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ACC 544 Quiz 4
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ACC 544 Quiz 4

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ACC 544 Quiz 4

 

 

• Question 1    Central Winery manufactured two products, A and B. Estimated demand for product A was 10,000 bottles and for product B was 30,000 bottles. The estimated sales price per bottle for A was $6.00 and for B was $8.00. Actual demand for product A was 8,000 bottles and for product B was 33,000 bottles. The actual price per bottle for A was $6.20 and for B was $7.70. What amount would be the total selling price variance for Central Winery?

• Question 2    A defense contractor for a government space project has incurred $2,500,000 in actual design costs to date for a guidance system whose total budgeted design cost is $3,000,000. If the design phase of the project is 60% complete, what is the amount of the contractor’s current overrun/savings on this design work? 

• Question 3    After the goals of the company have been established and communicated, the next step in the planning process would be the development of the 

• Question 4    Birney Company is planning its advertising campaign for 2012 and has prepared the following budget data based on a zero advertising expenditure:

• Question 5    The cash receipts budget includes

• Question 6    Breakeven analysis assumes over the relevant range that

• Question 7    An increase in production levels within a relevant range most likely would result in

• Question 8    The process of developing plans for a company’s expected operations and controlling the operations to help carry out those plans is known as

• Question 9    Sussex Company has budgeted its operations for February 2012.  No change in inventory level during the month is planned. Selected data from estimated amounts are as follows:

• Question 10  A company is attempting to determine if there is a cause and effect relationship between scrap value and output produced. The following exhibit presents the company’s scrap data for the last fiscal year:

• Question 11  A professional organization is planning to conduct a series of one-day continuing education programs in various cities. The projected costs related to these programs are

• Question 12  A company wants to determine its marketing costs for budgeting purposes. Activity measures and costs incurred for four months of the current year are presented in the table below. Advertising is considered to be a discretionary cost. Salespersons are paid monthly salaries plus commissions. The sales force was increased from 20 to 21 individuals during the month of May.

• Question 13  Ajax Division of Carlyle Corporation produces electric motors, 20% of which are sold to Bradley Division of Carlyle and the remainder to outside customers.  Carlyle treats its divisions as profit centers and allows division managers to choose their sources of sale and supply.  Corporate policy requires that all interdivisional sales and purchases be recorded at variable cost as a transfer price. Ajax Division’s estimated sales and standard cost data for the year ending December 31, 2012, based on the full capacity of 100,000 units, are as follows:

• Question 14  Light Company has 2,000 obsolete light fixtures that are carried in inventory at a manufacturing cost of $30,000. If the fixtures are reworked for $10,000, they could be sold for $18,000. Alternately, the light fixtures could be sold for $3,000 to a jobber located in a distant city. In a decision model analyzing these alternatives, the opportunity cost would be

• Question 15 Multiple regression differs from simple regression in that it

• Question 16  Gata Co. plans to discontinue a department with $48,000 contribution to overhead, and allocated overhead of $96,000, of which $42,000 cannot be eliminated. What would be the effect of this discontinuance on Gata’s pretax profit?

• Question 17  A professional organization is planning to conduct a series of one-day continuing education programs in various cities. The projected costs related to these programs are

• Question 18 Rodder, Inc. manufactures a component in a router assembly. The selling price and unit cost data for the component are as follows:

• Question 19  Lincoln Company, a glove manufacturer, has enough idle capacity available to accept a special order of 20,000 pairs of gloves at $12.00 a pair. The normal selling price is $20.00 a pair. Variable manufacturing costs are $9.00 a pair, and fixed manufacturing costs are $3.00 a pair. Lincoln will not incur any selling expenses as a result of the special order. What would be the effect on operating income if the special order could be accepted without affecting normal sales?

• Question 20  JacKue Co. plans to produce 200,000 pairs of roller skates during January of next year. Planned production for February is 250,000 pairs. Sales are forecasted at 180,000 pairs for January and 240,000 pairs for February. Each pair of roller skates has eight wheels. JacKue’s policy is to maintain 10% of the next month’s production in inventory at the end of a month. How many wheels should JacKue purchase during January?

• Question 21  Which of the following is a characteristic of a flexible budget?

• Question 22  All else being equal, the breakeven point in units will be higher if

• Question 23  The ratio of fixed costs to the contribution margin is

• Question 24 Oslo Co.’s industrial photo-finishing division, Rho, incurred the following costs and expenses in 2012:

• Question 25  Crisper, Inc. plans to sell 80,000 bags of potato chips in June, and each of these bags requires five potatoes.  Pertinent data includes:

• Question 26  At annual sales of $900,000, the Ebo product has the following unit sales price and costs:

• Question 27  Which of the following is a disadvantage of participative budgeting?

• Question 28  For the current period production levels, Woodwork Co. budgeted 11,000 board feet of production and purchased 15,000 board feet. The material cost was budgeted at $7 per foot. The actual cost for the period was $8.50 per foot. What was Woodwork’s material price variance for the period?

• Question 29  In the past, four direct labor hours were required to produce each unit of product Y. Material costs were $200 per unit, the direct labor rate was $20 per hour, and factory overhead was 3 times direct labor cost. In budgeting for next year, management is planning to outsource some manufacturing activities and to further automate others. Management estimates that these plans will reduce labor hours by 25%, increase the factory overhead rate to 3.6 times direct labor costs, and increase material costs by $30 per unit. Management plans to manufacture 10,000 units. What amount should management budget for cost of goods manufactured?

• Question 30  A company produces widgets with budgeted standard direct materials of 2 pounds per widget at $5 per pound. Standard direct labor was budgeted at 0.5 hour per widget at $15 per hour. The actual usage in the current year was 25,000 pounds and 3,000 hours to produce 10,000 widgets. What was the direct labor usage variance?

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