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A) $24,640
B) $ 3 5 ,2 0 0
c) $ 3 1 ,5 6 0
$33,640
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$45,000
.. $50,000
$65,000
$80,000
$75,000
S60.000
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D) $135,500
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6. Rhett Company manufacturesand sells dressshirts. Each shirt (unit) requires 3 yards of
cloth. Selecteddata from Rhett's masterbudget for next quarter are shown below:
Budgetedsales(in units)
Budgetedproduction(in units)
Desiredending inventory of cloth (in yards)
April
May
June
26,000 28,000 32,000
28,000 32,000 36,000
2,100 2,800 3,000
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D)
84,700yards
96,700yards
98,100yards
98,800yards
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A)
B)
Direct Materials
Budget
Yes
Yes
SalesBttdget
Yes
No
No
Yes
No
No
D)
A)
B)
C)
D)
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Item A
Item B
Item C
Item D
A) $4.s7
B)$1e.s0
3 .,
Q $16.00
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Use the following to answerquestion10:
Davey Corporation is preparing its Manufacturing OverheadBudget for the fourth quarter of the
year. The budgetedvariable factory overheadrate is $3.00 per direct labor-hour; the budgeted
fixed factory overheadis $66,000per month, of which $10,000is factory depreciation.
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10. If the budgeteddirect labor time for Decemberis 4,000 hours,then the predetermined
factory overheadper direct labor-hourfor Decemberwould be:
A ) $ 3 .0 0
(6) $1e.50
U $5.50
D) $17.00
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D) $64,800
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\i lz/The budgetedcashdisbursementsfor Septembetarra;
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A) $140,000
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b)
$ZIU,UUU
$270,000
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Assets
Cash..........
Accountsreceivable
(net of allowancefbr uncollectibleaccounts)
Inventory
Property,plant and equipment
(net of $502,000accumulateddepreciation)...........
Total assets
Liabilities and Stockholders'Equity
Accountspayable
Commonstock........
Retainedearnings
Total liabilities and stockholders'equity
13,000
77,04A
1g'7,600
992.000
$1279'600
$ 240,000
780,000
2s9.600
$t-2?9500
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Assets
Cash..........
Accountsreceivable
(net of allowancefbr uncollectibleaccounts)
Inventory
Property,plant and equipment
(net of $502,000accumulateddepreciation)
...........
Total assets
Liabilities and Stockholders'Equity
Accountspayable
C o m m o ns t o c k . . . . . . . .
Retainedearnings
Total liabilities and stockholders'equity
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13,000
71,004
197,600
992^000
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$ 240,000
780,000
259.640
$r,279j00
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14. The standardprice per unit of materialsis usedin the calculationof which of the
followins variances?
A)
B)
C)
D)
Materictls
price
variance
No
No
Yes
Yes
M0terial,s
quantity
variance
No
Yes
No
Yes
A) Item A
B) Item B
C) Item C
@) Item D
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B) 2t,625
c) 23,250
D) 24,875
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'.. 16.
\Which of the following statementsconcerningideal standardsis incorrect?
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B) Ideal standardsdo not make allowancesfor waste,spoilage,and machine
breakdowns.
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\9)) tOeatstandardsare better suited for cashbudgeting than practical standards.
D) Ideal standardsmay be better than practical standardswhen managersseek
continual improvement.
Page6
17. The standardcost card of a particularproduct specifiesthat it requires4.5 direct laborhours at $12.80per direct labor-hour.During March, 2,300 units of the product were
producedand direct labor wagesof $ 128,300were incurred.A total of 11,700direct
labor-hourswere worked. The direct labor variancesfor the month were:
Labor Rate Variance LaborEfficiencyVariance
U
$ 4 , 1 8 0F
$14,804
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-W$ 1 7 , 2 8U0
$4.180F
U
s 2 1 , 4 6 0F
$14,804
$ 2 1 , 4 6 0F
$ 1 7 , 2 8U0
A)
B)
C)
D)
Item A
Item B
Item C
Item D
Usethefbllowingto answerquestion18:
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ft) $z,zs5
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C) $13,047unfavorable
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StandardPrice Standard
or Rate
Cost
per
pound
$3.00
$4.50
$6.00per hour
$3.60
$1.25per hour
$0.75
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19. Thematerialspricevariancefor Marchis:
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A ) $ 1 ,0 0 F
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D) $750U
c) $i0.500
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July:
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$1,200favorable
22. ,.\
J.hestandardnumber of machinehours allowed for July production is:
hours
Ul) 1,500
B) 1,600hours
C) 7,700hours
D) 2,270hours
No
A*D
W ItemA
Variable OverheadEfficiency
Yes
No
Yes
No
F) Itern B
C) Item C
D) Item D
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A, rrue
B) False
False
\h./ rrue
V) False
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Answer Key
1 .C
2,C
3.D
4,8
5.8
6.B
7. D
8.C
9.D
1 0 .B
1 1 .A
t 2 .c
1 3 .C
1 4 ,D
1 5 .A
1 6 .C
1 7 .D
1 8 .A
1 9 .A
20. D
2 1 .c
22. A
23.A
24. D
25.B
26. A
27. B
28. B
29. A
30. A
Page 12