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Costs & Budgets (202500-META-CPTG12114-EN)
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Kyogle Secretarial Services Inc., employs 20 full‐time secretaries. The budgeted annual compensation per employee is $40,500. The average chargeable time is 500 hours per client annually. All secretarial labor costs are included in a single direct‐cost category and are allocated to jobs on a per‐hour basis.
Other costs are included in a single indirect‐cost pool, allocated according to secretarial labor‐hours. Budgeted indirect costs for the year are $787,500, and the firm expects to have 90 clients during the coming year.
QUESTION29. Kyogle’s budgeted indirect‐cost rate per hour is:
Vélos Recyclables is marketing a new electric bike made entirely from recycled materials. Convinced of the success of his model, the manager hopes to sell 200 of them at a price of €1,200 by Christmas. By the end of December, he had sold 220 bikes but was forced to offer average discounts of 20% to customers in the face of competition from Decathlon, which launched its recyclable bike at the same time.
QUESTION17. What are the price and volume variances for December sales?
The following information pertains to Woodburn Company:
Month
|
Sales
|
Purchases
|
January
|
$60,000
|
$32,000
|
February
|
$80,000
|
$40,000
|
March
|
$100,000
|
$56,000
|
∙ Cash is collected from customers in the following pattern: Month of sale 30%
Month following the sale 70%
∙ 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month.
∙ Labor costs are 20% of sales. Other operating costs are $30,000 per month (including $8,000 of depreciation). Both of these payments are made in the month incurred.
∙ The cash balance on March 1 is $8,000. A minimum cash balance of $6,000 is required at the end of the month. Money can be borrowed in multiples of $1,000.
QUESTION33. How much cash will be disbursed in total in March?
QUESTION19. Which of the following is a financial budget?
QUESTION5. An unfavorable sales‐volume variance could result from....... ?
Kyogle Secretarial Services Inc., employs 20 full‐time secretaries. The budgeted annual compensation per employee is $40,500. The average chargeable time is 500 hours per client annually. All secretarial labor costs are included in a single direct‐cost category and are allocated to jobs on a per‐hour basis.
Other costs are included in a single indirect‐cost pool, allocated according to secretarial labor‐hours. Budgeted indirect costs for the year are $787,500, and the firm expects to have 90 clients during the coming year.
QUESTION28. Kyogle’s budgeted direct labor cost rate per hour is:
QUESTION48. Which of the following statements is true?
QUESTION21. Which of the following statements is true of budgets?
For 2023, Tomtom Manufacturing uses machine‐hours as the only overhead cost‐allocation base. The estimated manufacturing overhead costs are $300,000 and estimated machine hours are 50,000. The actual manufacturing overhead costs are $420,000 and actual machine hours are 60,000
QUESTION35. Using job costing, the 2023 budgeted manufacturing overhead rate is
Kampong Glam Corporation used the following data to evaluate its current operating system. The company sells items for $21 each and used a budgeted selling price of $21 per unit.
|
Actual
|
Budgeted
|
Units sold
|
180,000 units
|
185,000 units
|
Variable costs
|
$1,080,000
|
$1,295,000
|
Fixed costs
|
$ 800,000
|
$ 775,000
|
|
|
|
QUESTION10. What is the static‐budget variance of revenues?