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Exam 10: Strategy and the Master Budget

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Question 71

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Total budgeted inventory purchases in November by Yekstop Corp. are:

A) $258,750.
B) $316,350.
C) $384,000.
D) $489,150.
E) $527,250.

F) C) and D)
G) A) and D)

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Question 72

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The Shoecraft Company's budgeted sales for January, February, and March of $80,000, $60,000, and $50,000, respectively. Seventy percent of sales are on credit. The company collects 60% of its credit sales in the month following sale, 35% in the second month following sale, and 5% is not collected. Shoecraft mailed all statements to credit customers at the end of the month with a term of 1/30, n/60. What are Shoecraft's expected cash receipts for March?

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Question 73

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Which of the following factors is least likely to be considered in preparing a sales budget?

Capital One's management believes that a 10% reduction in the selling price will increase sales volume by 10%. If this plan is implemented, then:

Doanne's budgeted purchases (in pounds) for raw materials during June should be:

Which one of the following is a plan that will allow a manufacturing firm to satisfy its sales goals and have on hand the desired amount of inventory at the end of the budget period?

The budgeted production (in units) for Gorberchev Food Processing for April should be:

Total budgeted cash collections for Yekstop Corp. in December are:

Brownsville's budgeted gross profit in May is:

Explain benefits of implementing a master budgeting system.

Which of the following best describes the process of sales forecasting?

Tony's Fashions forecasts sales of $300,000 for the quarter ended December 31.Its gross profit rate is 20% of sales, and its September 30 inventory is $100,000.If the December 31 inventory is targeted at $40,000, budgeted purchases for the quarter should be:

Suppose that Capital One's management believes that a $1,600 increase in the monthly promotion costs will provide a boost to sales. By what amount must sales increase during the month to justify the contemplated expenditure? Round answer up to the nearest whole number.

A plan showing the units of goods expected to be sold and the expected revenue from sales is called the:

A master budget is typically prepared for:

The focal point in budgeting for a service organization is likely to be:

Willard Company anticipates that its fixed manufacturing overhead costs will be $50,000 during the next period. Its variable manufacturing overhead is expected to be $8 per unit produced. Required 1. What amount of overhead should be budgeted if the production budget shows that 40,000 units are to be produced? 2. What amount of overhead should be budgeted if the production budget shows that 50,000 units are to be produced? 3. Compute the total overhead cost per unit for requirements 1 and 2.

Oracle Supply Co. supply forecasts purchases of 15,000 widgets in June. It sells the widget at $12.00 per unit. The company has 1,000 units on hand on June 1. The desired ending inventory of widgets on June 30 is to be 20% lower than the beginning inventory. Total June sales for widgets are anticipated to be (in dollars) :

Salich Manufacturing Corporation has provided the following sales budget information: Cash sales are normally 40% of total sales and the credit sales are expected to be collected in their entirety in the month following the month of sale. The amount of cash expected to be received from customers in September is:

The Johann's Professional Service Company expects 70% of sales for cash and 30% on credit. The company collects 80% of its credit sales in the month following sale, 15% in the second month following sale, and 5% are not collected. Expected sales for June, July, and August are $48,000, $54,000, and $44,000, respectively. What are the company's expected total cash receipts in August?