Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Price Manufacturing assigns overhead based on machine hours. Milling Department logs 1,800 machine hours and Cutting Department shows 3,000 machine hours for the period. If overhead rate is $5 per machine hour, entry to assign overhead would show a:

A) debit to Work in Process for $15,000.
B) credit to Manufacturing Overhead for $24,000.
C) credit to Work in Process—Cutting Department for $15,000.
D) debit to Manufacturing Overhead for $24,000

2. Barnes and Miller Manufacturing is trying to determine the equivalent units for conversion costs with 10,000 units of ending work in process at 80% completion and 28,000 physical units. There are no beginning units in the department. Conversion costs occur evenly throughout the entire production period. What are the equivalent units for conversion costs for the current period?

A) 8,000.
B) 38,000.
C) 26,000.
D) 36,000.

3. Conversion cost per unit equals $7.00. Total materials costs are $60,000. Equivalent units are 20,000. How much is the total manufacturing cost per unit?

A) $7.00.
B) $4.00.
C) $3.00.
D) $10.00.

4. If 120,000 units are started into production and 40,000 units are in process at the end of the period, how many units were completed and transferred out?

A) 40,000.
B) 160,000.
C) 120,000.
D) 80,000.

5. Equivalent units are find outd by

A) dividing equivalent units by the percentage of work done.
B) multiplying the percentage of work done by the equivalent units of output.
C) dividing physical units by the percentage of work done.
D) multiplying the percentage of work done by the physical units.

6. In CVP analysis, the term "cost"

A) includes manufacturing costs plus selling and administrative expenses.
B) excludes all fixed manufacturing costs.
C) means cost of goods sold.
D) includes only manufacturing costs.

7. Fessler, Inc. has a product with a selling price per unit of $200, the unit variable cost is $90, and total monthly fixed costs are $300,000. How much is Fessler's contribution margin ratio?

A) 45%
B) 150%
C) 222%
D) 55%

8. The break-even point is where

A) total sales equal total fixed costs.
B) total sales equal total variable costs.
C) contribution margin equals total fixed costs.
D) total variable costs equal total fixed costs.

9. Norman Company sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $90,000. How many MP3 players must Norman sell to earn net income of $210,000?

A) 3,750.
B) 4,500.
C) 5,250.
D) 15,000.

10. Casey Company has fixed costs of $2,500,000 and variable costs are 40% of sales. What are the required sales if Casey Company desires net income of $250,000?

A) $4,166,667
B) $6,875,000
C) $6,250,000
D) $4,583,333

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92752

Have any Question? 


Related Questions in Accounting Basics

Define pat positive accounting theorytheoretical definition

Define PAT (positive accounting theory). Theoretical Definition of PAT and, implication and describe the limitation with the contribution and its significance. Write about the agency theory (An individual action is drive ...

Please be sure to show all of your work and calculations1

Please be sure to show all of your work and calculations. 1. From the below information, calculate the final balance to be carried forward in your check stubs as of the end of October. Oct. 1 beginning balance $1,200.50 ...

Task1 create journal entries for the following

Task: 1. Create journal entries for the following transactions. 2. Draw up a T-accounts for each account affected by transactions. 3. Calculate ending balances for all T-accounts. Transactions: March, 1: Student Corp. re ...

Question 1 this problem continues the haupt consulting

Question 1: This problem continues the Haupt Consulting situation from Problem 2-64 of Chapter 2. Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows: HAUPT CO ...

Although sloan company had good earnings reports in 20x5

Although Sloan Company had good earnings reports in 20X5 and 20X6, it had a negative retained earnings balance on December 31, 20X6. Jacobs Corporation purchased 100 percent of Sloan's common stock on January 1, 20X7. Re ...

Data for the year-end adjustments for al geromes courier

Data for the year-end adjustments for Al Gerome's Courier Services are as follows: Insurance expired during the year ($950.00) Depreciation of Equipment for the year ($9,860.00) Salaries accrued at December 31 ($5100.00) ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

To make sure you are up to date on the special guidelines

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56. He also asked you to show him, side by side, how government accounting journal en ...

Ics manufacturing company produces plastic parts for the

ICS Manufacturing Company produces plastic parts for the automotive industry. Here is their Income Statement for 2015 - ICS Manufacturing Company Income Statement for 2015 Sales Revenue $35,500,000 Cost of Goods Sold 12, ...

Accounting assignmentflorida sunshine real estate

Accounting Assignment Florida Sunshine Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as "expert in the real estate market", monitors condominium sal ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro