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

Accounting assignmentplease include all calculationswork

Accounting Assignment Please include all calculations/work necessary. Please show references and in-text citing where needed. Please answer all questions in full. No plagiarism. For the eActivity, research one publicly t ...

Kent cpa is a staff auditor participating in the audit

Kent, CPA is a staff auditor participating in the audit engagement of Fort, Inc. Based upon each of the circumstances below, indicate whether or not Kent's actions impair his independence. Explain your response for each ...

Questiona not-for-profit organization receives a restricted

Question: A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the ...

1 the concept of cost-benefit permeates smart decision

1. The concept of "Cost-Benefit" permeates smart decision making and accounting principles. How does this concept relate to incremental analysis. Provide an example to illustrate your point. Cost Benefit Respond 2. A cos ...

Accountingbullimagine you are a consultant hired to convert

Accounting • Imagine you are a consultant hired to convert a manual accounting system to an automated system. • Suggest the key advantages and disadvantages of automating a manual accounting system. • Identify the most i ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "S Corporation" Please respond to the following: • Per the text and IRC, losses and deductions of ...

Exercise recording receivables and identifying their effect

Exercise: Recording receivables and identifying their effect on financial statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, a ...

Question 1the following transactions occurred during july o

Question 1 The following transactions occurred during July: o Received $900 cash for services provided to a customer during July. o Received $2,200 cash investment from Barbara Hanson, the owner of the business. o Receiv ...

Accounting assignmentthree personal trainers at an upscale

Accounting Assignment Three personal trainers at an upscale health spa / resort in Sedona, Arizona, want to start a health club that specializes in health plans for people in the 50+ age range. The trainers Donna Rinaldi ...

In todays technology environment hackers present a

In today's technology environment, hackers present a substantial risk to a firm's accounting or business system. As the result of these attacks, firms suffer huge losses, ranging from financial losses to losses in confid ...

  • 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