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232) The document many process costing companies use to summarize the entire five-step process on one schedule is called the A) conversion report. B) income costing statement. C) bill of materials. D) production cost report. 233) In a process costing system, the number of WIP inventories A) equals the number of production departments. B) equals the number.
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268) Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also sells nutrition products. Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains.
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11) CVP analysis assumes that the only factor that affects costs is a change in sale price. 12) Total contribution margin less total fixed expenses equals A) contribution margin ratio. B) operating income. C) gross profit. D) sales revenue. 13) The unit contribution margin is computed by A) subtracting the variable cost per unit from the sales.
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278) Neon Company manufactures widgets. The following data is related to sales and production of the widgets for last year. Selling price per unit $ 130.00 Variable manufacturing costs per unit $ 62.00 Variable selling and administrative expenses per unit $ 5.00 Fixed manufacturing overhead (in total) $ 30,000 Fixed selling and administrative expenses.
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212) A transfer of $30,000 from the assembly department to the packaging department would require the entry of a A) debit to finished goods inventory. B) debit to WIP inventory-assembly. C) credit to WIP inventory-assembly. D) credit to raw materials inventory. 213) What would be included in the entry to record actual manufacturing overhead costs.
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169) McCartney Services has a customer website to take orders, answer customer questions, and address customer complaints. The costs associated with this customer website over the past six months are listed below: Month Customer website costs Number of website hits January $8,960 11,600 February $8,762 11,270 March $9,032 11,720 April $8,942 11,570 May $8,420 10,700 June .
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150) Tasty Treats is a snow cone stand near the local park. To plan for the future, Tasty Treats wants to determine its cost behavior patterns. It has the following information available about its operating costs and the number of snow cones served. Month Number of snow cones Total operating costs January 6,400 $5,980 February 7,000 $6,400 March 6,200 $5,840 April 6,900 $6,330 May 7,600 $6,820 June 7,250 $6,575 The variable cost.
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134) Describe the scattergraph method. Discuss the advantages and disadvantages of using the scattergraph method. 135) When using the high-low method, the slope of the mixed cost line is fixed cost per unit. 136) When using the high-low method, fixed costs and variable costs appear in the same cost equation. 137) The high-low.
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206) Paula Corporation is trying to predict its manufacturing overhead costs for the upcoming year; they are debating the use of the high-low method versus the use of regression analysis. They have gathered information about their manufacturing overhead costs in each of the past six months. A table containing their.
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202) When the units are sold, Cost of Goods Sold is credited. 203) Fun Stuff Manufacturing produces ping pong balls using a three-step sequential process that includes molding, coloring and finishing. When the balls and associated costs are transferred from the coloring process to the finishing process, which account is credited? A).
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41) Selected financial data for Spark Enterprises follows for a production level of 120,000 units: Total fixed costs $ 300,000 Total costs (fixed and variable) $ 450,000 a.Calculate the variable cost per unit. b.If Flash Corporation makes 75,000 units, calculate the fixed cost per unit. c.If Flash Corporation makes 160,000 units, calculate the total variable costs. d..
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205) Scranton Printer Company would like to estimate its total manufacturing costs using regression analysis but is unsure whether machine hours or units produced would be a better predictor of total manufacturing costs. Output from regression analysis using machine hours as the volume (cost driver) follows. Note: the results are.
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191) On a regression analysis output generated with Excel, the slope of a mixed cost line is represented by the ________. A) x variable 1 coefficient B) intercept coefficient C) R-square D) residual 192) When predicting costs at other volumes using a cost equation derived from either the high-low method or regression analysis, managers should.
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128) Using account analysis, what type of cost is the monthly cost of a storage locker used for holding old records? A) Fixed B) Mixed C) Variable D) Step 129) Using account analysis, what type of cost is a community activity pass that costs $80 plus $15.00 per event? A) Fixed B) Step C) Mixed D) Variable 130) Manufacturing overhead.
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170) The following is information about the units produced and the total manufacturing costs for Rose's Rug Company for the past six months. Month Number of units produced Total manufacturing costs January 28,700 $61,400 February 31,000 $66,000 March 25,500 $55,000 April 26,000 $56,000 May 30,000 $64,000 June 29,000 $62,000 Rose's Rug Company uses the high-low method to estimate its costs. Answer the following questions: a.What is the.
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201) Wallace Industries wanted to determine the relationship between its monthly operating costs and a potential cost driver, machine hours. The output of a regression analysis showed the following information (note: only a portion of the regression analysis results is presented here): What is closest to the total cost if the.
