Question 1 Aces Company provided the following data for July: Direct materials $50,000 Direct labor
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Question 1
Aces Company provided the following data for July:
Direct materials
$50,000
Direct labor
$25,000
Overhead
$90,000
Beginning finished goods
$15,000
Ending finished goods
$34,000
Production in units
10,000
What is the cost of goods sold?
Answers
$165,000
$146,000
$214,000
$184,000
$75,000
Question 2
Aces Company budgeted the following sales in units:
January
30,000
February
20,000
March
40,000
Aces’s policy is to have 20% of the following month’s sales in inventory. On January 1, inventory equaled 7,500 units. February production in units is:
Answers
20,000.
28,000.
24,000.
26,500.
40,000.
Question 3
Figure 8-10.
AcesCompany budgeted the following production in units for the first quarter of the year:
January
30,000
February
20,000
March
40,000
Each unit requires 3 pounds of raw material. Aces's policy is to have 20% of the following month’s production needs for materials in inventory. OnJanuary 1, the raw materials inventory equaled 11,000 pounds.
Refer to Figure 8-10. Raw materials purchases budgeted for February in pounds equal:
Answers
72,000.
32,000.
91,000.
30,000.
54,000.
Question 4
Figure 8-10.
AcesCompany budgeted the following production in units for the first quarter of the year:
January
30,000
February
20,000
March
40,000
Each unit requires 3 pounds of raw material. Aces's policy is to have 20% of the following month’s production needs for materials in inventory. OnJanuary 1, the raw materials inventory equaled 11,000 pounds.
Refer to Figure 8-10. Desired ending inventory for January in pounds equals:
Answers
12,000
6,000
3,000
4,000
11,000
Question 5
Aces Company budgeted 200,000 units for June, 210,000 for July and 300,000 for August. Each unit requires 0.25 direct labor hours. How many directlabor hours are budgeted for August?
Answers
50,000
5,000
75,000
52,500
300,000
Question 6
Figure 8-2.
Aces Company manufactures pottery. Production of large garden pots for the coming three months is budgeted asfollows:
May
20,000
June
40,000
July
35,000
Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plusfixed overhead of $2,100.
Refer to Figure 8-2. What is the direct labor cost budgeted for June?
Answers
$20,000
$300,000
$40,000
$150,000
$525,000
Question 7
Figure 8-2.
Aces Company manufactures pottery. Production of large garden pots for the coming three months is budgeted asfollows:
May
20,000
June
40,000
July
35,000
Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plusfixed overhead of $2,100.
Refer to Figure 8-2. What is the total overhead budgeted for the month of June?
Answers
$80,000
$82,100
$42,100
$160,000
$162,100
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