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Accounting Expert Answers & Study Resources : Page 726

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11.Budget preparation is best determined in a top-down managerial approach. a.True b.False 12.Past performance is the best overall basis for evaluating current performance and assessing the need for correctiveaction. a.True b.False 13.The responsibility for coordinating the preparation of a master budget should be assigned to the CEO of a firm. a.True b.False 14.The financial budgets of a business include.

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  • 11.Budget preparation best determined in a top-down managerial approach. a.True b.False 12.Past performance
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21.A rental cost of $20,000 plus $0.70 per machine hour of use is an example of a mixed cost. a.True b.False 22.For purposes of analysis, mixed costs can generally be separated into their variable and fixed components. a.True b.False 23.The contribution margin ratio is the same as the profit-volume ratio. a.True b.False 24.Variable costs as a percentage of sales.

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  • 21.A rental cost of $20,000 plus $0.70 per machine hour
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181.  The Klein Company reports the following data: Sales $980,000 Variable costs 500,000 Fixed costs 350,000 Determine Klein Company’s operating leverage. Round your answer to two decimal places. 182.  The Tom Company reports the following data: Sales $600,000 Variable costs 400,000 Fixed costs 100,000 Determine Tom Company’s operating leverage. 183.  The Dean Company has sales of $500,000, and the break-even point in sales dollars of $300,000..

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  • 181.  The Klein Company reports the following data: Sales $980,000 Variable costs
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51.Detailed supplemental schedules based on department responsibility are often prepared for major items in theoperating expenses budget. a.True b.False 52.The capital expenditures budget details future plans for acquisition of fixed assets. a.True b.False 53.The cash budget summarizes future plans for acquisition of fixed assets. a.True b.False 54.The cash budget is affected by the sales budget, the various budgets for.

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31.The master budget of a small manufacturer would normally include all necessary component budgets except thecapital expenditures budget. a.True b.False 32.The master budget of a small manufacturer would normally include all necessary component budgets except thebudgeted balance sheet. a.True b.False 33.The master budget of a small manufacturer would normally include all component budgets that impact on.

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68.A variant of fiscal-year budgeting whereby a twelve-month projection into the future is maintained at all times istermed a.flexible budgeting b.continuous budgeting c.zero-based budgeting d.master budgeting 69.Jase Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 forelectric power. Total fixed costs are $24,000. At 12,000 units of production,.

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141.The point where the sales line and the total costs line intersect on the cost-volume-profit chart represents a.the maximum possible operating loss b.the maximum possible operating income c.the total fixed costs d.the break-even point 142.The point where the profit line intersects the horizontal axis on the profit-volume chart represents a.the maximum possible operating loss b.the maximum possible.

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145.  The inventory at June 1 and costs charged to Work in Process—Department 60 during June are as follows: 3,800 units, 80% completed ($25,000 materials, $35,400 conversion)              $  60,400Direct materials, 32,000 units                            368,000 Direct labor244,000 Factory overhead188,000 Total cost to be accounted for$860,400 During June, 32,000 units were placed into production and 31,200 units.

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  • 145.  The inventory at June 1 and costs charged to
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Match each phrase that follows with the term (a-e) it describes. cost of production report equivalent units of production manufacturing cells yield just-in-time processing 146.  measures the quantity of output of production relative to the inputs 147.  provides information for controlling and improving operations 148.  focuses on reducing time, cost, and poor quality within the process 149.  the portion.

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1.The task of preparing a budget should be the sole task of the most important department in an organization. a.True b.False 2.A formal written statement of management's plans for the future, expressed in financial terms, is called a budget. a.True b.False 3.Budgets are normally used only by profit-making businesses. a.True b.False 4.The objectives of budgeting are (1) establishing specific.

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171.  Copper Hill Inc. manufactures laser printers within a relevant range of production of 70,000 to 100,000 printers peryear. The following partially completed manufacturing cost schedule has been prepared: Number of Printers Produced 70,000 90,000 100,000 Total costs: Total variable costs $350,000 (d) (j) Total fixed costs 630,000 (e) (k) Total costs $980,000 (f) (l) Cost per unit: Variable cost per unit (a) (g) (m) Fixed cost per unit (b) (h) (n) Total cost per unit (c) (i) (o) Complete.

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  • 171.  Copper Hill Inc. manufactures laser printers within a relevant
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181.  Roller Paint Co. reported the following data for the month of September. There were no beginning inventories andall units were completed (no work in process). ? Total Cost Number of Units ? Unit Cost Manufacturing costs: Variable $465,000 30,000 $15.50 Fixed 210,000 30,000 7.00 Total $675,000 $22.50 Selling and administrative expenses: Variable $2 per unit sold Fixed $39,000 In the month of September, 28,000 of the 30,000 units manufactured were sold.

