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Exam 8: Master Budgeting

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Question 81

Multiple Choice

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The BRS Corporation makes collections on sales according to the following schedule: The following sales have been budgeted: Budgeted cash collections in June would be:

A) $137,000
B) $85,000
C) $45,000
D) $123,000

E) A) and B)
F) A) and C)

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Question 82

Multiple Choice

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The estimated finished goods inventory balance at the end of May is closest to:

A) $102,676
B) $111,986
C) $26,999
D) $129,675

E) A) and B)
F) A) and C)

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Question 83

Multiple Choice

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Gusler Corporation makes one product and has provided the following information: The estimated cost of goods sold for May is closest to:

If 41,920 pounds of raw materials are required for production in September, then the budgeted cost of raw material purchases for August is closest to:

The direct labor budget begins with the required production in units from the production budget.

Arciba Inc.bases its manufacturing overhead budget on budgeted direct labor-hours.The direct labor budget indicates that 7,400 direct labor-hours will be required in January.The variable overhead rate is $9.50 per direct labor-hour.The company's budgeted fixed manufacturing overhead is $130,980 per month, which includes depreciation of $10,360.All other fixed manufacturing overhead costs represent current cash flows.The company recomputes its predetermined overhead rate every month.The predetermined overhead rate for January should be:

When preparing a direct materials budget, the required purchases of raw materials in units equals:

Retained earnings at the end of December would be:

The budgeted sales for February is closest to:

The production budget is typically prepared before the direct materials budget.

The estimated unit product cost is closest to:

The estimated finished goods inventory balance at the end of February is closest to:

The estimated selling and administrative expense for August is closest to:

The estimated direct labor cost for February is closest to:

If the company estimates that it will need 55,480 pounds of raw material to satisfy production needs in March, then the raw materials inventory balance at the end of February should be closest to:

Sill Corporation makes one product.Budgeted unit sales for January, February, March, and April are 9,900, 11,400, 11,900, and 13,400 units, respectively.The ending finished goods inventory equals 20% of the following month's sales.The ending raw materials inventory equals 40% of the following month's raw materials production needs.Each unit of finished goods requires 5 pounds of raw materials.If 61,000 pounds of raw materials are required for production in March, then the budgeted raw material purchases for February is closest to:

If the company has budgeted to sell 12,000 Yutes in December, then the budgeted total cash disbursements for selling and administrative expenses for December would be:

The desired ending inventory for August is:

The manufacturing overhead budget of Reigle Corporation is based on budgeted direct labor-hours.The February direct labor budget indicates that 5,800 direct labor-hours will be required in that month.The variable overhead rate is $4.60 per direct labor-hour.The company's budgeted fixed manufacturing overhead is $82,360 per month, which includes depreciation of $16,820.All other fixed manufacturing overhead costs represent current cash flows. Required: a.Determine the cash disbursements for manufacturing overhead for February.Show your work! b.Determine the predetermined overhead rate for February.Show your work!

The desired beginning inventory for June is: