Given the following information,determine the cost of sales. \[\begin{array} { | l | l | } \hline \text { Direct labour incurred } & \$ 61,000 \\ \hline \text { Manufacturing overhead incurred } & 177,500 \\ \hline \text { Direct materials used } & 151,000 \\ \hline \text { Finished goods inventory, 1/1/2017 } & 198,000 \\ \hline \text { Finished goods inventory, 31/12/2017 } & 221,000 \\ \hline \text { Work in process inventory, } 1 / 1 / 2017 & 26,000 \\ \hline \text { Work in process inventory, 31/12/2017 } & 109,000 \\ \hline \end{array}\]

A) $485,500 B) $419,000 C) $353,500 D) $376,500 A) $485,500 B) $419,000 C) $353,500 D) $376,500

Gamma Company has prepared a preliminary cash budget for the third quarter as shown below: \[\begin{array} { | l | l | l | l | } \hline \text { Cash budget } & { \text { Jul } } & { \text { Aug } } & { \text { Sep } } \\ \hline \text { Beginning cash balance } & \$ 34,000 & \$ 14,000 & \$ 16,500 \\ \hline \text { Plus: cash collections } & \$ 56,000 & \$ 51,000 & 45,400 \\ \hline \text { Cash available } & \$ 0,000 & \$ 65,000 & \$ 61,900 \\ \hline \text { Less: cash payments: } & & & \\ \hline \text { Purchases of inventory } & 36,000 & 9000 & 10,000 \\ \hline \text { Operating expenses } & \$ 9,000 & 30,500 & 30,900 \\ \hline \text { Capital expenditures } & 1000 & 9000 & 7400 \\ \hline \text { Ending cash balance } & \$ 14,000 & \$ 16,500 & \$ 13,600 \\ \hline \end{array}\] Subsequently,the marketing department revised its figures for cash collections.New data are as follows: $53,000 in July,$50,000 in August and $42,000 in September.Based on the new data,calculate the new projected cash balance at the end of July.

A) $14,000 B) $6200 C) $12,500 D) $11,000 A) $14,000 B) $6200 C) $12,500 D) $11,000

Samson Ltd reported the following information for the year 2017: \[\begin{array} { | l | l | } \hline \text { Oervice revenue } & \$ 45,000 \\ \hline \text { Operating expenses } & 24,000 \\ \hline \text { Net profit } & 21,000 \\ \hline \text { Number of services provided for the year } & 11,500 \\ \hline \end{array}\] How much was the unit cost per service?

A) $2.09 B) $6.00 C) $3.91 D) $1.83 A) $2.09 B) $6.00 C) $3.91 D) $1.83

Exam 19: Introduction to Managerial Accounting and the Master Budget

Given the following information,determine the cost of sales. Direct labour incurred \ 61,000 Manufacturing overhead incurred 177,500 Direct materials used 151,000 Finished goods inventory, 1/1/2017 198,000 Finished goods inventory, 31/12/2017 221,000 Work in process inventory, 1/1/2017 26,000 Work in process inventory, 31/12/2017 109,000

(Multiple Choice)

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Question 41

Which of the following would be an inventoriable product cost?

(Multiple Choice)

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Question 42

A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet.To provide the balance for Accounts payable,which document should be used?

(Multiple Choice)

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Question 43

Which of the following properly describes the accounting for indirect labour costs?

(Multiple Choice)

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Question 44

Transportation costs to ship products to customers are inventoriable product costs.

(True/False)

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Question 45

When a company is preparing a budgeted cash flow statement and it wishes to calculate the collections from customers,it should refer to which of the following?

(Multiple Choice)

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Question 46

Gamma Company has prepared a preliminary cash budget for the third quarter as shown below: Cash budget Jul Aug Sep Beginning cash balance \ 34,000 \ 14,000 \ 16,500 Plus: cash collections \ 56,000 \ 51,000 45,400 Cash available \ 0,000 \ 65,000 \ 61,900 Less: cash payments: Purchases of inventory 36,000 9000 10,000 Operating expenses \ 9,000 30,500 30,900 Capital expenditures 1000 9000 7400 Ending cash balance \ 14,000 \ 16,500 \ 13,600 Subsequently,the marketing department revised its figures for cash collections.New data are as follows: $53,000 in July,$50,000 in August and $42,000 in September.Based on the new data,calculate the new projected cash balance at the end of July.

