ACCT 2302 Exam 2 Version #2 Student Choose the best answer from the glven choice

Question

ACCT 2302 Exam 2 Version #2 Student Choose the best answer from the glven choices (Ad points tota) 1. Which of the following accounts would appear on a budgeted balance sheet? A. Income tax expense. B. Accounts receivable. C. Sales commissions D. Depreciation expense. E. All of the choices are correct. 2. Noel Enterprises has budgeted sales in units for the next five months as follows: 6,800 units 5,400 units 7,200 unit 4,600 units 3,800 units August Past experience has shown that the ending inventory for each month must be equal to 10% of the next month's sales units. The inventory on May 31 contained 400 units. The company needs to prepare a production quarter of the year. The desired ending inventory for August is: budget for the second A. 720 units B. 460 units C. 540 units D. 380 units 3. Crow Corporation produces a single product and has the following cos structure 2,000 Number of units produced each year Variable costs per unit: S28 S61 S6 $7 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs per year: Fixed manufacturing overhead 190,000 Fixed selling and administrative expense $36,000 The variable costing unit product cost is: A. $190 per unit B. $95 per unit C. $102 per unit D. $96 per unit

Explanation / Answer

Answer:-1)-The Accounts receivable accounts would appear on a budgeted balance sheet.

Explanation:-Income tax expense, Sales commissions & depreciation expenses is a part of the income statement.           

2)-The desired ending inventory for August is 460 units.

Explanation:-The ending inventory for each month equals to the 10% of the nest month sales in units, hence ending inventory of august=10%*September sales units

=4600 units*10% =460 units

3)-Unit product cost under variable costing for one unit:-Direct materials + Direct Labor+ Variable manufacturing overhead

=$28+$61+$6 = $95 per unit

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