Homework Answers
(1)
OPTION: False
EXPLANATION:
Opportunity cost is a loss of alternative and associated benefits due to selecting another alternative.
(2)
OPTION: True
EXPLANATION:
if a product has negative contribution margin, that product should be discontinued because it will not be able to cover fixed costs at all.
(3)
OPTION D: quantity needed for production + desired ending inventory of DM - beginning inventory of DM
EXPLANATION:
Above formula gives us the total quantity of direct material to be purchased
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An opportunity cost is a past cost. O True O False From a purely financial standpoint,...
From a purely financial standpoint, if a product line has a negative contribution margin, the product line should b...
From a purely financial standpoint, if a product line has a negative contribution margin, the product line should be discontinued O True O False
sales budget. Direct Materials Budget For the Quarter Ended March 31 Month January February March 90,000...
sales budget. Direct Materials Budget For the Quarter Ended March 31 Month January February March 90,000 95,000 98,000 1st Quarter Units to be produced 1.5 Multiply by: Quantity of DM needed per unit Quantity needed for production Plus: Desired end inventory of DM Total quantity needed Less: Beginning inventory of DM Quantity to purchase Multiply by: Cost per yard Total cost of DM purchases 12,500 5.00 Note: The quantity of production for April is expected to be 100,000 units. The...
finished goods inventory budget Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost...
finished goods inventory budget
Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Budgeted finished goods inventory: ending finished goods inventory in cases unit product cost endine finished poods inventory in dollars Desired ending FG inventory at year end 12,000 cases...
QUESTION 1 On the Direct Materials Budget, the total number of direct materials needed is computed...
QUESTION 1 On the Direct Materials Budget, the total number of direct materials needed is computed as: a. Quantity needed for production + desired ending inventory of DM - beginning inventory of DM b. Units to be produced + desired ending inventory of DM - beginning inventory of DM c. Quantity needed for production - desired ending inventory of DM + beginning inventory of DM d. Units to be produced - desired ending inventory of DM + beginning inventory of...
Eor the Quarter Ended March 31 Month January February March 90,000 95,000 98,000 1st Quarter Units...
Eor the Quarter Ended March 31 Month January February March 90,000 95,000 98,000 1st Quarter Units to be produced 1.5 Multiply by: Quantity of DM needed per unit Quantity needed for production Plus: Desired end inventory of DM Total quantity needed Less: Beginning inventory of DM Quantity to purchase Multiply by: Cost per yard Total cost of DM purchases 12,500 $ 5.00 Note: The quantity of production for April is expected to be 100,000 units. The company wants to maintain...
TRUE OR FALSE Conversion costs include the cost of purchasing and converting w o rd products...
TRUE OR FALSE
Conversion costs include the cost of purchasing and converting w o rd products 7) In a production cost report the number of units to count for units accounted for always bee n themes of 3) The cost amounts that are transferred out from one process to for the receiving process other proces becometered in costs 9) The weighted average method determines the cost of equivalent units of production by counting for beginning inventory costs separately from current...
Stenback Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first...
Stenback Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as follows: (Click the icon to view additional information.) Inventory at the start of the year was 800 planters. The desired inventory of planters at the end of each month should be equal to 25% of the following month's budgeted sales. Each planter requires two pounds...
could I please see some calculations to get what's going oneginning RM inventory (in...
beginning RM inventory (in units) Quantity of DM needed per unit M cost per pound Hesired ending RM inventory/next quarter's RM needs desired ending RM inventory at year-end 24,000 pounds 20.00 pounds $0.30 dollars 15% 30,000 pounds Cash payments to suppliers: paid in the quarter of purchase paid in the quarter following purchase 40% of the purchases 60% of the purchases L hours per unit Late per hour 0.24 hours $12.00 dollars Manufacturing overhead Variable MOH Fixed MOH $5.00 per...
Preston Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first...
Preston Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as follows: EE (Click the icon to view additional information.) at the start of the year was 640 planters. The desired inventory of planters at the end of each month should be equal to 20% of the following month's budgeted sales. Each planter pylene required or...
Write in your test booklet “TRUE” if the statement is correct and “FALSE” if is false....
Write in your test booklet “TRUE” if the statement is correct and “FALSE” if is false. T or F answer is not accepted. (1 mark each) 1. Both planning and control are needed for an effective budgeting system. 2. One benefit of budgeting is that it coordinates the activities of the entire organization. 3. Sales forecasts are drawn up after the cash budget has been completed because only then are the funds available for marketing known. 4. A sales budget...
From a purely financial standpoint, if a product line has a negative contribution margin, the product line should be discontinued O True O False
sales budget. Direct Materials Budget For the Quarter Ended March 31 Month January February March 90,000 95,000 98,000 1st Quarter Units to be produced 1.5 Multiply by: Quantity of DM needed per unit Quantity needed for production Plus: Desired end inventory of DM Total quantity needed Less: Beginning inventory of DM Quantity to purchase Multiply by: Cost per yard Total cost of DM purchases 12,500 5.00 Note: The quantity of production for April is expected to be 100,000 units. The...
finished goods inventory budget
Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Ending Finished Goods inventory Budget Item Quanity Cost Total pounds production cost per case direct materials direct labor manufacturing over head unit product cost Budgeted finished goods inventory: ending finished goods inventory in cases unit product cost endine finished poods inventory in dollars Desired ending FG inventory at year end 12,000 cases...
Eor the Quarter Ended March 31 Month January February March 90,000 95,000 98,000 1st Quarter Units to be produced 1.5 Multiply by: Quantity of DM needed per unit Quantity needed for production Plus: Desired end inventory of DM Total quantity needed Less: Beginning inventory of DM Quantity to purchase Multiply by: Cost per yard Total cost of DM purchases 12,500 $ 5.00 Note: The quantity of production for April is expected to be 100,000 units. The company wants to maintain...
TRUE OR FALSE
Conversion costs include the cost of purchasing and converting w o rd products 7) In a production cost report the number of units to count for units accounted for always bee n themes of 3) The cost amounts that are transferred out from one process to for the receiving process other proces becometered in costs 9) The weighted average method determines the cost of equivalent units of production by counting for beginning inventory costs separately from current...
Stenback Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as follows: (Click the icon to view additional information.) Inventory at the start of the year was 800 planters. The desired inventory of planters at the end of each month should be equal to 25% of the following month's budgeted sales. Each planter requires two pounds...
beginning RM inventory (in units) Quantity of DM needed per unit M cost per pound Hesired ending RM inventory/next quarter's RM needs desired ending RM inventory at year-end 24,000 pounds 20.00 pounds $0.30 dollars 15% 30,000 pounds Cash payments to suppliers: paid in the quarter of purchase paid in the quarter following purchase 40% of the purchases 60% of the purchases L hours per unit Late per hour 0.24 hours $12.00 dollars Manufacturing overhead Variable MOH Fixed MOH $5.00 per...
Preston Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as follows: EE (Click the icon to view additional information.) at the start of the year was 640 planters. The desired inventory of planters at the end of each month should be equal to 20% of the following month's budgeted sales. Each planter pylene required or...
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