accounting exam pen fosters

| October 3, 2018

Moorhouse Clinic uses client visits as
its measure of activity. During December, the clinic budgeted for3,700 client
visits, but its actual level of activity was 3,690 client visits. The clinic
has provided thefollowing data concerning the formulas used in its budgeting
and its actual results for December:Data used in budgeting:Fixed element
Variable elementper month per client-visitRevenue ____-____ $25.10Personnel
expenses $27,100 $7.10Medical supplies 1,500 4.50Occupancy expenses 6,000
1.00Administrative expenses 3,000 0.10Total expenses $37,600 $12.70Actual
resultsfor December:Revenue $96,299Personnel expenses $51,009Medical supplies
$17,425Occupancy expenses $9,240Administrative expenses $3,2391. The personnel
expenses in the planning budget for December would be closest to
2. Lyons Company consists of two
divisions, A and B. Lyons Company reported a contribution margin of$50,000 for
Division A and had a contribution margin ratio of 30% in Division B, when sales
in Division Bwere $200,000. Net operating income for the company was $25,000,
and traceable fixed expenses were$40,000. Lyons Company’s common fixed expenses
were
Use the following information to answer
this question.The Adams Company, a merchandising firm, has budgeted its
activity for November according to thefollowing information:• Sales were at
$450,000, all for cash.• Merchandise inventory on October 31 was $200,000.• The
cash balance on November 1 was $18,000.• Selling and administrative expenses
are budgeted at $60,000 for November and are paid for in cash.• Budgeted
depreciation for November is $25,000.• The planned merchandise inventory on
November 30 is $230,000.• The cost of goods sold is 70% of the selling price.•
All purchases are paid for in cash.3. The budgeted cash disbursements for
November are
Use the following information to answer
this question.Cole Laboratories makes and sells a lawn fertilizer called
Fastgro. The company has developed standardcosts for one bag of Fastgro as
follows:Standard Standard CostQuantity per bagDirect material 20 pounds
$8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company
had no beginning inventories of any kind on January 1. Variable overhead is
applied toproduction on the basis of standard direct-labor hours. During
January, the company recorded the followingactivity:• Production of Fastgro:
4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300•
Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred:
$1,475• Inventory of direct materials on January 31: 3,000 pounds4. The labor
rate variance for January is

Use the following information to answer
this question.Werber Clinic uses client visits as its measure of activity.
During January, the clinic budgeted for 2,700client visits, but its actual
level of activity was 2,730 client visits. The clinic has provided the
following dataconcerning the formulas used in its budgeting and its actual
results for January:Data used in budgeting:Fixed element Variable elementper
month per client-visitRevenue ___-___ $33.60Personnel expenses $22,100
$8.70Medical supplies 1,100 6.60Occupancy expenses 5,600 1.60Administrative
expenses 3,700 0.40Total expenses $32,500 $17.30Actual resultsfor
January:Revenue $93,408Personnel expenses $46,251Medical supplies
$19,348Occupancy expenses $9,508Administrative expenses $4,7725. The activity
variance for personnel expenses in January would be closest toA. $261 F

U.Use the following information to answer this
question.Moorhouse Clinic uses client visits as its measure of activity. During
December, the clinic budgeted for3,700 client visits, but its actual level of
activity was 3,690 client visits. The clinic has provided thefollowing data
concerning the formulas used in its budgeting and its actual results for
December:Data used in budgeting:Fixed element Variable elementper month per
client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical
supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000
0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue
$96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses
$9,240Administrative expenses $3,2396. The revenue variance for December would
be closest toA
7. Last year, the House of Orange had
sales of $826,650, net operating income of $81,000, and operatingassets of
$84,000 at the beginning of the year and $90,000 at the end of the year. What
was the company’sturnover rounded to the nearest tenth?
Use the following information to answer
this question.Moorhouse Clinic uses client visits as its measure of activity.
During December, the clinic budgeted for3,700 client visits, but its actual
level of activity was 3,690 client visits. The clinic has provided thefollowing
data concerning the formulas used in its budgeting and its actual results for
December:Data used in budgeting:Fixed element Variable elementper month per
client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical
supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000
0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue
$96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses
$9,240Administrative expenses $3,2398. The activity variance for personnel
expenses in December would be closest to

