exam 3 math questions Flashcards
ABC plans to sell 60,000 units of product 75I in June, and each of these units requires five sq. ft. of raw material. Additional data is as follows:
If the company purchases 250,000 sq. ft. of raw material during the month, the estimated raw material inventory on June 30 would be:
production and ending inventory formulas
A company’s static budget estimate of total overhead costs was $100,000 based on the assumption that 10,000 units would be produced and sold. The company estimates that 30% of its overhead is variable, and the remainder is fixed. What would be the total overhead costs according to the flexible budget if 11,172 units were produced and sold?
128516
ABC Company makes premium chocolates. One of the company’s products is the Peppo Mint. Peppo Mints are packed 24 per box. During June, 2,000 boxes were produced. The company paid its direct labor workers a total of $15,480 for their work or $12.90 per hour. According to the standard cost card for Bango Mints, each box should require 0.3 direct labor hours at a cost of $12.00 per hour.
What is the labor price variance?
labor price variance formula
ABC Co. is budgeting sales of 25,000 units and already has 5,056 units in beginning inventory. How many units must be produced to also meet the 7,197 units required in ending inventory?
production formula
How many units are estimated to be sold if ABC Co., has a planned production of 875,168, a desired beginning inventory of 160,000, and a desired ending inventory of 100,000 units?
production formula 935,168
ABC plans to sell 14,000 units of a particular product during July, and expects sales to increase at the rate of 10% per month during the remainder of the year. The June 30th and September 30th ending inventories are anticipated to be 1,200 units and 1,050 units, respectively. On the basis of this information, how many units should ABC purchase for the quarter ended September 30?
production formula 46,190
A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $42 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity variance?
materials quantity variance formula
ABC Co has forecast sales to be $ 126,561 in February, $145,000 in March, $170,000 in April, and $180,000 in May. The average cost of goods sold is 60% of sales. All sales are on made on credit and sales are collected 60% in the month of sale, and 40% the month following.
ABC makes all sales on account, subject to the following collection pattern: 40% are collected in the month of sale; 55% are collected in the first month after sale; and 5% are collected in the second month after sale.
If sales for June, July, and August were $124,869, $163,137, and $222,647, respectively, what were the firm’s budgeted collections for August?
185027.6
ABC Co. purchases direct materials each month. Its payment history shows that 0.73 is paid in the month of purchase, with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
Enter the total amount of cash paid in March.
38460
A Company has a material standard of 1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, A Company paid $127,250 for 4,950 pounds, which they used to produce 4,700 units. What is the direct material price variance?
direct material price variance
ABC Co. produces calculators. Budgeted sales will be: March 12,000 units, April 13,000, May 15,000 and June 19,000. Ending finished goods inventory policy is 10% of the following month’s sales. March 1 inventory is projected to be 1,431 units.
How many units will be produced in March?
production formula
An examination of ABC Corp’s inventory accounts revealed the following information:
Raw materials, June 1: 45,400 units
Raw materials, June 30: 50,400 units
Purchases of raw materials during June: 182,000 units
ABC’s finished product requires four units of raw materials. On the basis of this information, how many finished products were manufactured during June?
ABC Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern; 30% are collected in the month of sale; 60% are collected in the first month after sales; and 10% are collected in the second month after sale.
If sales for April, May, and June were $62,350, $82,352, and $72,682, respectively, what were the firm’s budgeted collections for June?
