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CMA（P1）——Budgeting
Budgeting
1、The Lions Club is planning to sell pretzels at a local football game and has estimated sales demand as follows.
The cost of the pretzels varies with the quantity purchased as follows.
Any unsold pretzels would be donated to the local food bank. The calculated profits at the various sales demand levels and purchase quantities are as follows.
Which one of the following purchase quantities would you recommend to the Lions Club?
A. 8,000
B. 10,000
C. 12,000
D. 15,000
2、 Denton Inc. manufactures industrial machinery and requires 100,000 switches per year in its assembly process. When switches are received from a vendor they are installed in the specific machine and tested. If the switches fail, they are scrapped and the associated labor cost of $25 is considered lost productivity. Denton purchases “off the shelf” switches as opposed to custom-made switches and experiences quality problems with some vendors’ products. A decision must be made as to which vendor to buy from during the next year based on the following information.
Which vendor should Denton’s controller recommend to management?
A. Vendor P.
B. Vendor Q.
C. Vendor R.
D. Vendor S.
3、Maximilian Computer Company uses a comprehensive budgeting system in planning its annual operations. Which of the following best describes the information needed in order to determine the budgeted cost of circuit boards to be purchased for use in building its laptop computer? Assume one circuit board is used in each laptop.
A. Begin with budgeted laptop sales in units, add the desired ending inventory of circuit boards, deduct the expected beginning inventory of circuit boards, and multiply the resulting amount by the budgeted purchase cost per circuit board.
B. Begin with budgeted laptop sales in units, deduct the desired ending inventory of circuit boards, add the expected beginning inventory of circuit boards, and multiply the resulting amount by the purchase cost per circuit board.
C. Begin with budgeted laptop production in units, deduct the desired ending inventory of circuit boards, add the expected beginning inventory of circuit boards, and multiply the resulting amount by the purchase cost per circuit board.
D. Begin with budgeted laptop production in units, add the desired ending inventory of circuit boards, deduct the expected beginning inventory of circuit boards, and multiply the resulting amount by the budgeted purchase cost per circuit board.
4、 The starting point for creating a master budget for a proprietary secretarial school would be
A. estimating salaries of the instructors.
B. forecasting enrollment.
C. preparing a capital expenditure budget.
D. preparing the student recruiting budget.
5、 Trumbull Company budgeted sales on account of $135,000 for July, $211,000 for August, and $198,000 for September. Collection experience indicates that 60% of the budgeted sales will be collected the month after the sale, 36% the second month, and 4% will be uncollectible. The cash from accounts receivable that should be budgeted for September would be
A. $169,800.
B. $194,760.
C. $197,880.
D. $198,600.
6、The Profit and Loss Statement of Madengrad Mining Inc. includes the following information for the current fiscal year.
The cost of goods manufactured by Madengrad for the current fiscal year is
A. $46,110.
B. $49,890.
C. $110,110.
D. $113,890.
7、Ace Manufacturing plans to produce two products, Product C and Product F, during the next year, with the following characteristics.
Total projected fixed costs for the company are $30,000. Assume that the product mix would be the same at the breakeven point as at the expected level of sales of both products. What is the projected number of units (rounded) of Product C to be sold at the breakeven point?
A. 2,308 units.
B. 9,231 units.
C. 11,538 units.
D. 15,000 units.
8、 Krouse Company is in the process of developing its operating budget for the coming year. Given below are selected data regarding the company’s two products, laminated putter heads and forged putter heads, that are sold through specialty golf shops.
Manufacturing overhead is applied to units produced on the basis of direct labor hours. Variable manufacturing overhead is projected to be $25,000, and fixed manufacturing overhead is expected to be $15,000.
The estimated cost to produce one unit of the laminated putter head is
A. $42.
B. $46.
C. $52.
D. $62.
9、Manoli Gift Shop maintains a 35% gross profit percentage on sales, and carries an ending inventory balance each month sufficient to support 30% of the next month’s expected sales. Anticipated sales for the fourth quarter are as follows.
What amount of goods should Manoli Gift Shop plan to purchase during the month of November?
A. $40,820.
B. $51,220.
C. $52,130.
D. $62,800
10、Stevens Company manufactures electronic components used in automobile manufacturing. Each component uses two raw materials, Geo and Clio. Standard usage of the two materials required to produce one finished electronic component, as well as the current inventory, are shown below.
Stevens forecasts sales of 20,000 components for the next two production periods. Company policy dictates that 25% of the raw materials needed to produce the next period’s projected sales be maintained in ending direct materials inventory. Based on this information, the budgeted direct material purchases for the coming period would be
11、 Petersons Planters Inc. budgeted the following amounts for the coming year
Overhead is estimated to be two times the amount of direct labor dollars. The amount that should be budgeted for direct labor for the coming year is
A. $315,000.
B. $210,000.
C. $157,500.
D. $105,000.
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1、The Lions Club is planning to sell pretzels at a local football game and has estimated sales demand as follows.
