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How much will the club need to borrow in July

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Reference no: EM133129141

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Q1. Elk Company makes toy fire trucks. Standard labour costs follow:

Direct factory labour per truck $6

Indirect factory labour per truck $4

Sales commission per truck $3

Administration $12,000 per month

Elks Company has budgeted production of 1,400 fire trucks and budgeted sales of 1,200 fire trucks for May. How much employee compensation would be included in the factory overhead budget for May?

a. $4,800

b. $5,600

c. $12,600

d. $14,000

Q2. Elk Company makes toy fire trucks. Standard labour costs follow:

Direct factory labour per truck $6

Indirect factory labour per truck $4

Sales commissions per truck $3

Administration $12,000 per month

Elks Company has budgeted production of 1,400 fire trucks and budgeted sales of 1,200 fire trucks for May. How much budgeted personnel compensation cost would appear in the May selling and administrative budget?

a. $3,600

b. $12,000

c. $15,600

d. $27,600

Q3. Alexander Company is estimating its budget expense for cleaning uniforms. The formula to estimate this monthly cost is:

Uniform cleaning = $16,560 + $.09X

where X = number of direct labour hours

This estimate includes $2,800 of depreciation. How much will be included in the pro forma income statement for cleaning uniforms in May if the firm expects 144,000 direct labour hours in that month?

a. $12,960

b. $26,720

c. $29,520

d. $32,320

Q4. Get Started Health Club has developed the following budget information for July:

July 1 cash balance $ 5,100

Cash collections during July $292,000

Cash disbursements during July $326,200

The health club desires a minimum cash balance of $5,000 and borrows only in increments of $500. How much will the club need to borrow in July?

a. $34,500

b. $34,000

c. $29,500

d. $29,000

Reference no: EM133129141

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