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289) Snowy Mountain Company has the following selected data for the past year: Units sold during year 30,000 Units produced during year 45,000 Units in ending inventory 15,000 Variable manufacturing cost per unit $ 4.50 Fixed manufacturing overhead (in total) $ 20,250 Selling price per unit $ 12.00 Variable selling and administrative expense per unit $ 1.00 Fixed.
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107) The controller for Andy's Bicycles has gathered the following cost and activity level information: Average total cost per unit $ 225.00 Production level used to calculate average cost 1,000 Total fixed costs $ 80,000 a.What is the total cost of producing 1,000 racing bicycles? b.What is the variable cost of producing.
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108) The high-low method is theoretically better than regression analysis because the high-low method uses more data points than regression analysis. 109) When performing account analysis, managers decide how to classify each account as a variable, fixed or mixed cost. 110) Rent on a factory building would likely be classified as a.
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248) Net income reported under absorption costing will exceed net income reported under variable costing for a given period if A) production equals sales for that period. B) sales exceed production for that period. C) production exceeds sales for that period. D) variable overhead exceeds fixed overhead for that period. 249) The income statement is.
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242) Brambles Corporation has two sequential processing departments: Assembly then Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP inventory 8,000 unit Transferred-in costs in beginning WIP inventory $110,200 Direct materials cost in beginning WIP inventory $24,500 Conversion costs in beginning WIP inventory $22,750 Units transferred-in 57,000 units Transferred-in costs $546,300 Units completed 52,000 Costs.
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218) When a merchandiser prepares a contribution margin income statement, Cost of Goods Sold is always a variable cost. 219) When a company produces more units than it sells, absorption costing operating income will be higher than variable costing operating income. 220) If the number of units produced equals the number of.
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288) The following data is related to sales and production of the Tauro Corporation for last year. Selling price per unit $ 60.00 Variable manufacturing cost per unit $ 25.00 Variable selling and administrative expense per unit $ 6.00 Fixed manufacturing overhead (in total) $ 50,000 Fixed selling and administrative expenses (in total) $.
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102) The following data pertain to costs at Summit Company: Total fixed costs $300,000 Total variable costs $ 75,000 Production level 20,000 units The variable cost per unit is A) $ 3.75. B) $15.00. C) $18.75. D) $11.25. 103) The following data pertain to costs at Summit Company: Total fixed costs $300,000 Total variable costs $ 75,000 Production level 20,000 units The fixed cost per.
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31) For most businesses, annual straight line depreciation expense on the company's building is what type of cost? A) Variable B) Mixed C) Fixed D) Step 32) Total fixed costs for Taylor Incorporated are $240,000. Total costs, including both fixed and variable, are $500,000 if 125,000 units are produced. The variable cost per unit is A).
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182) In process costing, there is only one Work in Process Inventory account for all of the individual processing departments. 183) When units are transferred from Processing Department #1 to Processing Department #2, a debit is made to WIP-Processing Department #2 to reflect the transferred-in costs. 184) When units are transferred from.
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252) Baron Corporation has two sequential processing departments: Assembly then Shaping. The Shaping Department reports the following information. Conversion costs are applied evenly throughout the process. Beginning WIP inventory 8,000 unit Transferred-in costs in beginning WIP inventory $110,20 Direct materials cost in beginning WIP inventory $24,500 Conversion costs in beginning WIP inventory $22,750 Units transferred-in 57,000 units Transferred-in costs $546,300 Units completed 52,000 Costs.
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228) If inventory has grown, operating income will be higher under absorption costing than it is under variable costing. 229) If inventory has declined, operating income will be higher under absorption costing than it is under variable costing. 230) If inventory has not increased or decreased, but has stayed the.
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171) Regression analysis is found by using only the two data points of the highest and lowest volume. 172) The intercept-coefficient in regression analysis yields the fixed cost portion of the total costs. 173) The X Variable 1 Coefficient in regression analysis yields the variable cost per unit of activity. 174) An R-square.
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238) The contribution margin is equal to A) sales minus cost of goods sold. B) sales minus operating expenses. C) sales minus fixed expenses. D) sales minus variable expenses. 239) The contribution margin income statement presents ________ above the contribution margin line. A) only variable expenses relating to selling and administrative activities B) only fixed expenses.
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208) A contribution margin income statement allows managers to see which costs will change with changes in volume and which costs will remain fixed. 209) For retailers and service companies without inventory, operating income is different if a traditional income statement or a contribution margin income statement is prepared. 210) Sales revenue.
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1) The contribution margin per unit is how much profit each unit contributes after fixed costs are considered. 2) CVP stands for Company—Volume—Profit. 3) CVP assumes that inventory levels will not change. 4) When using the contribution margin ratio, managers project operating income based upon sales units. 5) A product's contribution margin per unit.
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