Homework Answers
It does not renew any of the past funding. MM is using a(n) _____ budgeting approach.
Answer is option #3
MM is using a Zero based budgeting approach.
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7. Morrison Manufacturing (MM) creates a budget for projects or activities in each new budget period...
what were the total manufacturing costs for the period Fill in the blank by matching the...
what were the total manufacturing costs for the period
Fill in the blank by matching the correct title to its appropriate
definition.
Part Il: Fill in the blank by matching the correct title to its appropriate Balanced scorecard Gross margin Variance Master budget v Flexible budget Cash budget Zero-based budgeting Budget w Static budget v Rolling budget incremental budgeting Fixed budget Top-down budgeting Capital budget Kaizen budgeting Operating budget. Participatory budgeting Financial budget An organization's action plan, translating strategic objectives...
Hurricane Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each...
Hurricane Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each project will last for 3 years and produce the following cash inflows. Year АА $ 7,000 9,000 15,000 $31,000 BB $ 9,500 9,500 9,500 $28,500 CC $11,000 10,000 9,000 $30,000 Total The equipment's salvage value is zero. Hurricane uses straight-line depreciation. Hurricane will not accept any project with a payback period over 2 years. Hurricane's minimum required rate of return is 12%. Instructions (a)...
You have been appointed as the new CFO at Griffith Manufacturing. You were brought in because...
You have been appointed as the new CFO at Griffith Manufacturing. You were brought in because the company has had problems with their use of budgeting, and you are an expert. They have been using static budgets, which have not been useful in comparing actual production and sales. Write a memo to the CEO, Shane Ortiz, laying out your new plan for budget use. Make sure to include the following: How budgets are useful for planning, managing and controlling, from...
Cepeda Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each...
Cepeda Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each project will last for 3 years and produce the following cash inflows. Year AA BB CC 1 $7,000 $9,500 11,000 9,000 9,500 10,000 15,000 9,500 9,000 Total $31,000 28,500 $30,000 The equipment's salvage value is zero. Cepeda uses straight-line depreciation. Cepeda will not accept any project with a payback period over 2 years. Cepeda's minimum required rate of return is 12%.
1. The master budget A. Shows forecasted and actual results B. Reflects controllable costs only C....
1. The master budget A. Shows forecasted and actual results B. Reflects controllable costs only C. Can be used to determine manufacturing cost variances D. Contains the operating budget 2. The master (comprehensive) budget A. Shows the forecasted and actual results B. Reflects controllable costs only C. Can be used to determine manufacturing cost variances D. Contains both financial and operating budgets 3. Zero-base budgeting has which of the following as its objective? A. To base the current year's budget...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead $616,000 Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000...
41. The budget process involves doing all of the following except &n
41. The budget process involves doing all of the following except A. executing plans to achieve the goals B. firing all managers who fail to achieve operational goals specified in the budget C. periodically comparing actual results with the goals D. establishing specific goals 42. The process of developing budget estimates by requiring all levels of management to estimate sales, production, and other operating data as though operations were being initiated for...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000 Utilities...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2019 with the...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2019 with the following manufacturing overhead cost budget based on 4,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (4,000 Hours) For the Month of April 2019 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000 Utilities...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead $616,000 Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000...
what were the total manufacturing costs for the period
Fill in the blank by matching the correct title to its appropriate
definition.
Part Il: Fill in the blank by matching the correct title to its appropriate Balanced scorecard Gross margin Variance Master budget v Flexible budget Cash budget Zero-based budgeting Budget w Static budget v Rolling budget incremental budgeting Fixed budget Top-down budgeting Capital budget Kaizen budgeting Operating budget. Participatory budgeting Financial budget An organization's action plan, translating strategic objectives...
Hurricane Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each project will last for 3 years and produce the following cash inflows. Year АА $ 7,000 9,000 15,000 $31,000 BB $ 9,500 9,500 9,500 $28,500 CC $11,000 10,000 9,000 $30,000 Total The equipment's salvage value is zero. Hurricane uses straight-line depreciation. Hurricane will not accept any project with a payback period over 2 years. Hurricane's minimum required rate of return is 12%. Instructions (a)...
Cepeda Manufacturing Company is considering three new projects, each requiring an equipment investment of $22,000. Each project will last for 3 years and produce the following cash inflows. Year AA BB CC 1 $7,000 $9,500 11,000 9,000 9,500 10,000 15,000 9,500 9,000 Total $31,000 28,500 $30,000 The equipment's salvage value is zero. Cepeda uses straight-line depreciation. Cepeda will not accept any project with a payback period over 2 years. Cepeda's minimum required rate of return is 12%.
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead $616,000 Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2016 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (5,000 Hours) For the Month of April 2016 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000 Utilities...
Flexible Budget Application The polishing department of Taylor Manufacturing Company operated during April 2019 with the following manufacturing overhead cost budget based on 4,000 hours of monthly productive capacity: Taylor Manufacturing Company Polishing Department Overhead Budget (4,000 Hours) For the Month of April 2019 Variable costs: Factory supplies $100,000 Indirect labor 152,000 Utilities 68,000 Patent royalties on secret process 296,000 Total variable overhead Fixed costs: Supervisory salaries 160,000 Depreciation on factory equipment 144,000 Factory taxes 48,000 Factory insurance 32,000 Utilities...
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