Thursday 28 February 2013
Which of the following is a product cost? A. Glass in an automobile. B. Advertising. C. The salary of the vice president-finance. D. Rent on a factory. E. Both "A" and "D."
A. Glass in an automobile.
B. Advertising.
C. The salary of the vice president-finance.
D. Rent on a factory.
E. Both "A" and "D."
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Sunday 24 February 2013
Which of the following statements is true? All organizations incur the same types of costs. Different cost concepts and classifications are used for different purposes. The word "cost" has the same meaning in all situations in which it is used. Costs incurred in one year are always meaningful in the following year. Cost data, once classified and recorded for a specific application, are appropriate for use in any application.
All organizations incur the same types of costs.
Different cost concepts and classifications are used for different purposes.
The word "cost" has the same meaning in all situations in which it is used.
Costs incurred in one year are always meaningful in the following year.
Cost data, once classified and recorded for a specific application, are appropriate for use in any application.
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The variable costs per unit are $22 when a company produces 28,000 units of product. What are the variable costs per unit when 30,000 units are produced? $21.50. $22.00. $20.50. None of these. $21.00.
$21.50.
$22.00.
$20.50.
None of these.
$21.00.
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The accounting records of Bronco Company revealed the following information: Raw materials used $ 75,000 Direct labor 140,000 Manufacturing overhead 375,000 Work-in-process inventory, 1/1 65,000 Finished-goods inventory, 1/1 204,000 Work-in-process inventory, 12/31 91,000 Finished-goods inventory, 12/31 155,000 Bronco's cost of goods manufactured is: $613,000. $564,000. $616,000. $567,000. None of these.
Raw materials used $ 75,000
Direct labor 140,000
Manufacturing overhead 375,000
Work-in-process inventory, 1/1 65,000
Finished-goods inventory, 1/1 204,000
Work-in-process inventory, 12/31 91,000
Finished-goods inventory, 12/31 155,000
Bronco's cost of goods manufactured is:
$613,000.
$564,000.
$616,000.
$567,000.
None of these.
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The accounting records of Bronco Company revealed the following information: Raw materials used $ 75,000 Direct labor 140,000 Manufacturing overhead 375,000 Work-in-process inventory, 1/1 65,000 Finished-goods inventory, 1/1 204,000 Work-in-process inventory, 12/31 91,000 Finished-goods inventory, 12/31 155,000 Bronco's cost of goods manufactured is: $613,000. $564,000. $616,000. $567,000. None of these.
Raw materials used $ 75,000
Direct labor 140,000
Manufacturing overhead 375,000
Work-in-process inventory, 1/1 65,000
Finished-goods inventory, 1/1 204,000
Work-in-process inventory, 12/31 91,000
Finished-goods inventory, 12/31 155,000
Bronco's cost of goods manufactured is:
$613,000.
$564,000.
$616,000.
$567,000.
None of these.
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The accounting records of Diego Company revealed the following costs, among others: Factory insurance $ 34,000 Raw material used 258,000 Customer entertainment 17,000 Indirect labor 47,000 Depreciation on salespersons' cars 24,000 Production equipment rental costs 74,000 Calculate the total manufacturing overhead for the company. $179,000. $155,000. $196,000. None of these. $454,000.
Factory insurance $ 34,000
Raw material used 258,000
Customer entertainment 17,000
Indirect labor 47,000
Depreciation on salespersons' cars 24,000
Production equipment rental costs 74,000
Calculate the total manufacturing overhead for the company.
$179,000.
$155,000.
$196,000.
None of these.
$454,000.
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Lake Appliance produces washers and dryers in an assembly-line process. Payroll costs incurred during a recent period were: corporate executives, $530,000; assembly-line workers, $210,000; security guards, $48,000; and plant supervisor, $140,000. The total of Lake's direct labor cost was: $732,000. $188,000. $140,000. $202,000. $210,000.
$732,000.
$188,000.
$140,000.
$202,000.
$210,000.
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Supply costs at Lattea Corporation's chain of gyms are listed below: Client-Visits Supply Cost March 11,672 $28,586 April 11,468 $28,420 May 12,000 $28,844 June 14,500 $28,942 July 11,732 $28,647 August 11,218 $28,246 September 12,012 $28,845 October 11,703 $28,603 November 11,851 $28,728 Management believes that supply cost is a mixed cost that depends on client-visits. Using the high-low method to estimate the variable and fixed components of this cost, those estimates would be closest to: (Round your Variable cost per unit to 2 decimal places.) $0.25 per client-visit; $25,392 per month $0.21 per client-visit; $25,897 per month $1.90 per client-visit; $28,648 per month $.79 per client-visit; $18,839 per month
Client-Visits Supply Cost
March 11,672 $28,586
April 11,468 $28,420
May 12,000 $28,844
June 14,500 $28,942
July 11,732 $28,647
August 11,218 $28,246
September 12,012 $28,845
October 11,703 $28,603
November 11,851 $28,728
Management believes that supply cost is a mixed cost that depends on client-visits. Using the high-low method to estimate the variable and fixed components of this cost, those estimates would be closest to: (Round your Variable cost per unit to 2 decimal places.)
