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

Assignment managerial accountingbackgroundperformance

Assignment: Managerial Accounting Background: Performance Drinks, LLC is owned by Dave N. Port. Performance Drinks produces a variety of sports centered drinks. They began operations in 1993 shortly after Mr. Port gradua ...

Question 1ryan withdrew cash from the business to pay his

Question 1 Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. A. increase in both cash and withdrawal B. decrease in both cash and withd ...

Please give full info for resources used and cite where

Please give full info for resources used and cite where appropriate in APA style. Show all calculations to any work necessary. Answer both questions. As a Financial Accountant, determine the best type of income statement ...

Consider that a company has excess cash flow google is a

Consider that a company has excess cash flow. Google is a good one to look at. Google invests in short term securities to earn something on the cash. What is another way the cash could be used to create wealth for the in ...

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 ...

Why does it matter whether social security is considered a

Why does it matter whether Social Security is considered a pension plan or an entitlement program? How does the FASAB direct that Social Security be reported? What unique issues does the federal government face in calcul ...

Assignmentbackgroundyou are an audit senior for burns amp

Assignment Background You are an audit senior for Burns & Allen, LLP. One of the audit partners received a call from Brenda Parker, CFO of a publicly traded client, Toys For U ("Toys"). Toys is a retailer with 25 locatio ...

Expl principles of accountingdepartment Expl Principles of Accounting Department

Expl Principles of Accounting Department Responsibility • Why should responsibility for related transactions be divided among different departments or individuals? Do you agree the transactions should be divided? Why or ...

Principles of accountingthere are 10 questions each worth

Principles of Accounting There are 10 questions, each worth 10 points. Answer them fully and upload your document to the dropbox below. QUESTION 1 Harriet's Toy Shop had net sales of $852,000. The gross profit was $230,0 ...

Exercise 1for roche inc variable manufacturing overhead

Exercise 1 For Roche Inc., variable manufacturing overhead costs are expected to be $20,780 in the first quarter of 2017, with $4,150 increments in each of the remaining three quarters. Fixed overhead costs are estimated ...

  • 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