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1. Martin Company had finished goods inventory of 55,000 units on January 1. Its projected sales for next four months were: January - 200,000 units; February - 180,000 units; March - 210,000 units; and April - 230,000 units. Martin Company desires to sustain a desired ending finished goods inventory of 20% of following month's sales.

What would be the budgeted production for March?

a. 298,000

b. 214,000

c. 206,000

d. 256,000

2. O'Neill Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. O'Neill expects to sell 20% of its merchandise for cash. Of remaining 80% of sales on account, 75% are expected to be gathered in the month of sale and remainder following month. January cash collections from sales are:

a. $468,000

b. $984,000

c. $688,000

d. $812,000

3. Kidder Company began its operations on March 31 of present year. Projected manufacturing costs for first three months of business are $156,800, $195,200, and $217,600, respectively, for April, May, and June. Depreciation, insurance, and property taxes represent $28,800 of estimated monthly manufacturing costs. Insurance was paid on March 31, and property taxes will be paid in November. Three-fourths of remainder of manufacturing costs are expected to be paid in month in which they are incurred, with balance to be paid in following month.

Cash payments for manufacturing in month of April are:

a. $96,000

b. $128,000

c. $117,000

d. $156,800

4. When management looks for to achieve personal departmental objectives which may work to detriment of entire company, manager is experiencing:

a. Padding

b. Budgetary slack

c. Goal conflict

d. Cushions

5. Business operated at 100% of capacity during its first month and incurred following costs:

Production Costs (5,000 units):

 

 

Direct materials

$70,000

 

Direct labor

20,000

 

Variable factory overhead

10,000

 

Fixed factory overhead

2,000

$102,000

 

 

 

Operating expenses:

 

 

Variable operating expenses

$17,000

 

Fixed operating expenses

1,000

18,000

 

 

 

 

Variable

Fixed

Unit manufacturing costs of the period

$12.00

$5.00

Unit operating expenses of the period

4

1.5

If 1,000 units remain unsold at end of month and sales total $150,000 for month, determine amount of contribution margin that would be reported on variable costing income statement?

a. $52,000

b. $53,000

c. $54,000

d. $51,400

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917143

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