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1. Jasmine Company produces hand tools. A sales budget for

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the next four months is...
1. Jasmine Company produces hand tools. A sales budget for the next four months is as follows: March 10,000 units, April 13,000, May 16,000 and June 21,000. Jasmine Company's ending finished goods inventory policy is 10% of the following month's sales. March 1 inventory is projected to be 1,400 units. How many units will be produced in March?
A. 10,000
B. 9,900
C. 13,000
D. 10,100
2. Jasmine Company produces hand tools. A production budget for the next four months is as follows: March 10,300 units, April 13,300, May 16,500, and June 21,800. Jasmine Company's ending finished goods inventory policy is 10% of the following month's sales. Jasmine plans to sell 16,000 units in May. What is budgeted ending inventory for March?
A. 1,030
B. 1,300
C. 1,330
D. 1,650
3. Albertville Inc produces leather handbags. The production budget for the next four months is: July 5,000 units, August 7,000, September 7,500, October 8,000. Each handbag requires 0.5 square meters of leather. Albertville Inc's leather inventory policy is 30% of next month's production needs. On July 1 leather inventory was expected to be 1,000 square meters. What will leather purchases be in July?
A. 2,300 square meters
B. 2,550 square meters
C. 2,700 square meters
D. 3,575 square meters


5. Brimson has forecast sales for the next three months as follows: July 4,000 units, August 6,000 units, September 7,500 units. Brimson's policy is to have an ending inventory of 40% of the next month's sales needs on hand. July 1 inventory is projected to be 1,500 units. Monthly manufacturing overhead is budgeted to be $17,000 plus $5 per unit produced. What is budgeted manufacturing overhead for August?
A. $50,000
B. $47,000
C. $33,000
D. $32,000


7. Albertville applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $12 per hour. During July, Albertville spent $116,700 for variable overhead. 8,890 labor hours were used to produce 4,700 units. How much is variable overhead on the flexible budget?
A. $56,400
B. $106,680
C. $112,800
D. $116,700


10. Albertville has budgeted fixed overhead of $67,500 based on budgeted production of 4,500 units. During July, 4,700 units were produced and $71,400 was spent on fixed overhead. What is the budgeted fixed overhead rate?
A. $14.36
B. $15.00
C. $15.19
D. $15.89


26. Company A and B are competitors in the same industry. Company A has cost of sales of $405,000 and average inventory of $37,000, while Company B has cost of sales of $233,000 and average inventory of $39,000. Which of the following is true?
A. Company B appears to be to be managing inventory better than Company A.
B. Company A appears to be managing inventory better than Company B.
C. Company B has a higher inventory turnover ratio.
D. These two companies both appear to managing inventory equally well.
27. Persius Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the annual net cash flow?
A. $25,000
B. $35,000
C. $165,000
D. $175,000


29. Summit Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $100,000. The equipment will have an initial cost of $400,000 and have a 7 year life. If the salvage value of the equipment is estimated to be $75,000, what is the accounting rate of return?
A. 14.28%
B. 25.00%
C. 42.11%
D. 147.37%


31. Peet's Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period? Ignore income taxes.
A. 3.25 years
B. 4.00 years
C. 4.75 years
D. 7.00 years


33. Minne Corp is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 8%, the project has a net present value of $24,580. When discounted at a hurdle rate of 10%, the project has a net present value of ($28,940). The internal rate of return of the project is
A. zero.
B. between zero and 8%.
C. between 8% and 10%.
D. greater than 10%.
34. Jonas Inc. is considering whether to lease or purchase a piece of equipment. The total cost to lease the equipment will be $120,000 over its estimated life, while the total cost to buy the equipment will be $75,000 over its estimated life. At Jonas's required rate of return, the net present value of the cost of leasing the equipment is $73,700 and the net present value of the cost of buying the equipment is $68,000. Based on financial factors, Jonas should
A. lease the equipment, saving $45,000 over buying.
B. buy the equipment, saving $4
Submitted: 7 years ago.Category: Homework
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9/11/2010
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 7 years ago
Linda_us
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Customer reply replied 7 years ago
Linda, thank you for your response. However, I only requested assistance with 13 questions, (all the numeric questions) and I need help showing the steps how to resolve them. Out of these 13 questions, I have already resolved the first 4 questions, as shown below. My due date is this Monday at 7:00 AM and I will continue working on these 9 questions but I still need assistance with the steps on how to resolve them. Please see questions below.
Note: When I posted my initial questions yesterday, I look everywhere in the website but there was no way to specify the amount that I was offering to pay for this help. My offer is $20, please let me know if that sounds ok for you.

Thank you,

Luis

1. Jasmine Company produces hand tools. A sales budget for the next four months is as follows: March 10,000 units, April 13,000, May 16,000 and June 21,000. Jasmine Company's ending finished goods inventory policy is 10% of the following month's sales. March 1 inventory is projected to be 1,400 units. How many units will be produced in March?
A. 10,000
B. 9,900
C. 13,000
D. 10,100
March April
Sales 10,000 13,000
Desire finish good ending inventory @ 10% 1,300
Less: Finish good beginning inventory (1,400)
Units to be produced 9,900


2. Jasmine Company produces hand tools. A production budget for the next four months is as follows: March 10,300 units, April 13,300, May 16,500, and June 21,800. Jasmine Company's ending finished goods inventory policy is 10% of the following month's sales. Jasmine plans to sell 16,000 units in May. What is budgeted ending inventory for March?
A. 1,030
B. 1,300
C. 1,330
D. 1,650
March April May June
Sales 10,300 13,300 16,500 21,800
Desire finish good ending inventory @ 10% 1,330 1,650 2,180
Total needs: 11,630 14,950 18,680
Less: Finish good beginning inventory 1,400 1,330 1,650
Sells 16,000
Units to be produced 10,230 13,620 1,030


