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Accounting Expert Answers & Study Resources : Page 269

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21) Fasetech Inc. has collected the following data for November (there are no beginning inventories): Units produced 500 units Sale price $110 per unit Direct materials $20 per unit Direct labor $15 per unit Variable manufacturing overhead $10 per unit Fixed manufacturing overhead $15,000 per year Variable selling and administrative costs $5 per unit Fixed selling and administrative costs $10,000 per year What is the operating income using absorption costing if 450 units are sold? A).

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  • 21) Fasetech Inc. has collected the following data for November
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24) Edge Inc. had two products—Le Chaud and Le Frais. Financial data for both the products follow: Le Chaud Le Frais Unit sold 2,200 units 800 units Sale price per unit $500 $1,000 Variable manufacturing cost per unit 320 750 Sale commission (% of sales) 7% 5% It had two sale executives—Jack and Peter. Each of them sold a total of 1,500 units during the.

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  • 24) Edge Inc. had two products—Le Chaud and Le Frais.
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31) The activity-based costing system improves the allocation of ________. A) indirect manufacturing costs B) direct labor C) direct materials D) sales commissions 32) Which of the following would most likely be treated as an activity in an activity-based costing system? A) direct labor cost B) machine processing C) direct materials cost D) sales revenues 33) Ace Plastics produces different.

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  • 31) The activity-based costing system improves the allocation of ________. A)
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14) Welcome Services Inc. provides catering services. The company has three segments—Standard, Deluxe, and Premium. The company provides the following data for its three segments for the month of July: Standard Deluxe Premium No of customers 30 20 40 Service Revenue $9,000 $8,200 $8,600 Variable costs $5,500 $3,800 $4,200 The business segments had the following number of customers: Standard, 30; Deluxe, 20; and Premium, 40. The.

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  • 14) Welcome Services Inc. provides catering services. The company has
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1) Quality management systems (QMS) are systems that help managers improve the business's performance by providing quality products and services. 2) Companies which use a just-in-time management system do not benefit from a quality management system. 3) Companies using just-in-time management systems are far more vulnerable to production shutdowns if they receive.

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  • 1) Quality management systems (QMS) systems that help managers improve
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21) Edge Inc. had two products—Le Chaud and Le Frais. Financial data for both the products follow: Le Chaud Le Frais Unit sold 2,200 units 800 units Sale price per unit $500 $1,000 Variable manufacturing cost per unit 320 750 Sale commission (% of sales) 7% 5% It had two sale executives—Jack Lynch and Peter Cho. Each of them sold a total of 1,500 units.

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  • 21) Edge Inc. had two products—Le Chaud and Le Frais.
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31) The phone bill for a company consists of both fixed and variable costs. Refer to the 4-month data below and apply the high-low method to answer the question. Minutes Total Bill January 460 $3,000 February 200 $2,675 March 160 $2,625 April 300 $2,800 What is the variable cost per minute? A) $1.25 B) $0.67 C) $1.08 D) $0.58 32) The phone bill for a corporation consists of both fixed.

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  • 31) The phone bill for a company consists of both
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21) Which of the following is considered a period cost under variable costing but not under absorption costing? A) fixed selling and administrative costs B) variable manufacturing costs C) fixed manufacturing overhead D) variable selling and administrative costs 22) Which of the following is considered a period cost in absorption costing? A) variable manufacturing overhead costs B).

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  • 21) Which of the following considered a period cost under
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Learning Objective 19-2 1) Activity-based costing focuses on a single predetermined overhead rate for cost analysis. 2) Traditional costing provides more detailed information on costs of activities and the drivers of these costs than activity-based costing. 3) Traditional costing systems employ multiple allocation rates, but an activity-based costing system uses only one rate.

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  • Learning Objective 19-2 1) Activity-based costing focuses a single predetermined overhead
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Learning Objective 21-1 1) Variable costing considers direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead as product costs. 2) Absorption costing considers fixed selling and administrative costs as product costs. 3) Absorption costing is required by the Generally Accepted Accounting Principles (GAAP) for financial statements issued to investors, creditors, and.

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  • Learning Objective 21-1 1) Variable costing considers direct materials, direct labor,
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21) Which of the following costs does not change in total despite changes in volume? A) fixed cost B) variable cost C) mixed cost D) total production cost 22) Costs that have both variable and fixed components are called ________. A) fixed cost B) variable cost C) mixed cost D) contribution cost 23) Which of the following costs changes in.