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  • 181.  Roller Paint Co. reported the following data for the
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21.A budget procedure that provides for the maintenance at all times of a twelve-month projection into the future iscalled master budgeting. a.True b.False 22.The budget procedure that requires all levels of management to start from zero in estimating sales, production, andother operating data is called zero-based budgeting. a.True b.False 23.The budget procedure that requires all levels.

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145.  Discuss how equivalent units are computed under the average cost method. 146.  Kamin Company’s Mixing Department had a beginning inventory of 4,000 units which had accumulated conversioncosts of $55,000.  During the period, the Mixing Department accumulated conversion costs of $92,000 and started8,000 new units.  Ending inventory was 2,500 units which.

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91.Thompson Company manufactures and sells cookware. Because of current trends, it expects to increase sales by15% next year. If this expected level of production and sales occurs and plant expansion is not needed, how shouldthis increase affect next year’s total amounts for the following costs? Variable CostsFixed CostsMixed Costs a.increaseincreaseincrease b.increaseno changeincrease c.no changeno.

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  • 91.Thompson Company manufactures and sells cookware. Because of current trends,
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171.  The following is a list of various costs of producing T-shirts. Classify each cost as either a variable, fixed, or mixedcost for units produced and sold. (a)          Ink used for screen printing (b)         Warehouse rent of $8,000 per month plus $0.50 per square foot of storage used (c)          Thread (d)         Electricity costs of.

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  • 171.  The following a list of various costs of producing
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71.Most operating decisions of management focus on a narrow range of activity called the a.relevant range of production b.strategic level of production c.optimal level of production d.tactical operating level of production 72.Costs that vary in total in direct proportion to changes in an activity level are called a.fixed costs b.sunk costs c.variable costs d.differential costs 73.Which of the following is.

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  • 71.Most operating decisions of management focus a narrow range of
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58.A formal written statement of management's plans for the future, expressed in financial terms, is a a.gross profit report b.responsibility report c.budget d.performance report 59.The budget process involves doing all of the following except a.establishing specific goals b.executing plans to achieve the goals c.periodically comparing actual results with the goals d.dismissing all managers who fail to achieve operational goals.

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  • 58.A formal written statement of management's plans for the future,
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78.At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of$170,000, and fixed factory overhead of $28,000 for 8,000 hours of production. The department actually completed10,000 hours of production. What is the appropriate total budget for the department, assuming it uses flexiblebudgeting? a. $288,000 b. $305,000 c..

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  • 78.At the beginning of the period, the Assembly Department budgeted
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Match each phrase that follows with the term (a-h) it describes. direct labor and factory overhead direct labor and direct materials transferred in costs equivalent units process costing job order costing first-in, first-out method cost of production report 146.  a process costing method that costs each period’s equivalent units of work with that period’s costs per equivalentunit 147.  measure of.

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  • Match each phrase that follows with the term (a-h) it
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151.What was Carter Co.'s unit contribution margin of E? a. $24 b. $60 c. $92 d. $20 152.Assuming that last year's fixed costs totaled $960,000, what was Carter Co.'s break-even point in units? a.40,000 units b.12,000 units c.35,000 units d.28,000 units 153.If a business had sales of $4,000,000 and a margin of safety of 25%, the break-even point was a. $5,000,000 b..

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  • 151.What was Carter Co.'s unit contribution margin of E? a. $24 b.
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Match the following terms with their definitions. a.  Relevant range b.  Break-even point c.  Contribution margin d.  Fixed costs e.  Variable costs 181.  Vary in proportion to changes in activity levels 182.  Remain the same in total dollar amount as the level of activity changes 183.  Where a business’s revenues exactly equal costs 184.  A specific activity range over.

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  • Match the following terms with their definitions. a.  Relevant range b.  Break-even
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31.If fixed costs are $850,000 and the unit contribution margin is $50, profit is zero when 15,000 units are sold. a.True b.False 32.The point in operations at which revenues and expenses are exactly equal is called the break-even point. a.True b.False 33.Break-even analysis is one type of cost-volume-profit analysis. a.True b.False 34.If the property tax rates are increased, this.

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  • 31.If fixed costs $850,000 and the unit contribution margin $50,
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145.  Zang Co. manufacturers its products in a continuous process involving two departments, Machining and Assembly.Prepare journal entries to record the following transactions related to production during June: (a)          Materials purchased on account, $180,000 (b)         Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials (c)          Direct labor used by.

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  • 145.  Zang Co. manufacturers its products in a continuous process
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