000
6,000
3,000
4,000
11,000
Question 5
Aces Company budgeted 200,000 units for June, 210,000 for July and 300,000 for August. Each unit requires 0.25 direct labor hours. How many direct labor hours are budgeted for August?
Answers
50,000
5,000
75,000
52,500
300,000
Question 6
Figure 8-2.
Aces Company manufactures pottery. Production of large garden pots for the coming three months is budgeted as follows:
May
20,000
June
40,000
July
35,000
Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plus fixed overhead of $2,100.
Refer to Figure 8-2. What is the direct labor cost budgeted for June?
Answers
$20,000
$300,000
$40,000
$150,000
$525,000
Question 7
Figure 8-2.
Aces Company manufactures pottery. Production of large garden pots for the coming three months is budgeted as follows:
May
20,000
June
40,000
July
35,000
Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plus fixed overhead of $2,100.
Refer to Figure 8-2. What is the total overhead budgeted for the month of June?
Answers
$80,000
$82,100
$42,100
$160,000
$162,100
Aces Company provided the following data for July:
Direct materials
$50,000
Direct labor
$25,000
Overhead
$90,000
Beginning finished goods
$15,000
Ending finished goods
$34,000
Production in units
10,000
What is the cost of goods sold?
Answers
$165,000
$146,000
$214,000
$184,000
$75,000
Explanation / Answer
Question 1 Aces Company provided the following data for July: Direct materials $50,000 Direct labor $25,000 Overhead $90,000 Beginning finished goods $15,000 Ending finished goods $34,000 Production in units 10,000 What is the cost of goods sold? Answers $146,000 Question 2 Aces’s policy is to have 20% of the following month’s sales in inventory. On January 1, inventory equaled 7,500 units. February production in units is: Answers 24,000. Question 3 Aces Company budgeted the following production in units for the first quarter of the year: January 30,000 February 20,000 March 40,000 Each unit requires 3 pounds of raw material. Aces's policy is to have 20% of the following month’s production needs for materials in inventory. On January 1, the raw materials inventory equaled 11,000 pounds. Refer to Figure 8-10. Raw materials purchases budgeted for February in pounds equal: Answers 72,000. Question 4 Aces Company budgeted the following production in units for the first quarter of the year: January 30,000 February 20,000 March 40,000 Each unit requires 3 pounds of raw material. Aces's policy is to have 20% of the following month’s production needs for materials in inventory. On January 1, the raw materials inventory equaled 11,000 pounds. Refer to Figure 8-10. Desired ending inventory for January in pounds equals: Answers 12,000 Question 5 Aces Company budgeted 200,000 units for June, 210,000 for July and 300,000 for August. Each unit requires 0.25 direct labor hours. How many direct labor hours are budgeted for August? Answers 75,000 Question 6 Aces Company manufactures pottery. Production of large garden pots for the coming three months is budgeted as follows: May 20,000 June 40,000 July 35,000 Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plus fixed overhead of $2,100. Refer to Figure 8-2. What is the direct labor cost budgeted for June? Answers $300,000 Question 7 Aces Company manufactures pottery. Production of large garden pots for the coming three months is budgeted as follows: May 20,000 June 40,000 July 35,000 Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plus fixed overhead of $2,100. Refer to Figure 8-2. What is the total overhead budgeted for the month of June? Answers $82,100
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