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Question 30 (2 points) ? Saved 80% of Tiktik Corporation's sales are collected in the month of sale, 15% in the month following sale, and 5% in the second month following sale

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Question 30 (2 points) ? Saved 80% of Tiktik Corporation's sales are collected in the month of sale, 15% in the month following sale, and 5% in the second month following sale. The following are estimated sales data for the company: September $600,000 October $700,000 November $500,000 December $300,000 Total sales Total budgeted cash collections in December would be 1) $125,000 2) $240,000 3) $300,000 4) $350,000
Question 31 (2 points) Saved Using more highly skilled direct labourers might affect which of the following variances? 1) Direct materials usage variance. 2) Direct labour efficiency variance. 3) Variable manufacturing overhead efficiency variance. 4) All of the above.
Question 32 (2 points) ? Saved Canberrra Ltd makes a product that uses a material with the following standards: Standard quantity 3.0 kilos per unit Standard price |$2.00 per kilo In November, the company used 7,500 kilos of direct material to produce 2,400 units of output. The actual cost per kilo paid for the direct materials is $2.10. The materials price variance for November is 1) $240 F 2) $750 U 3) $750 F 4) $240 U
Question 33 (2 points) Saved A five-percent wage increase for all factory employees would affect which of the following variances? 1) Direct materials price variance. 2) Direct labour rate variance. 3) Direct labour efficiency variance. 4) Variable manufacturing overhead efficiency variance. Next Page Page 33 of 50
Question 34 (2 points) ? Saved Which of the following factors would cause an unfavorable labour rate variance? 1) Using higher quality materials. 2) Using low-efficiency workers. 3) Using more unskilled workers. 4) Using more highly skilled workers. Next Page Page 34 of 50
Question 35 (2 points) Saved If the actual labour rate exceeds the standard labour rate and the actual labour hours exceed the number of hours allowed, the labour rate variance and labour efficiency variance will be: Labour Rate Variance A) Favourable B) Favourable C) Unfavourable D) Unfavourable Labour Efficiency Variance Favourable Unfavourable Favourable Unfavourable 1) Option A. 2) Option B. 3) Option C. 4) Option D.
Question 36 (2 points) Saved The standard cost sheet includes all of the following EXCEPT 1) the standard quantity per unit 2) the standard material costs per unit 3) the standard cost per unit 4) the standard labour hours allowed for actual production Next Page Page 36 of 50
Question 37 (2 points) Saved Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of product. Standard Hours Direct labour 1.25 hours Standard Rate $12.00 per hour During October, the total factory wages were $364,000, 90% of which were for direct labour. Jackson manufactured 22,000 units of product during October using 28,000 direct labour-hours. The total labour variance for October is 1) $2,400 F 2) $2,400 U 3) $6,000 F 4) $6,000 U
Question 38 (2 points) Saved During September, 40,000 units were produced. The standard quantity of material allowed per unit was 5 pounds at a standard price of $2.50 per pound. If there was a favourable usage variance of $25,000 for September, the actual quantity of materials used must have been 1) 210,000 pounds O2) 190,000 pounds 3) 105,000 pounds 4) 95,000 pounds Next Page Page 38 of 50
Question 39 (2 points) ? Saved Firecracker Company has developed the following direct materials standards for one of its products. Direct materials: 15 pounds * $16 per pound The following activity occurred during the month of October: Materials purchased: Materials used: Units produced: 10,000 pounds costing $170,000 7,200 pounds 500 units The direct materials usage variance is 1) $4,800 F 2) $4,800 U 3) $40,000 F