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  • 21) Which of the following costs does not change in
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11) The just-in-time management system is a(n) ________. A) labor management system B) overhead management system C) inventory management system D) debt management system 12) Which of the following statements is true of the just-in-time costing system? A) It increases the need for suppliers to deliver raw materials on time. B) It records summary journal entries before.

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  • 11) The just-in-time management system a(n) ________. A) labor management system B)
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41) Danby Inc. has the following cost data: Direct materials $38 per unit Direct labor 52 per unit Variable manufacturing overhead 15 per unit Fixed manufacturing overhead 10,000 per year Calculate the unit product cost using absorption costing when production is 200 units, 400 units, and 800 units. 42) Silver Rex Inc. has provided the following data for the year 2015: Direct materials $10 per unit Direct labor $15 per.

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  • 41) Danby Inc. has the following cost data: Direct materials $38 per unit
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Learning Objective 18-6 1) Production cost reports prepared using the first-in-first-out (FIFO) method, determines the cost of equivalent units of production by accounting for beginning inventory costs separately from current period costs. 2) Production cost reports prepared using first-in-first-out (FIFO) method assumes that the first units started in the production process.

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  • Learning Objective 18-6 1) Production cost reports prepared using the
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21) Alpha Company manufactures breadboxes and uses an activity-based costing system. The following information is provided for the month of May: Activity Estimated Indirect Activity Costs Allocation Base Estimated Quantity of Allocation Base Materials handling $3,500 Number of parts 5,000 parts Assembling $12,000 Number of parts 5,000 parts Packaging $5,750 Number of bread boxes 1,250 bread boxes Each breadbox consists of four parts, and the direct materials.

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  • 21) Alpha Company manufactures breadboxes and uses an activity-based costing
  • Accounting
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Learning Objective 20-4 1) Sensitivity analysis allows managers to see how various business strategies will affect profit levels. 2) Sensitivity analysis empowers managers with better information for decision making by analyzing how various business strategies will affect profits earned by the company. 3) Managers can use CVP relationships to conduct sensitivity analysis. 4) When.

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  • Learning Objective 20-4 1) Sensitivity analysis allows managers to see how
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11) The traditional income statement format is prepared under absorption costing. 12) The contribution margin format of the income statement categorizes costs by their behavior. 13) The fixed manufacturing overhead is considered a product cost in variable costing and a period cost in absorption costing. 14) Which of the following statements is true.

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  • 11) The traditional income statement format prepared under absorption costing. 12)
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31) Groovelex Inc. reports the following information for the year ended December 31, 2014: Units sold 500 units Sale price $120 per unit Direct materials $25 per unit Direct labor $12 per unit Variable manufacturing overhead $13 per unit Fixed manufacturing overhead $16.50 per unit Variable selling and administrative costs $6 per unit Fixed selling and administrative costs $12,500 per year The operating profit calculated using variable costing and absorption costing amounted to $9,270 and.

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  • 31) Groovelex Inc. reports the following information for the year
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1) Activity-based management uses activity-based costs to make decisions that increase profits while meeting customer needs. 2) Activity-based management (ABM) can be used to make pricing and product mix decisions. 3) A product mix decision focuses on generating maximum profit but does not consider limited production capabilities. 4) Target cost is calculated by.

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  • 1) Activity-based management uses activity-based costs to make decisions that
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40) Oxygen Inc. reports the following information: Units produced 2,500 units Units sold 2,000 units Sale price $200 per unit Direct materials $40 per unit Direct labor $25 per unit Variable manufacturing overhead $20 per unit Fixed manufacturing overhead $90,000 per year Variable selling and administrative costs $15 per unit Fixed selling and administrative costs $75,000 per year Assume that the production and prices were the same in the previous year. Assume no beginning inventories. Requirements: a) Calculate unit cost.

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  • 40) Oxygen Inc. reports the following information: Units produced 2,500 units
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31) Jupiter Inc. reports the following information for August: Sale revenue $800,000 Variable costs 200,000 Fixed costs 75,000 Calculate the operating income for August using variable costing. A) $625,000 B) $450,000 C) $525,000 D) $420,000 32) Nimtrans Inc. reports the following information for August: Sale revenue $800,000 Variable cost of goods sold 200,000 Fixed cost of goods sold 100,000 Variable selling and administrative costs 150,000 Fixed selling and administrative costs 75,000 Calculate the.

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  • 31) Jupiter Inc. reports the following information for August: Sale revenue $800,000
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