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Accounting Expert Answers & Study Resources : Page 67

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1) There are four types of responsibility centers used to evaluate a company's performance. 2) Responsibility accounting performance reports compare budgets with actual results for each responsibility center. 3) Responsibility accounting is a system for evaluating the performance of each responsibility center and its manager. 4) A cost center is a responsibility center.

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  • 1) There four types of responsibility centers used to evaluate
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52) Timothy Company manufactures blenders.  The following selected data relates to Timothy Company's budgeted sales and inventory levels of the blenders for the upcoming quarter.  How many blenders should Timothy Company produce in November?  Show your calculations. 53) Lancelot Bicycles manufactures and sells bicycles.  Each bicycle requires four wheels. For September,.

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  • 52) Timothy Company manufactures blenders.  The following selected data relates
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1) The master budget of a service company has more individual budget components than does the master budget of a manufacturing company. 2) The operating budgets of retailers and manufacturers are virtually identical. 3) Service companies use a "cost of goods sold, inventory, and purchases" budget to calculate the amount of merchandise.

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  • 1) The master budget of a service company has more
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3) TK Electronics is a manufacturer with two departments: Computer Chips and Cell Phones.  The computer chip that is produced in the Chips Department can be sold to customers at $5.50 per chip. The costs associated with the computer chips are as follows: Variable manufacturing costs$1.80 Variable selling and administrative costs.$0.60 Capacity.375,000 units Current.

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  • 3) TK Electronics a manufacturer with two departments: Computer Chips
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11) Which of the following budgets usually shows separate sections for fixed and variable costs? A) Operating expense budget and manufacturing overhead budget B) Manufacturing overhead budget and production budget C) Production budget and manufacturing overhead budget D) Direct materials and manufacturing overhead budget 12) Which of the following budgets or financial statements is part.

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  • 11) Which of the following budgets usually shows separate sections
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21) Dell's payroll department preparing its budget based upon payroll expenses would be a(n): A) cost center. B) investment center. C) profit center. D) revenue center. 22) The fresh food section of a local grocery store reporting operating income for the current year would be a(n): A) cost center. B) investment center. C) profit center. D) revenue center. 23) Free.

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  • 21) Dell's payroll department preparing its budget based upon payroll
  • Accounting
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58) The Simcoe Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 40,000 units. Information about the various manufacturing overhead costs follows: Variable rate per unit Total fixed costs Indirect materials $2.40 Supplies $1.90 Indirect labour $1.20 $190,000 Plant utilities $0.20 $70,000 Repairs and maintenance $1.00 $30,000 Depreciation on plant and equipment $120,000 Insurance on plant.

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57) The Dover Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 50,000 units. Information about the various manufacturing overhead costs follows: Variable rate per unit Total fixed costs Indirect materials $1.20 Supplies $0.95 Indirect labour $0.60 $95,000 Plant utilities $0.10 $35,000 Repairs and maintenance $0.50 $15,000 Depreciation on plant and equipment $60,000 Insurance on plant and equipment $24,000 Plant.

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41) Bauer Corporation anticipates the following sales revenue over a five month period: November December January February March Sales revenue $20,000 $22,000 $26,000 $18,000 $21,000 Bauer Corporation's sales are 40% cash and 60% credit. The Bauer Corporation's collection history indicates that credit sales are collected as follows: Month of sale 20% Month after sale 50% Two months after sale 25% Uncollectible 5% Required: Prepare a cash collections budget for each month in.

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  • 41) Bauer Corporation anticipates the following sales revenue over a
  • Accounting
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59) The Simcoe Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 90,000 units. Information about the various manufacturing overhead costs follows: Variable rate per unit Total fixed costs Indirect materials $1.25 Supplies $1.00 Indirect labour $0.75 $350,000 Plant utilities $0.30 $125,000 Repairs and maintenance $1.50 $50,000 Depreciation on plant and equipment $200,000 Insurance on plant and.

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