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Exam 8: Master Budgeting

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Question 101

Multiple Choice

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The estimated cost of goods sold for February is closest to:

A) $1,066,360
B) $220,480
C) $930,680
D) $845,880

E) B) and C)
F) All of the above

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Question 102

Multiple Choice

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If 60,500 pounds of raw materials are required for production in December, then the budgeted cost of raw material purchases for November is closest to:

A) $91,880
B) $139,520
C) $79,400
D) $115,700

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

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Question 103

Multiple Choice

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The difference between cash receipts and cash disbursements for December would be:

Tracie Corporation manufactures and sells women's skirts.Each skirt (unit) requires 2.2 yards of cloth.Selected data from Tracie's master budget for next quarter are shown below: Each unit requires 0.8 hours of direct labor, and the average hourly cost of Tracie's direct labor is $18.What is the cost of Tracie Corporation's direct labor in September?

The desired ending inventory of Material K for September is:

The expected cash collections for February is closest to:

In the merchandise purchases budget, the required purchases (in units)for a period can be determined by subtracting the beginning merchandise inventory (in units)from the budgeted sales (in units)and desired ending merchandise inventory (in units).

Marst Corporation's budgeted production in units and budgeted raw materials purchases over the next three months are given below: Two pounds of raw materials are required to produce one unit of product.The company wants raw materials on hand at the end of each month equal to 30% of the following month's production needs.The company is expected to have 42,000 pounds of raw materials on hand on January 1.Budgeted production for February should be:

The budgeted required production for August is closest to:

The estimated direct labor cost for May is closest to:

The selling and administrative expense budget of Choo Corporation is based on budgeted unit sales, which are 4,600 units for August.The variable selling and administrative expense is $7.30 per unit.The budgeted fixed selling and administrative expense is $51,980 per month, which includes depreciation of $6,440 per month.The remainder of the fixed selling and administrative expense represents current cash flows.The cash disbursements for selling and administrative expenses on the August selling and administrative expense budget should be:

Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget?

In the manufacturing overhead budget, the non-cash charges (such as depreciation)are deducted from the total budgeted manufacturing overhead to determine the expected cash disbursements for manufacturing overhead.

Murie Corporation makes one product and has provided the following information: The estimated net operating income (loss) for February is closest to:

The budgeted required production for May is closest to:

If 66,850 pounds of raw materials are required for production in June, then the budgeted raw material purchases for May is closest to:

The production budget is typically prepared prior to the sales budget.

The expected cash collections for August is closest to:

The budgeted required production for May is closest to:

Which of the following budgets are prepared before the sales budget?