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Study Resources (Accounting)

200) The ________ from the balanced scorecard focuses on determining the company's "climate for action." A) internal business perspective B) learning and growth perspective C) customer perspective D) financial perspective 201) Return on investment and revenue growth would be examples of A) internal business perspective. B) customer perspective. C) financial perspective. D) learning and growth perspective. 202) The.
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131) Coltrane Music manufactures musical instrument for sale to students and professionals. The information for one of Coltrane's most popular products, professional saxophones, follows: Product Saxophone Standard direct labor hours per saxophone 1.25 Standard direct labor rate per hour $27.00 Actual number of saxophones manufactured 650 Actual direct labor hours worked 1,000 Actual total direct labor cost $25,400 What is the labor rate.
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234) Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units. Direct MaterialsDirect Labor Standard.
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157) Flexible budgets are budgets that summarize cost and revenue information for a single volume level. 158) Both the static budget and the flexible budget used for performance evaluation are developed before the period of actual production. 159) The difference between the actual revenues and expenses and the master budget is known.
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11) Kalanja Designs, which produces earrings, is developing direct material standards. Each earring requires 0.52 kilograms of a special metal. The allowance for waste is 0.03 kilograms per earring, while the allowance for rejects is 0.02 kilograms per earring. What is the standard quantity of metal per earring? A) 0.52.
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71) Puget Company has gathered the following information about its purchase and use of raw materials for December: Standard price per pound of raw material $ 12.00 Actual purchase price per pound of raw material $ 11.50 Standard quantity allowed for actual production (pounds) 1,000 Actual quantity of raw materials purchased (pounds) 1,150 Puget Company uses a standard cost.
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81) On the line in front of each variance, enter the letters of the items needed to compute that variance. You will enter more than one item on each line. A.Actual price B.Actual quantity C.Standard price D.Standard quantity ______Direct materials price variance ______Direct materials quantity variance 82) McNabb Corporation makes shoe polish. The standard direct materials quantity.
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193) If production remains within the relevant range for the period, fixed costs are expected to remain fixed. 194) The fixed overhead budget variance measures the difference between the actual fixed overhead costs incurred and the budgeted fixed overhead costs. 195) The cause of a fixed overhead variance, such as an unanticipated.
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1) Capital investments do not typically require large sums of money. 2) The process of making capital investment decisions is referred to as capital budgeting. 3) Self-check-in machines at airports are an example of capital assets. 4) Capital budgeting is done when common stock is issued. 5) Choosing among alternative capital investments is.
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21) The accounting rate of return uses non-cash flow factors including depreciation in calculating the operating income of the asset. 22) Investments with longer payback periods are more desirable, all else being equal. 23) The payback method can be used when the net cash inflows from a capital investment are unequal. 24).
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192) The Berwin Company established a master budget volume of 35,000 units for April. Actual overhead costs incurred amounted to $98,500. Actual production for the month was 34,000 units. The standard variable overhead rate was $1.75 per direct labor hour. The standard fixed overhead rate was $1.50 per direct labor.
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31) The direct materials price variance is calculated as A) the difference in quantities multiplied by the actual price of the input. B) the actual amount of direct materials purchased divided by the actual quantity. C) the difference in prices multiplied by the actual quantity of the input purchased. D) the actual quantity.
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128) Pendant Publishing reported the following results for its Textbook Division: Sales $ 2,200,000 Operating income $ 440,000 Total assets $ 1,100,000 Current liabilities $ 1,000,000 Pendant's target rate of return is 15% and the weighted average cost of capital is 10%. Its effective tax rate is 35%. What is the Textbook Division's capital turnover? A) 2.2 B) 2.5 C).
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166) The variable overhead rate variance may be caused by variances in the following production inputs except A) indirect materials. B) indirect labor. C) fixed manufacturing overhead. D) None of the above impacts the variable overhead rate variance. 167) What does the variable overhead efficiency variance tell management? A) How efficiently variable manufacturing overhead was used B).
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191) LampLight Industries gathered the following information for the month of July: Overhead flexible budget: Number of units 10,000 13,000 16,000 Standard machine hours 13,500 17,500 21,500 Budgeted variable overhead costs: $30,000 $29,000 $48,000 Budgeted fixed overhead costs: $53,250 $53,500 $63,000 LampLight actually produced 14,000 units in 17,500 machine hours. Total actual overhead cost of $85,500 consisted of $35,000 variable costs and $50,500 fixed costs. The standard variable.
