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1. Argyle Industrial has the following information for last year: What is the partial productivity for metal? A. 15.25 B. 2.044 C. 0.082 D. 0.064 2. How does a continuous (rolling) budget work? A. It drops the current month or quarter and adds a future month or quarter as the current month or quarter is completed. B. It presents a statement of expectations for a period of time but doesn't present a firm commitment. C. It presents the plan for only one level of activity and doesn't adjust to changes in the level of activity. D. It presents the plan for a range of activity so that the plan can be adjusted for changes in activity levels. 3. The Convex Company plans to begin operations in September. It has budgeted August sales of $73,000, September sales of $76,000, October sales of $79,000, November sales of $83,000, and December sales of $81,000. 15% of each month's sales are cash sales. 80% of the balance will be collected in the month following the sale: 15% in the second month, 8% the third month, and the balance is bad debts. What is the amount of cash to be collected in the month of November? A. $76,451 B. $80,824 C. $81,554 D. $79,604 4. Workmaster Enterprises uses a standard cost system in which direct materials inventory is carried at standard cost. Workmaster has established the following standards for the prime costs of one unit of product. During June, Workmaster bought 240,000 pounds of direct materials at a total cost of 523,000. The total factory wages for June were $95,000, 80% of which were for direct labor. Workmaster manufactured 30,000 units of product during June using 225,000 pounds of direct materials and 9,500 direct labor hours. What is the direct labor efficiency variance for June? A. $2,500 B. $5,000 C. $7,000 D. $8,500 5. The Rutherford Company collected the following information (in days): What is the manufacturing cycle efficiency? A. 70.4% B. 68.2% C. 69.3% D. 71.7% 6. Rustic Corporation bought a new machine for $360,000. The machine has an estimated useful life of 12 years with no salvage value and a return on investment (ROI) of 18%. ROI is computed using annual cash flows and straight-line depreciation. What is the annual cash flow using the gross book value method? A. $86,200 B. $38,400 C. $94,800 D. $64,600 7. Which of the following is indicated if there's a debit balance in the labor-efficiency variance? A. Standard hours exceed actual hours. B. Standard rate and standard hours exceed actual rate and actual hours. C. Actual rate and actual hours exceed standard rate and standard hours. D. Actual hours exceed standard hours. 8. The Services Department at Endeavor Consulting provides photocopying service for both the Marketing and Production Departments. The following budget has been prepared for the year: If the Service Department uses a dual rate for allocating its costs, how much cost will be allocated to the Marketing Department, assuming the Marketing Department actually made 5,000,000 copies during the year? A. $125,000 B. $140,000 C. $225,500 D. $271,250 9. Division A has variable manufacturing costs of $50 per unit and fixed costs of $10 per unit. Assuming that Division A is operating at capacity, what is the opportunity cost of an internal transfer when the market price is $75? A. $20 B. $50 C. $60 D. $25 10. Given the following information in standard costing: What is the labor rate variance? A. $5,480 favorable B. $5,820 favorable C. $6,960 unfavorable D. $7,240 unfavorable 11. A division can sell externally for $60 per unit. Its variable manufacturing costs are $35 per unit, and its variable marketing costs are $12 per unit. What is the opportunity cost of transferring internally, assuming the division is operating at capacity? A. $13 B. $25 C. $47 D. $35 12. Dockside Enterprises Inc., operates two divisions: (1) a management division that owns and manages bulk carriers on the Great Lakes and (2) a repair division that operates a dry dock in Tampa, Florida. The repair division works on company ships, as well as other large-hull ships. The repair division has an estimated variable cost of $37 per labor-hour. The repair division has a backlog of work for outside ships. They charge $70 per hour for labor, which is standard for this type of work. The management division complained that it could hire its own repair workers for $45 per hour, including leasing an adequate work area. What is the minimum transfer price per hour that the repair division should obtain for its services, assuming it's operating at capacity? A. $45 B. $37 C. $70 D. $33 13. Delegation of decision-making authority to subordinates is referred to as A. benchmarking. B. goal congruence. C. decentralization. D. cost-benefit analysis. 14. A standard cost system may be used in A. either job-order costing or process costing. B. process costing but not job-order costing. C. neither process costing nor job-order costing. D. job-order costing but not process costing. 15. Which of the following mandates that management of publicly-traded companies report on the adequacy of the company's internal controls over financial reporting? A. Sarbanes-Oxley Act of 2002 B. Federal Reserve C. FINRA D. Foreign Corrupt Practices Act of 1977 16. A _______ provides useful information when a company sells multiple products and the products are (imperfect) substitutes for each other. A. sales quantity variance B. sales activity variance C. sales mix variance D. market share variance 17. In general, the terms favorable and unfavorable are used to describe the effect of a variance on A. production costs. B. net income. C. operating expenses. D. sales revenue. 18. Given the following data for Wrangle Division: Manufacturing Division would like to purchase 15,000 units from the Wrangle Division at a price of $300 per unit. Wrangle division has no excess capacity to handle the Manufacturing Division's requirements. The Manufacturing Division currently purchases from an outside supplier at a price of $325. If the Wrangle Division accepts a $300 price internally, by what amount will the company, as a whole, be better or worse? A. $150,000 B. $(225,000) C. $(175,000) D. $235,000 19. When the selling division in an internal transfer has unsatisfied demand from outside customers for the product that's being transferred, then the lowest acceptable transfer price as far as the selling division is concerned is the A. market price charged to outside customers, less costs saved by transferring internally. B. amount that the purchasing division would have to pay an outside seller to acquire a similar product for its use. C. variable cost of producing a unit of product. D. full absorption cost of producing a unit of product. 20. An equipment distributor sells two models, basic and deluxe. The following information relates to its master budget: Actual sales were 15,000 basic models and 5,000 deluxe models. The actual sales prices were the same as the budgeted sales prices for both models. What is the sales quantity variance for the deluxe model? A. $1,800,000 B. $2,000,000 C. $465,000 D. $850,000