3. Albertville Inc produces leather handbags. The production budget for the next four months is: July 5,000 units, August 7,000, September 7,500, October 8,000. Each handbag requires 0.5 square meters of leather. Albertville Inc's leather inventory policy is 30% of next month's production needs. On July 1 leather inventory was expected to be 1,000 square meters. What will leather purchases be in July?
A. 2,300 square meters
B. 2,550 square meters
C. 2,700 square meters
D. 3,575 square meters
July August September October
Sales 5,000 7,000 7,500 8,000
Each handbag needs 0.5 sq meters of leather 2,500 3,500 3,750 4,000
Desire leather ending inventory @ 30% 1,050 1,125 1,200 0
Total needs: 3,550 4,625 4,950 4,000
Less: Finish good beginning inventory 1,000 1,050 1,125 1,200
Units to be produced 2,550 3,575 3,825 2,800


5. Brimson has forecast sales for the next three months as follows: July 4,000 units, August 6,000 units, September 7,500 units. Brimson's policy is to have an ending inventory of 40% of the next month's sales needs on hand. July 1 inventory is projected to be 1,500 units. Monthly manufacturing overhead is budgeted to be $17,000 plus $5 per unit produced. What is budgeted manufacturing overhead for August?
A. $50,000
B. $47,000
C. $33,000
D. $32,000
July August September
Sales 4,000 6,000 7,500
Desire finish good ending inventory @ 40% 2,400 3,000 0
Total needs: 6,400 9,000 7,500
Less: Finish good beginning inventory 1,500 2,400 3,000
Units to be produced 4,900 6,600 4,500

Monthly manufacturing overhead 17,000 17,000 17,000
Charge per per unit produced $5 24,500 33,000 22,500
41,500 50,000 39,500


7. Albertville applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $12 per hour. During July, Albertville spent $116,700 for variable overhead. 8,890 labor hours were used to produce 4,700 units. How much is variable overhead on the flexible budget?
A. $56,400
B. $106,680
C. $112,800
D. $116,700


10. Albertville has budgeted fixed overhead of $67,500 based on budgeted production of 4,500 units. During July, 4,700 units were produced and $71,400 was spent on fixed overhead. What is the budgeted fixed overhead rate?
A. $14.36
B. $15.00
C. $15.19
D. $15.89


26. Company A and B are competitors in the same industry. Company A has cost of sales of $405,000 and average inventory of $37,000, while Company B has cost of sales of $233,000 and average inventory of $39,000. Which of the following is true?
A. Company B appears to be to be managing inventory better than Company A.
B. Company A appears to be managing inventory better than Company B.
C. Company B has a higher inventory turnover ratio.
D. These two companies both appear to managing inventory equally well.


27. Persius Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the annual net cash flow?
A. $25,000
B. $35,000
C. $165,000
D. $175,000


29. Summit Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $100,000. The equipment will have an initial cost of $400,000 and have a 7 year life. If the salvage value of the equipment is estimated to be $75,000, what is the accounting rate of return?
A. 14.28%
B. 25.00%
C. 42.11%
D. 147.37%


31. Peet's Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period? Ignore income taxes.
A. 3.25 years
B. 4.00 years
C. 4.75 years
D. 7.00 years


33. Minne Corp is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 8%, the project has a net present value of $24,580. When discounted at a hurdle rate of 10%, the project has a net present value of ($28,940). The internal rate of return of the project is
A. zero.
B. between zero and 8%.
C. between 8% and 10%.
D. greater than 10%.


34. Jonas Inc. is considering whether to lease or purchase a piece of equipment. The total cost to lease the equipment will be $120,000 over its estimated life, while the total cost to buy the equipment will be $75,000 over its estimated life. At Jonas's required rate of return, the net present value of the cost of leasing the equipment is $73,700 and the net present value of the cost of buying the equipment is $68,000. Based on financial factors, Jonas should
A. lease the equipment, saving $45,000 over buying.
B. buy the equipment, saving $45,000 over leasing.
C. lease the equipment, saving $5,700 over buying.
D. buy the equipment, saving $5,700 over leasing.


35. Carchill Corp is trying to decide whether to lease or purchase a piece of equipment. The total cost lease the equipment will be $150,000 over its estimated life, while the total cost to buy the equipment will be $120,000 over its estimated life. At Carchill's required rate of return, the net present value of the cost of leasing the equipment is $108,000 and the net present value of the cost of buying the equipment is $119,000. Based on financial factors, Carchill should
A. lease the equipment, saving $30,000 over buying.
B. buy the equipment, saving $30,000 over leasing.
C. lease the equipment, saving $11,000 over buying.
D. buy the equipment, saving $11,000 over leasing.
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 7 years ago
I will provide the working for all the numerical questions by today evening or tomorrow morning well before your deadline.
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Customer reply replied 7 years ago
Thank you Linda...
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 7 years ago
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Linda_us
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Customer reply replied 7 years ago
Linda, thank you for your assistance. I just added $20 to my account. Please let me know if you get credited the amount agreed.

Luis
Tutor: Linda_us, Finance, Accounts & Homework Tutor replied 7 years ago
I got $16 as specified by you at time of opening the question. If you want to pay another $4 you can add that as a bonus. Thanks again you can request me in future by writing " FOR LINDA" in front of your next question.

Edited by Linda on 9/13/2010 at 2:27 AM EST
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