31. Which of the folow ing is not considered when preparing the cost of gooxds h

Question

31. Which of the folow ing is not considered when preparing the cost of gooxds h Bledigeted dollar value of finished goods inventory at the end of the pervod d. Budgeted dollar vale of work-in-process nventory at the beginning of the year Budgeted factory overhead Budgeted sales dollars 32. Badgeted invensories for the Remle Company follow: JanwaryI December 31 326, 700 924, 800 57, 600 83, 300 Direct materials 87,400 Work in process Fimished goods Additional budiget information follows Total manufacturing couts Cost of goods manufactured 354,500 356, 900 Calculate the budgeted cost of goods sold $352,800 b. 5350,400 c. $361,000 d. $359,300 33. Information from the operating budgets of Northwest Industries follows: Selling and administrative expenses Factory overhead Sales Cost of goods sold Direct labor 50,000 0, 000 450,000 200, 000 80, 000 If Northwest's income tax rate is 40%, what is the budgeted net income? a. $120,000 b. $30,000 c. $200,000 d. $80,000 34. Consider the following budgets: (1) Direct materials (2) Income statement (3) Production (4) Cost of goods sold In what order should these budgets be prepared? a. 2,3, I, 4 b. 3, 4, 1, 2 c. 1, 3,4, 2 g 3,1,4,2 35. The purpose of standard costing is to: a. Determine optimal production level for a given period. b. Eliminate the need for subjective decisions by management. c. Control costs. d. Allocate cost with more accuracy 36. Factors to be considered in setting materials standards include all of the following except a. Trend of prices of raw materials b. Historical costs c. Time necessary to perform tasks. d. New production processes or market developments.

Explanation / Answer

Q31. Answer is C.Budgeted Sales dollar Q32. Asnwer is a. $ 352800 Explanation; Cost of goods mnaufactured: 356900 Add: Beginning FG 83300 Less: Ending FG -87400 Cost of Goods sold 352800 Q33. Answer is a. $ 120,000 Explanation: Sales: 450000 Less: COGS 200000 Gross Margin 250000 Less: Selling expense 50000 Net income before tatx 200000 Lless: Income tax @40% 80000 Net inccome 120000 Q34. Answer is d. 3, 1 , 4 , and 2 Q35. Answer is C. Control costs Q36. Answer is c. Time necessary to perform tasks

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