Sample Test 2 with answers pdf.pdf

Sample Test 2 with answers pdf.pdf - Exam Name MULTIPLE...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Responsibility accounting ________. 1) A) emphasizes controllability B) attempts to create a decentralized organization C) attempts to assign blame for problems to a specific manager D) focuses on who should be asked about the information 2) The ________ is required to prepare the cash budget of an organization. 2) A) budgeted balance sheet B) budgeted statement of cash flow C) statement of shareholder's equity D) capital expenditures budget Answer the following questions using the information below: Furniture, Inc., estimates the following number of mattress sales for the first four months of 2016: Month Sales January 22,000 February 30,800 March 28,600 April 35,200 Finished goods inventory at the end of December is 6,600 units. Target ending finished goods inventory is 20% of the next month's sales. 3) How many mattresses need to be produced in January 2016? 3) A) 28,460 mattresses B) 15,400 mattresses C) 21,560 mattresses D) 34,160 mattresses Demizio Valley Orchards, Inc. (DVO), developed standard costs for direct material and direct labor. In 2015, DVO estimated the following standard costs for one of their most well loved products, the DVO classic Grandma's large apple pie which had a brown sugar coating on the top of the crust as well as including cranberry and mince ingredients in addition to the apples. Budgeted quantity Budgeted price Direct materials 2.0 pounds $6.25 per pound Direct labor 0.20 hours $13.00 per hour During September, DVO produced and sold 1,100 pies using 2,300 pounds of direct materials at an average cost per pound of $6.00 and 200 direct labor hours at an average wage of $13.25 per hour. 4) September's direct material flexible - budget variance is ________. 4) A) $100.00 unfavorable B) $150.00 favorable C) $575 favorable D) $50.00 unfavorable 5) Which of the following information is needed to prepare a flexible budget? 5) A) actual variable cost B) actual fixed cost C) actual selling price per unit D) actual units sold 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Production - Variances Spending Efficiency Volume Variable manufacturing overhead $ 7,500 F $30,000 U (B) Fixed manufacturing overhead $28,000 U (A) $80,000 U 6) The total overhead variance should be ________. 6) A) $130,500 U B) $130,500 F C) $145,500 F D) $145,500 U Answer the following questions using the information below: Zitrik Corporation manufactured 90,000 buckets during February. The variable overhead cost
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern