There are various budgets within the master budget. One of these budgets is theproduction budget. Which of the following BEST describes the production budget?A) It details the required direct labor hours.B) It details the required raw materials purchases.C) It is calculated based on the sales budget and the desired ending inventory.D) It summarizes the costsof producing units for the budget period.


You are watching: When preparing a direct materials budget, the required purchases of raw materials in units equals:

When preparing a direct materials budget, the required purchases of raw materialsin units equals:A) raw materials needed to meet theproduction schedule + desired ending inventory of rawmaterials − beginning inventory of raw materials.B) raw materials needed to meet the production schedule − desired ending inventory of rawmaterials − beginning inventory of raw materials.C) raw materials needed to meet the production schedule − desired ending inventory of rawmaterials + beginning inventory of raw materials.D) raw materials needed to meet the production schedule + desired ending inventory of rawmaterials + beginning inventory of rawmaterials.
Raw materials needed to meet the production schedule + desired ending inventory of raw materials - beginning inventory of raw materials
Which of the following statements is NOT correct concerning the ManufacturingOverhead Budget?A) The Manufacturing Overhead Budget provides a schedule of all costs of production other thandirect materials and labor costs.B) The Manufacturing Overhead Budget shows only the variable portion of manufacturingoverhead.C) The Manufacturing Overhead Budget shows the expected cash disbursements formanufacturing overhead.D) The Manufacturing Overhead Budget is prepared after the Sales Budget
The usual starting point for a master budget is:A) the direct materials purchase budget.B) the budgeted income statement.C) the sales forecast or sales budget.D) the production budget.
An unfavorable materials quantity variance indicates that:A) actual usage of material exceeds the standard material allowed foroutput.B) standard material allowed for output exceeds the actual usage of material.C) actual material price exceeds standard price.D) standard material price exceeds actual price
The general model for calculating a quantity varianceA) Actual quantity of inputs used × (Actual price − Standard price).B) Standard price × (Actual quantity of inputs used − Standard quantity allowed for output).C) (Actual quantity of inputs used × Actual price) − (Standard quantity allowed for output ×Standard price).D) Actual price × (Actual quantity of inputs used − Standard quantity allowed for ou
If variable manufacturing overhead is applied onthe basis of direct labor-hours andthe variable overhead rate variance is favorable, then:A) the actual variable overhead rate exceeded the standard rate.B) the standard variable overhead rate exceeded the actual rate.C) the actual direct labor-hours exceeded the standard direct labor-hours allowed for the actualoutput.D) the standard direct labor-hours allowed for the actual output exceeded the actual hour
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