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1
Jeter Corporation had net income of $216,000 based on variable costing. Beginning and ending inventories were 6,400 units and 10,800 units, respectively. Assume the fixed overhead per unit was $6 for both the beginning and ending inventory. What is net income under absorption costing?
Multiple Choice
窗体顶端
·
$242,400
·
$216,000
·
$319,200
·
$268,800
·
$280,800
窗体底端
2
Alexis Co. reported the following information for May:
Part A
Units sold
5,600
units
Selling price per unit
$
860
Variable manufacturing cost per unit
550
Sales commission per unit - Part A
86
What is the manufacturing margin for Part A?
Multiple Choice
窗体顶端
·
$3,080,000
·
$1,254,400
·
$4,334,400
·
$1,736,000
窗体底端
3
Sea Company reports the following information regarding its production cost.
Units produced
56,000
units
Direct labor
$
49
per unit
Direct materials
$
42
per unit
Variable overhead
$
31
per unit
Fixed overhead
$
119,000
in total
Compute the product cost per unit under variable costing.
Multiple Choice
窗体顶端
·
$124.13
·
$122.00
·
$49.00
·
$91.00
·
$42.00
窗体底端
4
Brush Industries reports the following information for May:
Sales
$
1,000,000
Fixed cost of goods sold
120,000
Variable cost of goods sold
270,000
Fixed selling and administrative costs
120,000
Variable selling and administrative costs
145,000
Calculate the operating income for May under absorption costing.
Multiple Choice
窗体顶端
·
$585,000
·
$610,000
·
$730,000
·
$345,000
窗体底端
5
Shore Company reports the following information regarding its production cost.
Units produced
31,000
units
Direct labor
$
26
per unit
Direct materials
$
27
per unit
Variable overhead
$
283,000
in total
Fixed overhead
$
97,920
in total
Compute product cost per unit under absorption costing.
Multiple Choice
窗体顶端
·
$65.29
·
$27.00
·
$62.00
·
$53.00
·
$26.00
窗体底端
6
Accurate Metal Company sold 35,500 units of its product at a price of $320 per unit. Total variable cost per unit is $175, consisting of $166 in variable production cost and $9 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.
Multiple Choice
窗体顶端
·
$6,212,500
·
$6,532,000
·
$5,147,500
·
$11,360,000
·
$5,467,000
窗体底端
7
Decko Industries reported the following monthly data:
Units produced
64,000
units
Sales price
$
45
per unit
Direct materials
$
2.70
per unit
Direct labor
$
3.70
per unit
Variable overhead
$
4.70
per unit
Fixed overhead
$
235,200
in total
What is the company's contribution margin for this month if 62,000 units were sold?
Multiple Choice
窗体顶端
·
$2,169,600
·
$2,101,800
·
$2,880,000
·
$2,393,200
·
$2,790,000
窗体底端
8
Alexis Co. reported the following information for May:
Part A
Units sold
5,800
units
Selling price per unit
$
950
Variable manufacturing cost per unit
600
Sales commission per unit - Part A
95
What is the contribution margin for Part A?
Multiple Choice
窗体顶端
·
$2,030,000
·
$1,479,000
·
$3,480,000
·
$4,959,000
窗体底端
9
Given the following data, calculate product cost per unit under absorption costing.
Direct labor
$
13
per unit
Direct materials
$
7
per unit
Overhead
Total variable overhead
$
26,000
Total fixed overhead
$
96,000
Expected units to be produced
46,000
units
Multiple Choice
窗体顶端
·
$24.00 per unit
·
$20.57 per unit
·
$22.09 per unit
·
$22.65 per unit
·
$20.00 per unit
窗体底端
10
Brush Industries reports the following information for May:
Sales
$
960,000
Fixed cost of goods sold
112,000
Variable cost of goods sold
262,000
Fixed selling and administrative costs
112,000
Variable selling and administrative costs
137,000
Calculate the gross margin for May under absorption costing.
Multiple Choice
窗体顶端
·
$586,000
·
$361,000
·
$585,000
·
$698,000
窗体底端
11
Geneva Co. reports the following information for July:
Sales
$
783,000
Variable costs
236,000
Fixed costs
111,000
Calculate the contribution margin for July.
Multiple Choice
窗体顶端
·
$436,000
·
$672,000
·
$783,000
·
$547,000
窗体底端
12
Kluber, Inc. had net income of $916,000 based on variable costing. Beginning and ending inventories were 56,600 units and 55,200 units, respectively. Assume the fixed overhead per unit was $2.05 for both the beginning and ending inventory. What is net income under absorption costing?