$0.25 per client-visit; $25,392 per month
$0.21 per client-visit; $25,897 per month
$1.90 per client-visit; $28,648 per month
$.79 per client-visit; $18,839 per month
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The following costs were incurred in September: Direct materials $41,000 Direct labor $32,900 Manufacturing overhead $22,100 Selling expenses $17,500 Administrative expenses $32,600 Prime costs during the month totaled: $146,100 $96,000 $73,900 $55,000
Direct materials $41,000
Direct labor $32,900
Manufacturing overhead $22,100
Selling expenses $17,500
Administrative expenses $32,600
Prime costs during the month totaled:
$146,100
$96,000
$73,900
$55,000
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The following costs were incurred in September: Direct materials $41,000 Direct labor $32,900 Manufacturing overhead $22,100 Selling expenses $17,500 Administrative expenses $32,600 Prime costs during the month totaled: $146,100 $96,000 $73,900 $55,000
Direct materials $41,000
Direct labor $32,900
Manufacturing overhead $22,100
Selling expenses $17,500
Administrative expenses $32,600
Prime costs during the month totaled:
$146,100
$96,000
$73,900
$55,000
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The following costs were incurred in September: Direct materials $45,200 Direct labor $31,000 Manufacturing overhead $23,400 Selling expenses $19,100 Administrative expenses $33,700 Conversion costs during the month totaled: $152,400 $68,600 $54,400 $76,200
Direct materials $45,200
Direct labor $31,000
Manufacturing overhead $23,400
Selling expenses $19,100
Administrative expenses $33,700
Conversion costs during the month totaled:
$152,400
$68,600
$54,400
$76,200
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Variable cost: increases on a per unit basis as the number of units produced increases. decreases on a per unit basis as the number of units produced increases. remains constant on a per unit basis as the number of units produced increases. remains the same in total as production increases.
increases on a per unit basis as the number of units produced increases.
decreases on a per unit basis as the number of units produced increases.
remains constant on a per unit basis as the number of units produced increases.
remains the same in total as production increases.
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Conversion costs do NOT include: direct materials. indirect materials. depreciation. indirect labor.
direct materials.
indirect materials.
depreciation.
indirect labor.
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Conversion cost consists of which of the following? Direct labor and manufacturing overhead cost. Manufacturing overhead cost. Direct materials and direct labor cost. Direct labor cost.
Direct labor and manufacturing overhead cost.
Manufacturing overhead cost.
Direct materials and direct labor cost.
Direct labor cost.
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Which of the following should NOT be included as part of manufacturing overhead at a company that makes office furniture? Idle time for direct labor. Taxes on a factory building. Manufacturing equipment depreciation. Sheet steel in a file cabinet made by the company.
Idle time for direct labor.
Taxes on a factory building.
Manufacturing equipment depreciation.
Sheet steel in a file cabinet made by the company.
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costing $470,000 or a new model 240 machine costing $428,000 to replace a machine that was purchased 6 years ago for $455,000. The old machine was used to make product M25A until it broke down last week. Unfortunately, the old machine cannot be repaired. Management has decided to buy the new model 240 machine. It has less capacity than the new model 370 machine, but its capacity is sufficient to continue making product M25A. Management also considered, but rejected, the alternative of simply dropping product M25A. If that were done, instead of investing $428,000 in the new machine, the money could be invested in a project that would return a total of $461,000. In making the decision to buy the model 240 machine rather than the model 370 machine, the differential cost was: $15,000 $6,000 $42,000 $27,000
Management has decided to buy the new model 240 machine. It has less capacity than the new model 370 machine, but its capacity is sufficient to continue making product M25A.
Management also considered, but rejected, the alternative of simply dropping product M25A. If that were done, instead of investing $428,000 in the new machine, the money could be invested in a project that would return a total of $461,000.
In making the decision to buy the model 240 machine rather than the model 370 machine, the differential cost was:
$15,000
$6,000
$42,000
$27,000
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Management of Modugno Corporation is considering whether to purchase a new model 370 machine costing $459,000 or a new model 240 machine costing $405,000 to replace a machine that was purchased 9 years ago for $414,000. The old machine was used to make product M25A until it broke down last week. Unfortunately, the old machine cannot be repaired. Management has decided to buy the new model 240 machine. It has less capacity than the new model 370 machine, but its capacity is sufficient to continue making product M25A. Management also considered, but rejected, the alternative of simply dropping product M25A. If that were done, instead of investing $405,000 in the new machine, the money could be invested in a project that would return a total of $445,000. In making the decision to invest in the model 240 machine, the opportunity cost was: $414,000 $405,000 $445,000 $459,000
Management has decided to buy the new model 240 machine. It has less capacity than the new model 370 machine, but its capacity is sufficient to continue making product M25A.
