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Question 3

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Hunten Manufacturing assigns overhead based on
machine hours. The Milling Department logs 1,400 machine hours and Cutting
Department shows 3,000 machine hours for the period. If the overhead rate is $5
per machine hour, the entry to assign overhead will show a

credit to Manufacturing Overhead for $22,000.

debit to Work in Process for $15,000.

debit to Manufacturing Overhead for $22,000.

credit to Work in Process—Cutting Department
for $15,000.

Question 4

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A process with no beginning work in process,
completed and transferred out 95,000 units during a period and had 50,000 units
in the ending work in process inventory that were 30% complete. The equivalent
units of production for the period were:

110,000 equivalent units.

47,500 equivalent units.

95,000 equivalent units.

145,000 equivalent units.

The
Molding Department of Kenst Company has the following production data:
beginning work in process 40,000 units (60% complete), started into production
680,000 units, completed and transferred out 690,000 units, and ending work in
process 70,000 units (40% complete). Assuming conversion costs are incurred
uniformly during the process, the equivalent units for conversion costs are:

690,000.

694,000.

718,000.

760,000.

Question 6

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Conrad Company’s Assembly Department has
materials cost at $5 per unit and conversion cost at $8 per unit. There are
20,000 units in ending work in process, all of which are 70% complete as to
conversion costs. How much are total costs to be assigned to inventory?

$260,000.

$112,000.

$212,000.

$182,800.

Question 7

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A department adds materials at the beginning of
the process and incurs conversion costs uniformly throughout the process. For
the month of July, there was no beginning work in process; 40,000 units were
completed and transferred out; and there were 20,000 units in the ending work
in process that were 40% complete. During July, $96,000 materials costs and
$84,000 conversion costs were charged to the department.

The unit production costs for materials and conversion costs for July was

Materials

Conversion Costs

$2.40

$2.13

$1.60

$1.75

$2.00

$1.40

$1.60

$1.40

Question 9

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Which of the following costs are variable?

Cost

10,000 Units

30,000 Units

1.

$100,000

$300,000

2.

40,000

240,000

3.

90,000

90,000

4.

50,000

150,000

1 and 2

only 2

only 1

1 and 4

Question 11

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In applying the high-low method, what is the
unit variable cost?

Month

Miles

Total Cost

January

80,000

$144,000

February

50,000

120,000

March

70,000

141,000

April

90,000

$180,000

Cannot be determined
from the information given

$2.00

$1.50

$2.40

Question 13

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If a company had a contribution margin of
$750,000 and a contribution margin ratio of 40%, total variable costs must have
been

$300,000.

$1,125,000.

$450,000.

$1,875,000.

Question 14

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The following monthly data are available for
Hepburn, Inc. which produces only one product: Selling price per unit, $42;
Unit variable expenses, $14; Total fixed expenses, $84,000; Actual sales for
the month of June, 4,000 units. How much is the margin of safety for the
company for June?

$1,000

$84,000

$126,000

$42,000

Question 15

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Klinc, Inc. wants to sell a sufficient quantity
of products to earn a profit of $70,000. If the unit sales price is $10, unit
variable cost is $8, and total fixed costs are $120,000, how many units must be
sold to earn income of $70,000?

23,750 units

950,000 units

95,000 units

70,000 units

Question 16

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Sivenchy Company sells 100,000 wrenches for $18
per unit. Fixed costs are $625,000 and net income is $375,000. What should be
reported as variable expenses in the CVP income statement?

$1,425,000

$1,000,000

$1175

$800,000

Question 19

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At January 1, 2014, Zella Company has beginning inventory of
2,000 DVD players. Zella estimates it will sell 10,000 units during the first
quarter of 2014 with a 12% increase in sales each quarter. Zella’s policy is to
maintain an ending inventory equal to 25% of the next quarter’s sales. Each DVD
player costs $100 and is sold for $140. How much is budgeted sales revenue for
the third quarter of 2014?

$12,544

$420,000

$1,820,000

$1,756,160

Question 20

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Vonak Co. estimates its sales at 240,000 units in the first
quarter and that sales will increase by 24,000 units each quarter over the
year. They have, and desire, a 25% ending inventory of finished goods. Each
unit sells for $25. 40% of the sales are for cash. 70% of the credit customers
pay within the quarter. The remainder is received in the quarter following
sale.

Cash collections for the third quarter are budgeted at

$5,904,000.

$7,092,000.

$8,208,000.

$4,068,000.

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Question 21

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Niles Manufacturing estimates its sales at
220,000 units in the first quarter and that sales will increase by 20,000
units each quarter over the year. They have, and desire, a 25% ending
inventory of finished goods. Each unit sells for $35. 40% of the sales
are for cash. 70% of the credit customers pay within the quarter. The
remainder is received in the quarter following sale.

Production in units for the third quarter should be budgeted at

330,000.

260,000.

275,000.

265,000

Question 19

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At January 1, 2014, Zella Company has beginning inventory of
2,000 DVD players. Zella estimates it will sell 10,000 units during the first
quarter of 2014 with a 12% increase in sales each quarter. Zella’s policy is to
maintain an ending inventory equal to 25% of the next quarter’s sales. Each DVD
player costs $100 and is sold for $140. How much is budgeted sales revenue for
the third quarter of 2014?

$12,544

$420,000

$1,820,000

$1,756,160

Question 20

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Vonak Co. estimates its sales at 240,000 units
in the first quarter and that sales will increase by 24,000 units each quarter
over the year. They have, and desire, a 25% ending inventory of finished goods.
Each unit sells for $25. 40% of the sales are for cash. 70% of the credit
customers pay within the quarter. The remainder is received in the quarter
following sale.

Cash collections for the third quarter are budgeted at

$5,904,000.

$7,092,000.

$8,208,000.

$4,068,000

Question 21

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Niles Manufacturing estimates its sales at 220,000 units in
the first quarter and that sales will increase by 20,000 units each quarter
over the year. They have, and desire, a 25% ending inventory of finished goods.
Each unit sells for $35. 40% of the sales are for cash. 70% of the credit
customers pay within the quarter. The remainder is received in the quarter
following sale.

Production in units for the third quarter should be budgeted at

330,000.

260,000.

275,000.

265,000.

Question 30

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Corrington Manufacturing Company prepared a
fixed budget of 80,000 direct labor hours, with estimated overhead costs of
$400,000 for variable overhead and $120,000 for fixed overhead. Corrington then
prepared a flexible budget at 78,000 labor hours. How much is total overhead
costs at this level of activity?

$510,000

$440,000

$520,000

$400,000

Question 31

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At 18,000 direct labor hours, the flexible
budget for indirect materials is $36,000. If $37,600 are incurred at
18,400 direct labor hours, the flexible budget report should show the
following difference for indirect materials:

$1,600 favorable.

$1,600 unfavorable.

$800 unfavorable.

$800 favorable.

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