ACCT 434 Week 2 Quiz( New) For more course tutorials visit www. uophelp. com
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. ll 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 =========================================
ACCT 434 Week 2 Quiz( New) For more course tutorials visit www. uophelp. com
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 yearend 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