Module 5 Assessment - Douglas GA Silber 6/4/10 11:40 AM...

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Douglas GA Silber 6/4/10 11:40 AM Self-Assessment 5 Completed 9 out of 0 points
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Question 1 1 out of 1 points After management has set short-term goals, the budgeting process typically starts with Answer Selected Answer: Correct Answer: Question 2 1 out of 1 points Financial budgets include Answer Selected Answer: Correct Answer: Question 3 1 out of 1 points Which budgets must managers prepare before they can prepare a direct materials purchases budget? Answer Selected Answer: Correct Answer: Question 4 1 out of 1 points Purchases of buildings and equipment are formally planned in the Answer Selected Answer:
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Question 5 1 out of 1 points Ceiling Fans by Ike's overhead budget for 20x8 was as follows: Factory supervision, $300,000, Utilities costs, $150,000, Insurance, $28,000, Property taxes, $22,000, and Depreciation, $100,000. 600,000 units were produced in 20x8. Direct labor cost is $18,000,000. For both 20x8 and 20x9, each unit required 3 direct labor hours at $10 per hour. In 20x9, property taxes, insurance, and depreciation are expected to stay at 20x8 levels. Utilities costs vary proportionally with units produced. Factory supervision increases by increments of $30,000 for every 200,000 increase in direct labor hours. The 20x9 expected production is 1,200,000 units. What will be the value for utilities costs in the 20x9 overhead budget? Answer Selected Answer: Correct Answer: Question 6 1 out of 1 points J. J. Johnson has decided to supplement his income by selling beehives. He expects to sell 25,000 hives in 20x9. He ended 20x8 with 2,500 completed hives in inventory and would like to complete operations in 20x9 with at least 2,800 completed hives in inventory. There is no ending work in process inventory. One beehive holds about 250 bees. The bees are purchased for $4.00 per 1,000 bees. The hives sell for $15.00 each. What would be the total of the 20x9 period sales budget? Answer Selected Answer: Correct Answer: Question 7 1 out of 1 points Selling and administrative expenses are billed and paid the month after they occur. Selling and administrative expenses have both a fixed and a variable component. The fixed component is a constant $5000 a month. The variable component equals 5 percent of revenues. Given revenues of
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Module 5 Assessment - Douglas GA Silber 6/4/10 11:40 AM...

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