I. Multiple Choices (4 points each) 1. Ale Corporation had net income of $240,000 and paid dividends to common stockholders of $40,000 in 2020. The weighted average number of shares outstanding in 2020 was 60,000 shares. Ale Corporation's common stock is selling for $60 per share on the New York Stock Exchange. Ale Corporation's payout ratio for 2020 is A) $0.71 per share B) 25% C) 16.7% D) 8% 2. Nikoto Steel Co. budgeted manufacturing costs for 50,000 tons of steel are $50,000 per month $12.00 per ton of steel Fixed manufacturing costs Variable manufacturing costs Nikoto produced 40,000 tons of steel during March. How much is the flexible budget for total manufacturing costs for March? A) $520,000 B) $650,000 C) $480,000 D) $530.000