Use the following information to answer
this question.Cole Laboratories makes and sells a lawn fertilizer called
Fastgro. The company has developed standardcosts for one bag of Fastgro as
follows:Standard Standard CostQuantity per bagDirect material 20 pounds
$8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company
had no beginning inventories of any kind on January 1. Variable overhead is
applied toproduction on the basis of standard direct-labor hours. During
January, the company recorded the followingactivity:• Production of Fastgro:
4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300•
Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred:
$1,475• Inventory of direct materials on January 31: 3,000 pounds9. The total
variance (both rate and efficiency) for variable overhead for January is
10. Division X of Charter Corporation
makes and sells a single product which is used by manufacturers offork lift
trucks. Presently it sells 12,000 units per year to outside customers at $24
per unit. The annualcapacity is 20,000 units and the variable cost to make each
unit is $16. Division Y of Charter Corporationwould like to buy 10,000 units a
year from Division X to use in its products. There would be no costsavings from
transferring the units within the company rather than selling them on the
outside market.What should be the lowest acceptable transfer price from the
perspective of Division X?
Use the following information to answer
this question.Werber Clinic uses client visits as its measure of activity.
During January, the clinic budgeted for 2,700client visits, but its actual
level of activity was 2,730 client visits. The clinic has provided the
following dataconcerning the formulas used in its budgeting and its actual
results for January:Data used in budgeting:Fixed element Variable elementper
month per client-visitRevenue ___-___ $33.60Personnel expenses $22,100
$8.70Medical supplies 1,100 6.60Occupancy expenses 5,600 1.60Administrative
expenses 3,700 0.40Total expenses $32,500 $17.30Actual resultsfor January:Revenue
$93,408Personnel expenses $46,251Medical supplies $19,348Occupancy expenses
$9,508Administrative expenses $4,77211. The activity variance for net operating
income in January would be closest to
Use the following information to answer
this question.Moorhouse Clinic uses client visits as its measure of activity.
During December, the clinic budgeted for3,700 client visits, but its actual
level of activity was 3,690 client visits. The clinic has provided thefollowing
data concerning the formulas used in its budgeting and its actual results for
December:Data used in budgeting:Fixed element Variable elementper month per
client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical
supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000
0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue
$96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses
$9,240Administrative expenses $3,23912. The spending variance for medical
supplies in December would be closest to
13. The budget or schedule that provides
necessary input data for the direct-labor budget is theA. production budget.
14. Super Drive is a computer hard-drive
manufacturer. The company’s balance sheet for the fiscal yearended on November
30 appears below:Super Drive, Inc.Statement of Financial PositionFor the year
ended November 30Assets:Cash $52,000Accounts receivable 150,000Inventory
315,000Property, plant, and equipment 1,000,000Total Assets $1,517,000Liabilities
and stockholders’ equity:Accounts payable $175,000Common stock 900,000Retained
earnings 442,000Total liabilities andstockholders’ equity $1,517,000Additional
information regarding Super Drive’s operations appears below:• Sales are
budgeted at $520,000 for December and $500,000 for January.• Collections are
expected to be 60% in the month of sale and 40% in the month following sale.
There areno bad debts.• 80% of the disk-drive components are purchased in the
month prior to the month of the sale, and 20%are purchased in the month of the
sale. Purchased components comprise 40% of the cost of goods sold.• Payment for
components purchased is made in the month following the purchase.• Assume that
the cost of goods sold is 80% of sales.The budgeted cash collections for the
upcoming December should be.
Use the following information to answer
this question.Cole Laboratories makes and sells a lawn fertilizer called
Fastgro. The company has developed standardcosts for one bag of Fastgro as
follows:Standard Standard CostQuantity per bagDirect material 20 pounds
$8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company
had no beginning inventories of any kind on January 1. Variable overhead is
applied toproduction on the basis of standard direct-labor hours. During
January, the company recorded the followingactivity:• Production of Fastgro:
4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300•
Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred:
$1,475• Inventory of direct materials on January 31: 3,000 pounds15. The
materials quantity variance for January is

Use the following information to answer
this question.Cole Laboratories makes and sells a lawn fertilizer called
Fastgro. The company has developed standardcosts for one bag of Fastgro as
follows:Standard Standard CostQuantity per bagDirect material 20 pounds
$8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company
had no beginning inventories of any kind on January 1. Variable overhead is
applied toproduction on the basis of standard direct-labor hours. During
January, the company recorded the followingactivity:• Production of Fastgro:
4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300•
Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred:
$1,475• Inventory of direct materials on January 31: 3,000 pounds16. The
materials price variance for January is
17. Coles Company, Inc. makes and sells
a single product, Product R. Three yards of Material K areneeded to make one
unit of Product R. Budgeted production of Product R for the next five months is
asfollows:The company wants to maintain monthly ending inventories of Material
K equal to 20% of the followingmonth’s production needs. On July 31, this
requirement wasn’t met because only 2,500 yards of Material Kwere on hand. The
cost of Material K is $0.85 per yard. The company wants to prepare a Direct
MaterialsPurchase Budget for the rest of the year.The total cost of Material K
to be purchased in August
isAugust14,000unitsSeptember14,500unitsOctober15,500unitsNovember12,600unitsDecember11,900units
18. Manufacturing Cycle Efficiency (MCE)
is computed asA. Value-Added Time divided by Throughput Time.

Use
the following information to answer this question.The Adams Company, a
merchandising firm, has budgeted its activity for November according to
thefollowing information:• Sales were at $450,000, all for cash.• Merchandise
inventory on October 31 was $200,000.• The cash balance on November 1 was
$18,000.• Selling and administrative expenses are budgeted at $60,000 for
November and are paid for in cash.End of exam• Budgeted depreciation for
November is $25,000.• The planned merchandise inventory on November 30 is
$230,000.• The cost of goods sold is 70% of the selling price.• All purchases
are paid for in cash.19. The budgeted net income for November is

.20. The LFM Company makes and sells a
single product, Product T. Each unit of Product T requires 1.3hours of direct
labor at a rate of $9.10 per direct-labor hour. LFM Company needs to prepare a
direct-laborbudget for the second quarter of next year. The budgeted
direct-labor cost per unit of Product T would

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