| Sales demand | 8,000 | 10,000 | 12,000 | 15,000 |
| Probability | 10% | 40% | 30% | 20% |
| Purchase quantity | 8,000 | 10,000 | 12,000 | 15,000 |
| Cost per unit | $1.25 | $1.20 | $1.15 | $1.10 |
| Expected Profits at Various Purchase Quantity Levels | ||||
| Sales Demand | 8,000 | 10,000 | 12,000 | 15,000 |
| 8,000 | $6,000 | $4,000 | $2,200 | ($500) |
| 10,000 | $6,000 | $8,000 | $6,200 | $3,500 |
| 12,000 | $6,000 | $8,000 | $10,200 | $7,500 |
| 15,000 | $6,000 | $8,000 | $10,200 | $13,500 |
A. 8,000
B. 10,000
C. 12,000
D. 15,000
2、 Denton Inc. manufactures industrial machinery and requires 100,000 switches per year in its assembly process. When switches are received from a vendor they are installed in the specific machine and tested. If the switches fail, they are scrapped and the associated labor cost of $25 is considered lost productivity. Denton purchases “off the shelf” switches as opposed to custom-made switches and experiences quality problems with some vendors’ products. A decision must be made as to which vendor to buy from during the next year based on the following information.
| Vendor | Price per switch | Percentage expected to pass the test |
| P | $35 | 90% |
| Q | $37 | 94% |
| R | $45 | 97% |
| S | $40 | 99% |
A. Vendor P.
B. Vendor Q.
C. Vendor R.
D. Vendor S.
3、Maximilian Computer Company uses a comprehensive budgeting system in planning its annual operations. Which of the following best describes the information needed in order to determine the budgeted cost of circuit boards to be purchased for use in building its laptop computer? Assume one circuit board is used in each laptop.
A. Begin with budgeted laptop sales in units, add the desired ending inventory of circuit boards, deduct the expected beginning inventory of circuit boards, and multiply the resulting amount by the budgeted purchase cost per circuit board.
B. Begin with budgeted laptop sales in units, deduct the desired ending inventory of circuit boards, add the expected beginning inventory of circuit boards, and multiply the resulting amount by the purchase cost per circuit board.
C. Begin with budgeted laptop production in units, deduct the desired ending inventory of circuit boards, add the expected beginning inventory of circuit boards, and multiply the resulting amount by the purchase cost per circuit board.
D. Begin with budgeted laptop production in units, add the desired ending inventory of circuit boards, deduct the expected beginning inventory of circuit boards, and multiply the resulting amount by the budgeted purchase cost per circuit board.
4、 The starting point for creating a master budget for a proprietary secretarial school would be
A. estimating salaries of the instructors.
B. forecasting enrollment.
C. preparing a capital expenditure budget.
D. preparing the student recruiting budget.
5、 Trumbull Company budgeted sales on account of $135,000 for July, $211,000 for August, and $198,000 for September. Collection experience indicates that 60% of the budgeted sales will be collected the month after the sale, 36% the second month, and 4% will be uncollectible. The cash from accounts receivable that should be budgeted for September would be
A. $169,800.
B. $194,760.
C. $197,880.
D. $198,600.
6、The Profit and Loss Statement of Madengrad Mining Inc. includes the following information for the current fiscal year.
| Sales | $160,000 |
| Gross profit | $48,000 |
| Year-end finished goods inventory | $58,300 |
| Opening finished goods inventory | $60,190 |
A. $46,110.
B. $49,890.
C. $110,110.
D. $113,890.
7、Ace Manufacturing plans to produce two products, Product C and Product F, during the next year, with the following characteristics.
| Product C | Product F | |
| Selling price per unit | $10 | $15 |
| Variable cost per unit | $8 | $10 |
| Expected sales (units) | 20,000 | 5,000 |
A. 2,308 units.
B. 9,231 units.
C. 11,538 units.
D. 15,000 units.
8、 Krouse Company is in the process of developing its operating budget for the coming year. Given below are selected data regarding the company’s two products, laminated putter heads and forged putter heads, that are sold through specialty golf shops.
| Putter Heads | ||
| Forged | Laminated | |
| Raw materials | ||
| Steel | 2 pounds @ $5/lb. | 1 pound @ $5/lb. |
| Copper | None | 1 pound @ $15/lb. |
| Direct labor | 1/4 hour @ $20/hr. | 1 hour @ $22/hr. |
| Expected sales (units) | 8,200 | 2,000 |
| Selling price per unit | $30 | $80 |
| Ending inventory target (units) | 100 | 60 |
| Beginning inventory (units) | 300 | 60 |
| Beginning inventory (cost) | $5,250 | $3,120 |
The estimated cost to produce one unit of the laminated putter head is
A. $42.
B. $46.
C. $52.
D. $62.
9、Manoli Gift Shop maintains a 35% gross profit percentage on sales, and carries an ending inventory balance each month sufficient to support 30% of the next month’s expected sales. Anticipated sales for the fourth quarter are as follows.
| October | $42,000 |
| November | $58,000 |
| December | $74,000 |
A. $40,820.
B. $51,220.
C. $52,130.
D. $62,800
10、Stevens Company manufactures electronic components used in automobile manufacturing. Each component uses two raw materials, Geo and Clio. Standard usage of the two materials required to produce one finished electronic component, as well as the current inventory, are shown below.
| Material | Standard Per Unit | Price | Current Inventory |
| Geo | 2.0 pounds | $15/lb | 5,000 pounds |
| Clio | 1.5 pounds | $10/lb. | 7,500 pounds |
| Geo | Clio | |
| A | $450,000 | $450,000 |
| B | $675,000 | $300,000 |
| C | $675,000 | $400,000 |
| D | $825,000 | $450,000 |
11、 Petersons Planters Inc. budgeted the following amounts for the coming year
| Beginning inventory, finished goods | $10,000 |
| Cost of goods sold | $400,000 |
| Direct material used in production | $100,000 |
| Ending inventory, finished goods | $25,000 |
| Beginning and ending work-in-process inventory | $0 |
A. $315,000.
B. $210,000.
C. $157,500.
D. $105,000.
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