16. The revenue variance for January would be closest to: A. $750 U B. $40 U C.

Question

16. The revenue variance for January would be closest to: A. $750 U B. $40 U C. $40 F D. $750 F The spending variance for expendables in January would be closest to: A. $1,040 F B. $1,306 F C. $1,040 U D. $1,306 U 18. Parlee Company's sales are 30% in cash and 70% on credit 60 % of the credit sales are collected in the month of sale, 25% in the month following sale, and 12%, in the second month following sale. The remainder are uncollectible. The following are budgeted sales data: January February March April Total cash receipts in April would be budgeted to be: A. $38,900 B. $47,900 C. $27,230 D. $36,230 wage rate is $10.95 per hour. Employment taxes are 9% of the basic wage rate. Fringe benefits are $4.00 per direct labor-hour. The standard rate per direct labor-hour should be: 19. Daughdrill Corporation is developing direct labor standards. The basic direct labor A. $5.96 B. $4.99 C. $10.95 D. $15.94 20. Crose Inc. is working on its cash budget for November. The budgeted beginning cash balance is $22,000. Budgeted cash receipts total $118,000 and budgeted cash disbursements total S116,000. The desired ending cash balance is $40,000. The excess (deficiency) of cash available over disbursements for November will be A. $2,000 B. $20,000 C. $24,000 D. $140,000

Explanation / Answer

18.

Answer = $27,230

Cash received in April for April month = Credit sale * 60%

= (30,000 * 70%) * 60%

Cash received in April for April month = $12,600

Cash received in April for Feb. month = Credit sale * 12%

= (70,000*70%) * 12%

Cash received in April for Feb. month = 5,880

Cash received in April for March month = Credit sale * 12%

= (50,000*70%) * 25%

Cash received in April for March month = 8,750

Total cash Received = $12,600 + 5,880 + 8,750

Total cash Received = $27,230

19.

Answer = $15.94

Standard Rate = Basic wage rate + (Basic wage rate * Employment Tax) + Fringe Benefits

= 10.95 + (10.95 * 9%) + 4

Standard Rate = $15.94

20.

Answer = $24,000

Cash balance at the end = Opening + Cash receipts – Cash disbursements

= 22,000 + 118,000 – 116,000

Cash balance at the end = 24,000

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