ACCT 434 WEEK 2 QUIZ – DEVRY
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ACCT 434 WEEK 2 QUIZ – DEVRY
1. (TCO 2) Operating budgets and
financial budgets (Points : 5)
2. (TCO 2) A budget can help
implement (Points : 5)
3. (TCO 2) Financial budgets include
the (Points : 5)
4. (TCO 2) A feature of a
standard-costing system is that the costs of every product or service planned
to be worked on during the period can be computed at the start of that period.
This feature of standard costing makes it possible to (Points : 5)
5. (TCO 2) An unfavorable variance
indicates that (Points : 5)
6. (TCO 2) When standards are used
to develop a budget, (Points : 5)
7. (TCO 2) Overhead costs have been
increasing due to all of the following except (Points : 5)
8. (TCO 2) Katie Enterprises reports
the year-end information from 20X8 as follows: Sales (70,000 units) $560,000;
Cost of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000;
Operating income $150,000. Katie is developing the 20X2 budget. In 20X2, the
company would like to increase selling prices by 4%, and as a result expects a
decrease in sales volume of 10%. All other operating expenses are expected to
remain constant. Assume that COGS is a variable cost and that operating
expenses are a fixed cost. What is budgeted cost of goods sold for 20X2?
(Points : 5)
9.(TCO 2) Hester Company budgets on an annual basis for its
fiscal year. The following beginning and ending inventory levels (in units) are
planned for the fiscal year of July 1, 20×2, through June 30, 20×3.
July 1, 20×2 June 30, 20×3
Raw material (note) 40,000 10,000
Work in process 8,000 8,000
Finished goods 30,000 5,000
July 1, 20×2 June 30, 20×3
Raw material (note) 40,000 10,000
Work in process 8,000 8,000
Finished goods 30,000 5,000
(note) Three units of raw material are needed to produce each
unit of finished product.
If Hester Company plans to sell 600,000 units during the 20×2-20×3 fiscal year, the number of units it would have to manufacture during the year would be (Points : 5)
If Hester Company plans to sell 600,000 units during the 20×2-20×3 fiscal year, the number of units it would have to manufacture during the year would be (Points : 5)
10. (TCO 2) Information pertaining to
Brenton Corporation’s sales revenue is presented in the following table.
February March April
Cash Sales $160,000 $150,000 $120,000
Credit Sales 300,000 400,000 280,000
Total Sales $460,000 $550,000 $400,000
February March April
Cash Sales $160,000 $150,000 $120,000
Credit Sales 300,000 400,000 280,000
Total Sales $460,000 $550,000 $400,000
Management estimates that 5% of credit sales are not
collectible. Of the credit sales that are collectible, 60% are collected in the
month of sale and the remainder in the month following the sale. Cost of
purchases of inventory each month are 70% of the next month’s projected total
sales. 11 purchases of inventory are on account; 25% are paid in the month of
purchase, and the remainder is paid in the month following the purchase.
Brenton’s budgeted total cash payments in March for inventory purchases are (Points : 5)
Brenton’s budgeted total cash payments in March for inventory purchases are (Points : 5)
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