(Multiple Choice)

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Question 47

Samson Ltd reported the following information for the year 2017: Oervice revenue \ 45,000 Operating expenses 24,000 Net profit 21,000 Number of services provided for the year 11,500 How much was the unit cost per service?

(Multiple Choice)

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Question 48

Financial accounting is typically much more detailed than managerial accounting.

(True/False)

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Question 49

A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet.To provide the balance for Inventory,which document should be used?

(Multiple Choice)

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Question 50

Which of the following applies to goods that are produced by a manufacturing company and ready to sell?

(Multiple Choice)

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Question 51

Which of the following statements about financial accounting is CORRECT?

(Multiple Choice)

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Question 52

Which of the following statements is INCORRECT?

(Multiple Choice)

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Question 53

A3+ has prepared its third quarter budget and provided the following data: Jul Aug Sep Cash collections \ 49,000 \ 39,500 \ 46,800 Cash payments Purchases of inventory 28,000 21,500 17,000 Operating expenses 12,400 9100 11,200 Capital expenditures 13,500 24,700 0 The cash balance on 30 June is projected to be $4200.The company has to maintain a minimum cash balance of $5,000 and is authorised to borrow at the end of each month to make up any shortfalls.It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 5%.All financing transactions are assumed to take place at the end of the month.The loan balance should be repaid in increments of $5,000 whenever there is surplus cash.Calculate the final cash balance at the end of August taking into consideration all the financing transactions.

(Multiple Choice)

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Question 54

Which of the following statements is INCORRECT?

(Multiple Choice)

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Question 55

Which of the following describes the cash budget?

(Multiple Choice)

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Question 56

When companies use an enterprise resource planning system to roll up or consolidate the budgets of the individual business units,it is more difficult for managers to conduct sensitivity analysis on their own budget data.

(True/False)

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Question 57

Which of the following is NOT an advantage of just-in-time inventory management?

(Multiple Choice)

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Question 58

When a company is preparing a budgeted cash flow statement and it wishes to calculate the payments for operating expenses,it should refer to which of the following?

(Multiple Choice)

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Question 59

Indirect materials costs like lubricants and cleaning fluids are inventoriable product costs.

(True/False)

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Question 60

Which of the following would be an inventoriable product cost?

A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet.To provide the balance for Accounts payable,which document should be used?

Which of the following properly describes the accounting for indirect labour costs?

Transportation costs to ship products to customers are inventoriable product costs.

When a company is preparing a budgeted cash flow statement and it wishes to calculate the collections from customers,it should refer to which of the following?

Samson Ltd reported the following information for the year 2017: Oervice revenue \ 45,000 Operating expenses 24,000 Net profit 21,000 Number of services provided for the year 11,500 How much was the unit cost per service?

Financial accounting is typically much more detailed than managerial accounting.

A company has prepared the operational budget and the cash budget and is now preparing the budgeted balance sheet.To provide the balance for Inventory,which document should be used?

Which of the following applies to goods that are produced by a manufacturing company and ready to sell?

Which of the following statements about financial accounting is CORRECT?

Which of the following statements is INCORRECT?

Which of the following statements is INCORRECT?

Which of the following describes the cash budget?

When companies use an enterprise resource planning system to roll up or consolidate the budgets of the individual business units,it is more difficult for managers to conduct sensitivity analysis on their own budget data.

Which of the following is NOT an advantage of just-in-time inventory management?

When a company is preparing a budgeted cash flow statement and it wishes to calculate the payments for operating expenses,it should refer to which of the following?

Indirect materials costs like lubricants and cleaning fluids are inventoriable product costs.

The Role of Accounting in Decision Making

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Retailing Operations

Retail Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Non-Current Assets: Property, plant and Equipment, and Intangibles

Current Liabilities and Payroll

Non-Current Liabilities,debentures Payable and Classification of Liabilities on the Balance Sheet

Partnerships

Companies: Formation and Shareholders Equity

Companies: Capital Management and the Income Statement

The Cash Flow Statement

The Framework of Accounting

Financial Statement Analysis

Job Costing

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

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