midterm_practice2 (1).pdf - UGBA102B Midterm Examination II Practice Midterm Student Name Multiple choice 25 questions x 1 point each = Problems 2 out

# midterm_practice2 (1).pdf - UGBA102B Midterm Examination II...

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UGBA102B Midterm Examination II Practice Midterm Student Name: __________________________________________ Multiple choice 25 questions x 1 point each = 25 (use scantron) Problems 2 out of 3 x 5 points each = 10 (answer on the exam paper) TOTAL 35 points MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Answer on a green scantron form. ___________________________________________________________________________ 1.How do flexible budgets differfrom static budgets? [-] A.Variances can be calculated for flexible budgets B.Flexible budgets allow adjustment for volume or activity C.Flexible budgets can incorporate both production and period costs D.All of the above are true 2.Allocation of support department costs can be made by all of the following methods except [-] Use the following information to answer the next two questions Fullright Inc purchased \$4620 of direct materials (4200 pounds of material) in March and manufactured 2000 units of finished product. There was no beginning inventory but there is 400 pounds of ending direct materials inventory. The standard amounts were \$1 per pound of direct materials and 2 pounds per unit of finished product. 3.What was the direct materials quantity variance for the month? [-] 4.What was the direct materials price variance for the month? [-]
5. The direct labor budget is based on: A. the desired ending inventory of finished goods. B. the beginning inventory of finished goods. C. the required production for the period. D. the required materials purchases for the period. 6. Amorim Corporation uses the direct methodto allocate service department costs to operating departments. The company has two service departments, Data Processing and Personnel, and two operating departments, Assembly and Finishing. Data Processing Department costs are allocated on the basis of computer workstations and Personnel Department costs are allocated on the basis of employees. The total amount of Data Processing Department cost allocated to the two operating departments is closest to: 7. Shown below is the sales forecast for Cooper Inc. for the first four months of the coming year. On average, 50% of credit sales are paid for in the month of the sale, 30% in the month following sale, and the remainder are paid two months after the month of the sale. Assuming there are no bad debts, the expected cash inflow from customers in April is: 8. Walsh Company expects sales of Product W to be 60,000 units in April, 75,000 units in May and 70,000 units in June. The company desires that the inventory on hand at the end of each month be equal to 40% of the next month's expected unit sales. Due to excessive production during March, on March 31 there were 25,000 units of Product W in the ending inventory. Given this information, Walsh Company's production of Product W for the month of April should be:
9. All of Albert Corporation's sales are on account. Thirty-five percent of the sales on