Multiple Choice
窗体顶端
·
$801,405
·
$910,260
·
$1,030,595
·
$913,130
·
$916,000
窗体底端
13
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $4 per unit, Variable overhead, $5 per unit, and Fixed overhead, $234,000. The company produced 26,000 units, and sold 18,000 units, leaving 8,000 units in inventory at year-end. What is the value of ending inventory under variable costing?
Multiple Choice
窗体顶端
·
$120,000
·
$234,000
·
$72,000
·
$192,000
窗体底端
14
Hayes Inc. provided the following information for the current year:
Beginning inventory
120
units
Units produced
770
units
Units sold
813
units
Selling price
$
170
/unit
Direct materials
$
37
/unit
Direct labor
$
18
/unit
Variable manufacturing overhead
$
17
/unit
Fixed manufacturing overhead
$
26,180
/yr
Variable selling/administrative costs
$
10
/unit
Fixed selling/administrative costs
$
17,500
/yr
What is the unit product cost for the year using absorption costing?
Multiple Choice
窗体顶端
·
$106
·
$104
·
$82
·
$72
窗体底端
15
Urban Company reports the following information regarding its production cost:
Units produced
33,000
units
Direct labor
$
26
per unit
Direct materials
$
31
per unit
Variable overhead
$
233,000
in total
Fixed overhead
$
123,000
in total
Compute production cost per unit under variable costing.
Multiple Choice
窗体顶端
·
$57.00
·
$60.73
·
$64.06
·
$26.00
·
$31.00
窗体底端
16
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $189,000. The company produced 21,000 units, and sold 15,500 units, leaving 5,500 units in inventory at year-end. What is the value of ending inventory under absorption costing?
Multiple Choice
窗体顶端
·
$49,500
·
$115,500
·
$189,000
·
$66,000
窗体底端
17
Hayes Inc. provided the following information for the current year:
Beginning inventory
250
units
Units produced
900
units
Units sold
957
units
Selling price
$
300
/unit
Direct materials
$
50
/unit
Direct labor
$
31
/unit
Variable manufacturing overhead
$
30
/unit
Fixed manufacturing overhead
$
42,300
/yr
Variable selling/administrative costs
$
23
/unit
Fixed selling/administrative costs
$
30,500
/yr
What is the unit product cost for the year using variable costing?
Multiple Choice
窗体顶端
·
$111
·
$134
·
$158
·
$202
窗体底端
18
Chance, Inc. sold 5,000 units of its product at a price of $172 per unit. Total variable cost per unit is $131, consisting of $92 in variable production cost and $39 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.
Multiple Choice
窗体顶端
·
$400,000
·
($450,000)
·
$460,000
·
$860,000
·
$655,000
窗体底端
19
Front Company had net income of $92,500 based on variable costing. Beginning and ending inventories were 2,800 units and 5,200 units, respectively. Assume the fixed overhead per unit was $8.90 for both the beginning and ending inventory. What is net income under absorption costing?
Multiple Choice
窗体顶端
·
$71,140
·
$21,300
·
$93,900
·
$163,700
·
$113,860
窗体底端
20
Sea Company reports the following information regarding its production costs:
Units produced
58,000
units
Direct labor
$
51
per unit
Direct materials
$
44
per unit
Variable overhead
$
33
per unit
Fixed overhead
$
145,000
in total
Compute the product cost per unit under absorption costing.
Multiple Choice
窗体顶端
·
$51.00
·
$44.00
·
$130.50
·
$128.00
·
$95.00
窗体底端
21
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $5 per unit, Direct labor, $3 per unit, Variable overhead, $4 per unit, and Fixed overhead, $363,000. The company produced 33,000 units, and sold 27,000 units, leaving 6,000 units in inventory at year-end. Income calculated under variable costing is determined to be $385,000. How much income is reported under absorption costing?
Multiple Choice
窗体顶端
·
$319,000
·
$385,000
·
$451,000
·
$748,000
窗体底端
22
Reliance Corporation sold 5,100 units of its product at a price of $26 per unit. Total variable cost per unit is $14.00, consisting of $13.30 in variable production cost and $0.70 in variable selling and administrative cost. Compute the contribution margin for the company.
