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Exam 21: Budgeting

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Question 81

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The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: January 1 finished goods,$765,000; December 31 finished goods,$540,000; and cost of goods sold for the year,$2,560,000.The budgeted costs of goods manufactured for the year is

A) $1,255,000
B) $2,335,000
C) $2,785,000
D) $3,100,000

E) B) and C)
F) None of the above

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Question 82

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Describe a master budget and the sequence in which the individual budgets within the master budget are prepared.

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The master budget is a comprehensive pla...

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Question 83

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The budgetary unit of an organization which is led by a manager who has both the authority over and responsibility for the unit's performance is known as a

When preparing the cash budget,all the following should be considered except

The number of pounds of materials A and B required for July production is

A disadvantage of static budgets is that they

Flanders Industries collects 35% of its sales on account in the month of the sale,and 65% in the month following the sale.Sales on account are budgeted to be $175,000 for May and $225,000 for June.What are the budgeted cash receipts from sales on account for June?

After the sales budget is prepared,the capital expenditures budget is normally prepared next.

The budget that summarizes future plans for the acquisition of fixed assets is

The Tough Jeans Company produces two different styles of jeans,Working Life and Social Life.The company sales budget estimates that 400,000 of the Working Life jeans and 250,000 of the Social Life jeans will be sold during the year.The company begins with 9,000 pairs of Working Life and 18,000 pairs of Social Life.The company desires ending inventory of 7,500 of Working Life and 10,000 Social Life.Prepare a production budget for the year.

Stephanie Corporation sells a single product.Budgeted sales for the year are anticipated to be 640,000 units,estimated beginning inventory is 108,000 units,and desired ending inventory is 90,000 units.The quantities of direct materials expected to be used for each unit of finished product are given below. ​ Material A 0.50 lb.per unit @ $0.70 per pound Material B 1.00 lb.per unit @ $1.70 per pound Material C 1.20 lb.per unit @ $1.00 per pound ​ The dollar amount of material A used in production during the year is

Production and sales estimates for April are as follows: ​ ​ The number of units expected to be manufactured in April is

The master budget is an integrated set of budgets that tie together a company's operating,financing and investing activities into an integrated plan for the coming year.

Prepare a monthly flexible selling expense budget for Cottonwood Company for sales volumes of $300,000,$350,000,and $400,000,based on the following data

Production and sales estimates for March for the Robin Co.are as follows: ​ ​ The number of units expected to be manufactured in March is

The dollar amount of Material C used in production during the year is

What is the budgeted units of inventory for March 31?

The cash payments expected for Finch Company in the month of April are

Estimated cash payments are planned reductions in cash from all of the following except

Diamond Company manufactures two models of cassette recorders,VCH and MTV.Based on the following production data for April,prepare a production budget.