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21) If the standard quantity allowed for direct materials is greater than the actual quantity used, the quantity variance is unfavorable. 22) A quantity variance for production inputs is the difference between the actual quantity of input and the standard quantity of input, multiplied by the standard unit price of input. 23).
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85) The following direct materials variance computations are incomplete. Fill in the missing values, and identify the direct materials flexible budget variance as favorable or unfavorable. Direct materials price variance = ($? - $12.50) × 7,000 pounds = $3,500 U Direct materials quantity variance = (? - 6,700 pounds) × $12.50 =.
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148) Selected financial data for the Photocopies Division of Elizabeth's Business Machines is as follows: Sales $ 6,800,000 Operating income $ 2,040,000 Total assets $ 2,720,000 Current liabilities $ 350,000 Required rate of return 13% Weighted average cost of capital 8% What is the Photocopier Division's return on investment? A) 5.15% B) 30.00% C) 75.00% D) 250.00% 149) Selected financial data for the Photocopies Division of.
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213) If a company recognizes variances at the earliest point possible, raw materials inventory will be debited for the actual quantity of raw materials purchased and costed at the actual price paid per unit. 214) A debit balance in the direct materials price variance indicates the standard cost of materials was.
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121) Belle Auto Detailing reported the following results for the past week: Actual number of cars detailed 250 Actual direct labor hours used 625 Actual total direct labor cost $6,500 Budgeted number of cars to be detailed 300 Standard direct labor cost per hour $10.00 Standard direct labor per car 1.5 What is Belle's direct labor efficiency variance? A) $2,500 favorable B) $2,500 unfavorable C) $2,600.
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143) Weissfeld Corporation manufactures a single product. The direct materials standard calls for 5 pounds of direct material per unit. The standard for direct material cost per pound is $10. A computer error has wiped out the records for the direct labor standards but the following information is found for.
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190) The results of a customer survey about customer experiences with the company's services would be an example of measuring which perspective? A) Financial B) Customer C) Internal business D) Learning and growth 191) Total hours of continuing professional education taken by employees would be an example of measuring which perspective? A) Financial B) Customer C) Internal business D).
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180) KPI in the Balanced Scorecard stands for Knowledge Profitability Index. 181) Operations is one factor of the financial perspective of the Balanced Scorecard. 182) All four perspectives must always be included on each individual company's balanced scorecard. 183) The four perspectives of the balanced scorecard include all of the following except A) financial. B).
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41) Jackson Industries has collected the following data for one of its products: Direct materials standard (6 pounds per unit @ $0.55/lb.) $3.30 per finished good Direct materials flexible budget variance-unfavorable $12,000 Actual direct materials used 35,000 pounds Actual finished goods produced 26,000 units What is the actual cost of the direct materials used per pound? A) $2.79 B) $2.45 C) $2.11 D).
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167) Peddlin' Pete's Cycles sells its entry-level bicycles for $400 each. Its variable cost is $250 per bicycle. Fixed costs are $35,000 per month for volumes up to 1,200 bicycles. Above 1,200 bicycles, monthly fixed costs are $55,000. What is the budgeted operating income at a level of 900 bicycles.
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156) The variable overhead efficiency variance is calculated as Actual Hours × (Actual Rate - Standard Rate). 157) The production volume variance is favorable whenever expected output is greater than actual output. 158) The variable overhead rate variance may be affected by both indirect labor and indirect materials. 159) The variable overhead efficiency.
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151) The Jazz Division of Heights Recording Corporation had the following results last year. Sales $10,000,000 Operating income $ 2,200,000 Total assets $4,000,000 Current liabilities $ 2,500,000 Management's target rate of return is 12% and the weighted average cost of capital is 9%. Its effective tax rate is 40%. Required: a.Calculate the return on investment (ROI). b.Calculate the residual income. 152).
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176) The Chilton Corporation specializes in manufacturing one type of desk lamp. Chilton allocates variable manufacturing overhead costs on the basis of machine hours. Chilton budgeted .5 machine hours per lamp and allocates overhead at a rate of $1.80 per machine hour. Last year Chilton manufactured 23,000 lamps, used 13,800.
