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  41) Managers and accountants collect most of the cost information that goes into their systems through 41) ______ A) an information databank. B) time surveys. C) source documents. D) computer programs. E) interviewing workers. 42) A machine shop has direct materials cost of $1,800,000 direct labour of $4,200,000 (direct labour rate is $50 per hour) and budgeted indirect manufacturing costs of $850,000. Management believes that indirect manufacturing costs increase with direct labour hours. What is the budgeted indirect manufacturing cost rate? 42) ______ A) $10.12 B) $4.94 C) $2.33 D) $2.12 E) $17.00 43) A local financial consulting firm […]

  Use the information below to answer the following question(s):   Dr. Mickey Finn performs a certain procedure for $400.00. The fixed costs are $8,000 and variable costs are $200.00 per procedure. 43) What is the budgeted revenue assuming the procedure is performed 200 times? 43) ______ A) $40,000 B) $320,000 C) $120,000 D) $160,000 E) $80,000 44) What is the budgeted contribution margin assuming the procedure is performed 200 times? 44) ______ A) $20,000 B) $80,000 C) $60,000 D) $160,000 E) $40,000 45) What is the margin of safety assuming the procedure is performed 200 times? 45) ______ A) […]

  51) What were the sales for Beta Division? 51) ______ A) $7,151,800 B) $4,333,333 C) $5,952,380 D) $6,500,000 E) $6,326,787 Use the information below to answer the following question(s).   Brandorf Company has two sources of funds-long term debt with a market and book value of $9 Million issued at an interest rate of 10 percent, and equity capital that has a market value of $6 million (book value of $2 million). Brandorf Company has profit centres in the following locations with the following data. The cost of equity capital is 15 percent, while the tax rate is 30 […]

  31) Which of the following is NOT one of the reasons that companies use an annual time period to compute the budgeted indirect-cost rate? 31) ______ A) the variable indirect-cost rate is too high B) the benefits of shorter periods do not outweigh the costs C) the budgeted quantity of the allocation base may fluctuate too much in periods shorter than one year D) a single annual indirect-cost rate helps to smooth out some of the erratic and period specific bumps E) the shorter the time period, the greater the seasonal influence 32) The first step in Job Costing […]

  61) Which of the following entries properly records the cost of goods sold for the month? 61) ______ A) Finished Goods control$1,045,000 Work in Process$1,045,000 B) Cost of Goods Sold$1,045,000 Finished Goods control$1,045,000 C) Cost of Goods Sold$1,045,000 Work in Process$1,045,000 D) Finished Goods control$1,045,000 Cost of Goods Sold$1,045,000 E) Cost of Goods Sold$1,045,000 Conversion costs control$1,045,000 62) Acme, Inc., manufactures air compressors. For July there were no beginning inventories of direct materials, and no beginning or ending work in process. Only one indirect manufacturing cost category is currently in use, “conversion costs.” Journal entries are recorded when materials […]