Management also considered, but rejected, the alternative of simply dropping product M25A. If that were done, instead of investing $405,000 in the new machine, the money could be invested in a project that would return a total of $445,000.
In making the decision to invest in the model 240 machine, the opportunity cost was:
$414,000
$405,000
$445,000
$459,000
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Salvadore Inc., a local retailer, has provided the following data for the month of September: Merchandise inventory, beginning balance $ 47,700 Merchandise inventory, ending balance $ 44,200 Sales $264,500 Purchases of merchandise inventory $136,900 Selling expense $ 24,100 Administrative expense $ 58,700 The net operating income for September was: $41,300 $44,000 $128,600 $127,600
Merchandise inventory, beginning balance $ 47,700
Merchandise inventory, ending balance $ 44,200
Sales $264,500
Purchases of merchandise inventory $136,900
Selling expense $ 24,100
Administrative expense $ 58,700
The net operating income for September was:
$41,300
$44,000
$128,600
$127,600
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Nikkel Corporation, a merchandising company, reported the following results for July: Sales $418,000 Cost of goods sold (all variable) $175,500 Total variable selling expense $ 23,700 Total fixed selling expense $ 21,800 Total variable administrative expense $ 16,200 Total fixed administrative expense $ 34,300 The contribution margin for July is: $146,500 $361,900 $202,600 $242,500
Sales $418,000
Cost of goods sold (all variable) $175,500
Total variable selling expense $ 23,700
Total fixed selling expense $ 21,800
Total variable administrative expense $ 16,200
Total fixed administrative expense $ 34,300
The contribution margin for July is:
$146,500
$361,900
$202,600
$242,500
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Nikkel Corporation, a merchandising company, reported the following results for July: Sales $444,000 Cost of goods sold (all variable) $177,500 Total variable selling expense $ 22,400 Total fixed selling expense $ 24,100 Total variable administrative expense $ 10,500 Total fixed administrative expense $ 32,900 The gross margin for July is: $266,500 $176,600 $387,000 $233,600
Sales $444,000
Cost of goods sold (all variable) $177,500
Total variable selling expense $ 22,400
Total fixed selling expense $ 24,100
Total variable administrative expense $ 10,500
Total fixed administrative expense $ 32,900
The gross margin for July is:
$266,500
$176,600
$387,000
$233,600
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John owns a hot dog stand. He has found that his profit can be represented by the equation P(x)=-x^2+76x+84 where as P represents profits and x represents the number of hot dogs sold. How many hot dogs must he sell to earn the most profit? Bob owns a watch repair shop. He has found that the cost of operating his shop is given by C(x)=4x^2-200x+83 where c is the cost and x is the number of watches repaired. How many watches must he repair to have the lowest cost. A projectile is thrown upward so that its distance above the ground after T seconds is H(T)=-11T^2+308Tafter how many seconds does it reach it maximum height?
John owns a hot dog stand. He has found that his profit can be represented by the equation P(x)=-x^2+76x+84 where as P represents profits and x represents the number of hot dogs sold. How many hot dogs must he sell to earn the most profit?
Bob owns a watch repair shop. He has found that the cost of operating his shop is given by C(x)=4x^2-200x+83 where c is the cost and x is the number of watches repaired. How many watches must he repair to have the lowest cost.
A projectile is thrown upward so that its distance above the ground after T seconds is H(T)=-11T^2+308Tafter how many seconds does it reach it maximum height?
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Tuesday 12 February 2013
Exercise 8-9 Impact of transactions involving operating assets on statement of cash flows. (“O” Operating activities), (“I” Investing activities), (“F” financing activities), (“N” not separately reported). Purchase of land: Proceeds from sale of land: Gain on sale of land: Purchase of equipment: Depreciation expense: Proceeds from sale of equipment: Loss on sale of equipment: Exercise 8-10 Impact of transactions involving intangible assets on statement of cash flows. (“O” Operating activities), (“I” Investing activities), (“F” financing activities), (“N” not separately reported). Cost incurred to acquire copyright Proceeds from sale of patent Gain on sale of patent Research and development costs Amortization of patent
Exercise 8-9 Impact of transactions involving operating assets on statement of cash flows.
(“O” Operating activities), (“I” Investing activities), (“F” financing activities), (“N” not separately reported).
Purchase of land:
Proceeds from sale of land:
Gain on sale of land:
Purchase of equipment:
Depreciation expense:
Proceeds from sale of equipment:
Loss on sale of equipment:
Exercise 8-10 Impact of transactions involving intangible assets on statement of cash flows.
(“O” Operating activities), (“I” Investing activities), (“F” financing activities), (“N” not separately reported).
Cost incurred to acquire copyright
Proceeds from sale of patent
Gain on sale of patent
Research and development costs
Amortization of patent
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