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118) Golden Corporation has operating income of $336,000, a sales margin of 16%, and capital turnover of 3.0. The return on investment (ROI) for Golden Corporation would be closest to A) 5%. B) 48%. C) 2%. D) 160%. 119) Kleeman Company has a sales margin of 16%, operating income of $336,000, and capital turnover of.
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83) Ayers Company reports the following standards for direct materials for the year: Standard cost per pound$4.75 Standard amount per finished good8.5 pounds During the year, 460,000 finished goods were produced. The direct materials price variance was $14,200 unfavorable. The direct materials flexible budget variance was $980 favorable. Calculate the following items regarding direct.
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232) Costanza Manufacturing gathered the following information for the year ended December 31: Actual sales $285,000 Standard sales $285,000 Standard cost of goods sold $200,000 Direct material price variance $4,200 Unfavorable Direct material quantity variance $900 Unfavorable Direct labor rate variance $3,000 Favorable Direct labor efficiency variance $900 Unfavorable Overhead flexible budget variance $2,250 Unfavorable Production volume variance $3,000 Favorable Selling and Administrative $55,000 Prepare a standard cost income statement for Costanza for the year ended December.
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142) Nixon's Diner bakes pies in large batches. One batch of pies has the following standard costs and amounts: Standard quantity of sugar (pounds) 115 Standard cost per pound of sugar $ 2.10 Standard direct labor hours per batch of pies 1.5 Standard direct labor cost per hour $ 19.00 Nixon's Diner baked 425 batches of pies in the.
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173) Civic Corporation provided the following partially completed monthly flexible budget. Complete the flexible budget. 174) Thomas Corporation sells a unit of its product for $12.00, resulting in a contribution margin of $7.00 per unit. Fixed costs are budgeted at $50,000 per quarter for volumes up to 12,000 units and $80,000.
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203) Shamrock Manufacturing budgeted fixed overhead costs of $2.75 per unit at an anticipated production level of 1,350 units. In July Shamrock incurred actual fixed overhead costs of $4,400 and actually produced 1,300 units. What is Shamrock's fixed overhead budget variance for July? A) $687.50 favorable B) $687.50 unfavorable C) $825.00 favorable D) $825.00 unfavorable 204).
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138) The following data relates to Logan Electric and its Light Bulb Division. Light Bulb Division sales $ 7,500,000 Light Bulb Division operating income $ 750,000 Light Bulb Division total assets $ 3,000,000 Light Bulb Division current liabilities $ 550,000 Corporate target rate of return 15% Corporate weighted average cost of capital 11% Corporate effective tax rate 35% What is the Light.
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61) Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Materials) Cupcakes Butter (Direct Materials) Cookies Standard quantity per batch 2 lbs. 3 lbs. Standard price per pound.
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186) Jennings Manufacturing gathered the following flexible budget information: Percent of normal capacity 80% 100% Standard direct labor hours 64,000 70,000 Total budgeted variable overhead cost $118,000 $130,000 Total budgeted fixed overhead cost $100,000 $100,000 How much is the total budgeted overhead cost at 90% of normal capacity? A) $230,000 B) $100,000 C) $217,000 D) $207,000 187) Litchfield Industries gathered the following information for the month ended June.
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140) Pyne Corporation's actual output for a period was assigned the standard labor cost of $32,500. If the company had an unfavorable direct labor rate variance of $1,750 and a favorable direct labor efficiency variance of $975, what was the total actual cost of direct labor incurred during the period? 141).
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51) Myles Company budgeted 10,500 pounds of direct materials costing $23.50 per pound to make 5,300 units of product. The company actually purchased 11,000 pounds of direct materials costing $25.00 per pound to make the 5,300 units. What is the direct materials price variance? A) $16,500 favorable B) $16,500 unfavorable C) $15,750 unfavorable D).
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144) All variances discovered by management must be investigated. 145) Up-to-date standard costs provide a benchmark by which to evaluate actual costs and operations. 146) Managers will want to use management by exception to determine which variances are significant enough to warrant investigation. 147) Price and quantity variances are a way to motivate.
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101) A favorable direct labor efficiency variance and an unfavorable direct labor rate variance might indicate which of the following? A) Unskilled workers using more actual hours than standard, paid at a higher rate per hour than the standard rate B) Unskilled workers using less actual hours than standard, paid a lesser.
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