HOMEWORK 5 (TCO 7) The financial budgets include the: cash budget and the selling and administrative


(TCO 7) The financial budgets include the:

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cash budget and the selling and
administrative expense budget.
cash budget and the pro forma balance sheet.

pro forma balance sheet and the pro forma
income statement.
cash budget and the production budget.

Question 2. Question
: (TCO 7) In a production
budget, the units to be produced are the budgeted sales units plus:

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beginning inventory.

desired ending inventory.

desired ending inventory plus beginning

desired ending inventory minus beginning

Question 3. Question
: (TCO 7) The production budget
shows planned sales of 43,000. Beginning inventory is 6,400. Units to be
produced are 44,400. What is the desired ending inventory?





Question 4. Question
: (TCO 7) If there were 70,000
pounds of raw materials on hand on January 1, 140,000 pounds are desired for
inventory at January 31, and 420,000 pounds are required for January
production, how many pounds of raw materials should be purchased in January?

350,000 pounds

560,000 pounds

280,000 pounds

490,000 pounds

Question 5. Question
: (TCO 7) ABC Company expects
the following sales and collection pattern for the last four months of the year:

Month Cash Sales Credit Sales Total Sales
September $25,000 $65,000 $90,000
October $28,000 $72,000 $100,000
November $26,000 $68,000 $94,000
December $30,000 $71,000 $101,000

•?????????5% of credit sales are collected in the same month
•?????????65% of sales are collected in the following month
•?????????25% of sales are collected in the second following
What are the projected cash collections for the month of






(TCO 9) Fixed costs normally will not include

property taxes.

direct labor.

rent on buildings.

depreciation on buildings and equipment.

Question 2. Question
: (TCO 9) Which one of the
following would be the same total amount on a flexible budget and a static
budget if the activity level is different for the two types of budgets?

Direct materials cost

Direct labor cost

Variable manufacturing overhead

Fixed manufacturing overhead

Question 3. Question
: (TCO 9) The Wiscow
Manufacturing Company recorded overhead costs of $14,182 at an activity level
of 4,200 machine hours and $8,748 at 2,300 machine hours. The records also
indicated that overhead of $9,730 was incurred at 2,600 machine hours. What is
the fixed cost using the high-low method to estimate the cost equation?





Question 4. Question
: (TCO 8) Southern Company’s
budgeted and actual sales for 2009 were:

Product Budgeted
Sales Actual Sales
X 20,000
units at $5.00 per unit 17,500 units
at $5.30 per unit
Y 35,000
units at $9.00 per unit 37,300 units
at $8.80 per unit

What is the total sales variance for the two products?

$2,210 Favorable

$5,990 Favorable

$6,990 Favorable

$8,200 Favorable

Question 5. Question
: (TCO 8) Southern Company
manufactures Product X. The standard
cost of one unit of output is $12.00 (four pieces at $3.00 per piece). During the first quarter, 5,000 units were
made, at an actual cost of $10.50 per unit (three pieces at $3.50 per
piece). What is the total material

$7,500 Favorable

$15,000 Favorable

$7,500 Unfavorable

$15,000 Unfavorable

Instructor Explanation: Total Material Variance = (Standard Quantity x
Standard Price) versus (Actual Quantity x Actual Price)
Total Material Variance = (5,000 units x 4 pieces x $3.00)
versus (5,000 units x 3 pieces x $3.50)
Total Material Variance = (20,000 x $3.00) versus (15,000 x
$3.50) = $7,500 Favorable

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