Question 1

Match each phrase that follows with the term (a-f) it describes.
-A plan showing the number of units to be produced each month
A)Budget
B)Capital expenditures budget
C)Sales budget
D)Production budget
E)Cash budget
F)Budgeted balance sheet

Accepted Answer

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Question 2

Match each phrase that follows with the term (a-e) it describes.
-Shows expected results at only one activity level
A)Static budget
B)Flexible budget
C)Master budget
D)Sales budget
E)Production budget

Accepted Answer

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Question 3

Magnolia, Inc., manufactures bedding sets. The budgeted production is for 55,000 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 31,000 yards with the desired ending balance of 30,000 yards of material. If the material costs $4 per yard, determine the materials budget for the year.

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Question 4

Match each phrase that follows with the term (a-e) it describes.
-Estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels
A)Static budget
B)Flexible budget
C)Master budget
D)Sales budget
E)Production budget

Accepted Answer

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Question 5

Describe a master budget and the sequence in which the individual budgets within the master budget are prepared.

Accepted Answer

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Question 6

Match each phrase that follows with the term (a-f) it describes.
-A plan showing the units of goods to be sold and the dollar sales to be derived; usually the starting point in the budgeting process
A)Budget
B)Capital expenditures budget
C)Sales budget
D)Production budget
E)Cash budget
F)Budgeted balance sheet

Accepted Answer

The answer of Match each phrase that follows with the...

Question 7

Rodger's Cabinet Manufacturers uses flexible budgets that are based on the following manufacturing data for the month of July:  Prepare a flexible budget for Rodger's based on production of 10,000, 15,000, and 20,000 units.

Accepted Answer

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Question 8

Good Night, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $48,000, $35,000, and $29,000, respectively. Direct materials purchases were $555,000. Direct labor was $252,000 for the year. Factory overhead was $176,000. Prepare a cost of goods sold budget for Good Night, Inc.

Accepted Answer

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Question 9

Match each phrase that follows with the term (a-f) it describes.
-A plan that lists dollar amounts to be spent on purchasing additional fixed assets to carry out the budgeted business activities
A)Budget
B)Capital expenditures budget
C)Sales budget
D)Production budget
E)Cash budget
F)Budgeted balance sheet

Accepted Answer

The answer of Match each phrase that follows with the...

Question 10

At the beginning of the period, the Cutting Department budgeted direct labor of $30,000 and supervisor salaries of $20,000 for 3,000 hours of production. The department actually completed 5,000 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.

Accepted Answer

The answer of At the beginning of the period, the...

Question 11

Match each phrase that follows with the term (a-f) it describes.
-A plan that shows the expected cash receipts (inflows) and payments (outflows) during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans
A)Budget
B)Capital expenditures budget
C)Sales budget
D)Production budget
E)Cash budget
F)Budgeted balance sheet

Accepted Answer

The answer of Match each phrase that follows with the...

Question 12

At the beginning of the period, the Molding Department budgeted direct labor of $33,000 and supervisor salaries of $24,000 for 3,000 hours of production. The department actually completed 2,500 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.

Accepted Answer

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Question 13

Osprey Cycles, Inc. projected sales of 75,000 bicycles for the year. The estimated January 1 inventory is 5,000 units, and the desired December 31 inventory is 8,000 units. What is the budgeted production (in units) for the year?

Accepted Answer

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Question 14

Match each phrase that follows with the term (a-f) it describes.
-Plays an important role for organizations in planning, directing, and controlling a company's future goals
A)Budget
B)Capital expenditures budget
C)Sales budget
D)Production budget
E)Cash budget
F)Budgeted balance sheet

Accepted Answer

The answer of Match each phrase that follows with the...

Question 15

Doran Technologies produces a single product. Expected manufacturing costs are as follows:  Estimate manufacturing costs for production levels of 25,000 units, 30,000 units, and 35,000 units per month.

Accepted Answer

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Question 16

To meet projected annual sales, Bluegill Manufacturers, Inc. needs to produce 75,000 machines for the year. The estimated January 1 inventory is 7,000 units, and the desired December 31 inventory is 12,000 units. What are projected sales units for the year?

Accepted Answer

The answer of To meet projected annual sales, Bluegill Manufacturers,...

Question 17

Prepare a flexible production budget for the year ending December 31 for Cedar Jeans Company using production levels of 16,000, 18,000, and 20,000 units produced. The following additional information is necessary to complete the budget:
Variable costs:
Direct labor ($6.00 per unit)Direct materials ($8.00 per unit)Variable manufacturing costs ($2.50 per unit)Fixed costs:
Supervisor's salaries
$80,000
Rent
12,000
Depreciation on equipment
24,000

Accepted Answer

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Question 18

Sleep Tight, Inc., manufactures bedding sets. The budgeted production is for 52,000 comforters this year. Each comforter requires 1.5 hours to cut and sew the material. The cost of cutting and sewing labor is $12.50 per hour. Determine the direct labor budget for this year.

Accepted Answer

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Question 19

Match each phrase that follows with the term (a-f) it describes.
-An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period
A)Budget
B)Capital expenditures budget
C)Sales budget
D)Production budget
E)Cash budget
F)Budgeted balance sheet

Accepted Answer

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Question 20

Why is the sales budget usually prepared first?

Accepted Answer

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Quiz 22: Budgeting

Match each phrase that follows with the term (a-f) it describes. -A plan showing the number of units to be produced each month A)Budget B)Capital expenditures budget C)Sales budget D)Production budget E)Cash budget F)Budgeted balance sheet

Match each phrase that follows with the term (a-e) it describes. -Shows expected results at only one activity level A)Static budget B)Flexible budget C)Master budget D)Sales budget E)Production budget

Match each phrase that follows with the term (a-e) it describes. -Estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels A)Static budget B)Flexible budget C)Master budget D)Sales budget E)Production budget

Describe a master budget and the sequence in which the individual budgets within the master budget are prepared.

Rodger's Cabinet Manufacturers uses flexible budgets that are based on the following manufacturing data for the month of July: Prepare a flexible budget for Rodger's based on production of 10,000, 15,000, and 20,000 units.

At the beginning of the period, the Cutting Department budgeted direct labor of $30,000 and supervisor salaries of $20,000 for 3,000 hours of production. The department actually completed 5,000 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.

At the beginning of the period, the Molding Department budgeted direct labor of $33,000 and supervisor salaries of $24,000 for 3,000 hours of production. The department actually completed 2,500 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.

Osprey Cycles, Inc. projected sales of 75,000 bicycles for the year. The estimated January 1 inventory is 5,000 units, and the desired December 31 inventory is 8,000 units. What is the budgeted production (in units) for the year?

Match each phrase that follows with the term (a-f) it describes. -Plays an important role for organizations in planning, directing, and controlling a company's future goals A)Budget B)Capital expenditures budget C)Sales budget D)Production budget E)Cash budget F)Budgeted balance sheet

Doran Technologies produces a single product. Expected manufacturing costs are as follows: Estimate manufacturing costs for production levels of 25,000 units, 30,000 units, and 35,000 units per month.

To meet projected annual sales, Bluegill Manufacturers, Inc. needs to produce 75,000 machines for the year. The estimated January 1 inventory is 7,000 units, and the desired December 31 inventory is 12,000 units. What are projected sales units for the year?

Sleep Tight, Inc., manufactures bedding sets. The budgeted production is for 52,000 comforters this year. Each comforter requires 1.5 hours to cut and sew the material. The cost of cutting and sewing labor is $12.50 per hour. Determine the direct labor budget for this year.

Why is the sales budget usually prepared first?