1. for the month of november, the beginning inventory of product m


1.   For the month of November, the beginning inventory of Product M is expected to be 2,000 cases.  Expected sales are 10,000 cases, and the company wishes to begin the next period with an inventory of 1,000 cases.  The number of cases of M that the company must purchase during

November is


a.         11,000 cases.

b.          10,000 cases.

c.          9,000 cases.        

d.          13,000 cases.


2.    XYZ Company projected unit credit sales for the last four months of the year as shown below:


September   3,000  October    3,200

November   4,100    December 5,600


The company’s past records show collection of credit sales as 60% in the month of sale and the balance in the following month.  If inventory units are sold for $25, the total cash collections in November will be


a.          $93,500.       

b.          $37,400.

c.          $102,500.

d.          $61,500.


3. Strategic Budgets focus on


a.          short-range decisions.

b.          intermediate-range decisions.

c.          sales targets.

d.          long-range decisions/plans.


4.  A sales budget has been prepared for April.  Management wants the amount of ending inventory each month to be equal to 10% of the next month’s cost of goods sold.   April cost of goods sold is projected at $80,000 and May cost of goods sold is projected at $60,000.  Ending inventory at the end of March is expected to be $8,000.  Based on this information, what would the amount of purchases be for April?


a. $82,000

b.      $86,000

c.       $72,000

d.      $78,000      


5. When would a variance be labeled as favorable? 


a.          When standard costs are equal to actual costs

b.          When standard costs are less than actual costs

c.          When expected sales are greater than actual sales

d.          When actual costs are less than standard costs



Use the following information to answer the next two questions:

The following budget information is available for the XYZ Company for the first quarter of 2011:

 Sales ($16 per unit)                                 $320,000

 Freight out                                              $.25 per unit sold

 Depreciation on Administrative Equipment$10,000

 Sales & Admin. Salaries                         $40,000 +2% of sales

 Advertising                                             $12,000

 Depreciation on Manufacturing Equipment       $15,000

Lease on Sales Building                        $45,000

Miscellaneous Selling Expenses            $5,000


All operating expenses are paid in cash in the month incurred.


6.  If XYZ expects to sell 20,000 inventory units in the first quarter, what would be the amount of the total budgeted selling and administrative expenses for the first quarter of 2011? 


a.    $123,400

b.      $138,400

c.       $113,400

d.      $293,400


7.  Based on first quarter sales of 20,000 units, the amount of XYZ’s expected cash outflow for selling and administrative expenses would be 


a.      $123,400.

b.      $131,250.

c.       $113,400.      

d.      $128,400.



Use the following information to answer the next two questions:  National’s cost accountant prepared the following static budget based on expected activity of 2,000 units for the 2011 accounting period:


 Sales Revenue         $64,000

 Variable Costs         (34,000)

 Contribution Margin              30,000

 Fixed Costs                         (18,000)

 Net Income                     $12,000


8.  If National actually produced 1,800 units, the flexible budget would show variable costs of 


a. $34,000.

b.      $22,666.

c.       $30,600.      

d.      $25,500.


9. If National actually produced 1,900 units, the flexible budget would show fixed costs amounting to 


a. $19,800.

b.      $18,000.

c.       $52,000.

d.      none of the above.



Use the following information to answer the next two questions:  Cox Manufacturing Company prepared the following static budget income statement for 2011:

 Sales Revenue          $125,000

 Variable Costs            (75,000)

 Contribution Margin   50,000

 Fixed Cost                             (30,000)

Net Income               $  20,000


The budget was based on an expected sales volume of 5,000 units.  Actual sales volume was 6,000 units.


10.  The amount of net income based on a flexible budget of 6,000 units is expected to be 


a. $24,000.

b.      $26,000.

c.       $30,000.         

d.      $45,000.


11.  The sales revenue volume variance is


a.          $25,000 favorable.       

b.          $10,000 unfavorable.

c.          $4,000 unfavorable.

d.          $6,000 favorable.


12. Marjorie Jewels, a maker of fashionable rings, produced and sold 6,000 rings during the recent accounting period.  The company had expected to sell 5,600 rings.  Because of competition, the company priced the rings at $20 each, $2 lower than the budgeted selling price.  Based on this information, there is


a.          a favorable $8,000 sales volume variance.

b.          an unfavorable $800 total sales variance.

c.          an unfavorable sales price variance.

d.          all of the above


13.  Which of the following is a difference between a static and a flexible budget? 


a.          Static budgets are based on single estimate of volume, whereas flexible budgets show estimated costs and revenues at a variety of activity levels.

b.          Static budgets are based on the same per unit variable amount, whereas flexible budgets are based on multiple per unit variable amounts.

c.          Static budgets use the same fixed cost amounts, whereas flexible budgets change the amount of fixed costs at different levels of activity.

d.          None of the other answers are correct.


14.  In which account is the cost of direct labor initially recorded? 


a.          Wages Expense.

b.          Work in Process Inventory.

c.          Manufacturing Overhead.

d.          Cost of Goods Sold.


15.  JCK had beginning work in process inventory of $8,000.  During the period, JCK transferred $34,000 of raw materials to work in process.  Labor costs amounted to $41,000 and overhead amounted to $36,000.  If the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory? 


a. $107,000.       

b.      $119,000.

c.       $131,000.

d.      $111,000.


16.  The recognition of cash paid for wages of production workers will


a.          decrease assets, equity, and net income.

b.          not affect assets and decrease net income.

c.          not affect assets, equity, or net income.

d.          decrease assets and increase net income.


17.   The cost of direct materials purchased on account is expensed when


a.          the materials are purchased.

b.          the cash is paid to settle the associated accounts payable.

c.          the manufacturing process is complete.

d.          the goods made with the materials are sold.


18.  Product costs are expensed as cost of goods sold: 


a.          When production is complete.

b.          At the start of production.

c.          When the related revenue is collected.

d.          When the related products are sold.


19.  The cost of indirect labor will initially be charged to: 


a.          Cost of goods sold.

b.          Manufacturing overhead.

c.          Work in process.

d.          Wages expense.


20.  Product costs flow through the manufacturer’s inventory accounts in the following order: raw materials, work in process, and finished goods.  


a. True

b. False       



Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Australia Assessments
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Customer 453391, May 8th, 2020
Marketing & Advertising
We crafted. Thanks
Customer 463647, November 29th, 2022
thank you so much
Customer 453933, January 25th, 2020
Well done. I just needed to rephrase a few things, but overall good.
Customer 458067, January 29th, 2022
The work is of really good quality and was done on time.
Customer 454439, June 1st, 2020
Quality work. Looking forward to your future contributions.
Customer 463467, December 2nd, 2022
I am pleased with my paper. The support team helping me to receive this finally was phenomenal. Thank you
Customer 453993, February 10th, 2020
Entertainment & Gaming
Great work.
Customer 452441, April 29th, 2022
Business and administrative studies
Good work.
Customer 453509, June 6th, 2022
Job well done!!!
Customer 453939, February 24th, 2020
ALL questions answered.
Customer 453625, April 7th, 2022
Excellent work!
Customer 463337, March 7th, 2023
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat