1. Question : (TCO 2) Benchmarking is Question 2. Question : (TCO 2) To gain the benefits of budgeting, _____ must understand and support the budget. Question 3. Question : (TCO 2) Financial budgets include the Question 4. Question : (TCO 2) A flexible budget Question 5. Question : (TCO 2) A favorable variance indicates that Question 6. Question : (TCO 2) Performance evaluation using variance analysis should guard against Question 7. Question : (TCO 2) Overhead costs have been increasing due to all of the following except Question 8. Question : (TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expenses 200,000; Operating income $150,000. Katie is developing the 20X2 budget. In 20X2, the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted cost of goods sold for 20X2? Question 9. Question : (TCO 2) Hester Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 20×2, through June 30, 20×3. � � � � � � � �July 1, 20×2 � � � June 30, 20×3 Raw material (note) � � �40,000 � � � � � 10,000 Work in process � � � � 8,000 � � � � � 8,000 Finished goods � � � � 30,000 � � � � � 5,000 (note) Three units of raw material are needed to produce each unit of finished product. If Hester Company plans to sell 600,000 units during the 20×2-20×3 fiscal year, the number of units it would have to manufacture during the year would be Question 10. Question : (TCO 2) Information pertaining to Brenton Corporation’s sales revenue is presented in the following table. � � � � � � � � February � � March � � �April � � Cash Sales � � $160,000 � � $150,000 � � $120,000 � � Credit Sales � � 300,000 � � �400,000 � � 280,000 � � �Total Sales � $460,000 � � $550,000 � � $400,000 Management estimates that 5% of credit sales are not collectible. Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in the month following the sale. Cost of purchases of inventory each month are 70% of the next month’s projected total sales. 11 purchases of inventory are on account; 25% are paid in the month of purchase, and the remainder is paid in the month following the purchase. Brenton’s budgeted total cash payments in March for inventory purchases are
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