Multiple Choice
窗体顶端
·
$67,830
·
$74,970
·
$61,200
·
$71,400
·
$132,600
窗体底端
23
Required information
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
42,000
units
Units sold this year
25,200
units
Direct materials
$
26
per unit
Direct labor
$
28
per unit
Variable overhead
$
126,000
in total
Fixed overhead
$
210,000
in total
Given Advanced Company's data, compute cost per unit of finished goods under variable costing.
Multiple Choice
窗体顶端
·
$54.00
·
$59.00
·
$57.00
·
$62.00
·
$55.88
窗体底端
24
Required information
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
42,000
units
Units sold this year
25,200
units
Direct materials
$
26
per unit
Direct labor
$
28
per unit
Variable overhead
$
126,000
in total
Fixed overhead
$
210,000
in total
Given Advanced Company's data, compute cost per unit of finished goods under absorption costing.
Multiple Choice
窗体顶端
·
$62.00
·
$67.33
·
$59.00
·
$54.00
·
$57.00
窗体底端
25
Required information
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
42,000
units
Units sold this year
25,200
units
Direct materials
$
26
per unit
Direct labor
$
28
per unit
Variable overhead
$
126,000
in total
Fixed overhead
$
210,000
in total
Given Advanced Company's data, compute cost of finished goods in inventory under absorption costing.
Multiple Choice
窗体顶端
·
$1,562,400
·
$1,041,600
·
$957,600
·
$1,436,400
·
$2,604,000
窗体底端
26
Required information
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
42,000
units
Units sold this year
25,200
units
Direct materials
$
26
per unit
Direct labor
$
28
per unit
Variable overhead
$
126,000
in total
Fixed overhead
$
210,000
in total
Given Advanced Company's data, compute cost of finished goods in inventory under variable costing.
Multiple Choice
窗体顶端
·
$1,562,400
·
$2,604,000
·
$1,041,600
·
$1,436,400
·
$957,600
窗体底端
27
Required information
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
42,000
units
Units sold this year
25,200
units
Direct materials
$
26
per unit
Direct labor
$
28
per unit
Variable overhead
$
126,000
in total
Fixed overhead
$
210,000
in total
Given Advanced Company's data, and the knowledge that the product is sold for $82 per unit and operating expenses are $370,000, compute the net income under absorption costing.
Multiple Choice
窗体顶端
·
$134,000
·
$50,000
·
$260,000
·
$335,160
·
$84,000
窗体底端
28
Required information
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
42,000
units
Units sold this year
25,200
units
Direct materials
$
26
per unit
Direct labor
$
28
per unit
Variable overhead
$
126,000
in total
Fixed overhead
$
210,000
in total
Given Advanced Company's data, and the knowledge that the product is sold for $82 per unit and operating expenses are $370,000, compute the net income under variable costing.
Multiple Choice
窗体顶端
·
$50,000
·
$378,400
·
$134,000
·
$335,160
·
$84,000
窗体底端
29
Required information
[The following information applies to the questions displayed below.] Red and White Company reported the following monthly data:
Units produced
3,900
units
Sales price
$
44
per unit
Direct materials
$
8
per unit
Direct labor
$
9
per unit
Variable overhead
$
10
per unit
Fixed overhead
$
8,970
in total
What is Red and White's contribution margin for this month if 1,170 units were sold?
Multiple Choice
窗体顶端
·
$171,600
·
$51,480
·
$19,890
·
$39,780
·
$66,300
窗体底端
30
Required information
[The following information applies to the questions displayed below.] Red and White Company reported the following monthly data:
Units produced
3,900
units
Sales price
$
44
per unit
Direct materials
$
8
per unit
Direct labor
$
9
per unit
Variable overhead
$
10
per unit
Fixed overhead
$
8,970
in total
What is Red and White's net income under absorption costing if 1,170 units are sold and selling and administrative expenses are $14,200?
rev: 06_14_2018_QC_CS-128902
Multiple Choice
窗体顶端
·
$10,920
·
$2,999
·
$5,690
·
($1,330)
·
($3,280)
窗体底端
31
Required information
[The following information applies to the questions displayed below.] Red and White Company reported the following monthly data:
Units produced
3,900
units
Sales price
$
44
per unit
Direct materials
$
8
per unit
Direct labor
$
9
per unit
Variable overhead
$
10
per unit
Fixed overhead
$
8,970
in total
What is Red and White's net income under variable costing if 1,170 units are sold and operating expenses are $14,200?
Multiple Choice
窗体顶端
·
$5,690
·
($3,280)
·
($1,330)
·
$2,999
·
$10,920
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