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Question
All of the following statements regarding manufacturing costs are true except:A.Direct material costs that increase in total with volume of production are called variable costs.
B.The reporting of fixed and variable costs separately is not helpful to managers in analyzing cost behavior.
C.When overhead costs vary with production, they are called variable overhead.
D.When overhead costs don"t vary with production, they are called fixed overhead.
E.Overhead can be both variable and fixed.
Answer
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Q:
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What is the formula to compute manufacturing margin?
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Direct labor X X
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Variable manufacturing overhead
Q:
Direct materials
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Match the following
Q:
Given the following data, calculate product cost per unit under variable costing.
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Direct materials $3 per unit
Overhead
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Total fixed overhead $85,000
Expected units to be produced 50,000 units
A. $7 per unit
B. $13.30 per unit
C. $11.00 per unit
D. $11.60 per unit
E. $16.50 per unit
Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
Sales (18,000 $30) $540,000
Cost of goods sold (18,000 $14) 252,000
Gross margin $288,000
Selling and administrative expenses 90,000
Net income $198,000
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A. $307,800
B. $198,000
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E. $220,000
Q:
Decko Industries reported the following monthly data:
Units produced 52,000 units
Sales price $33 per unit
Direct materials $1.50 per unit
Direct labor $2.50 per unit
Variable overhead $3.50 per unit
Fixed overhead $234,000 in total
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D. $1,650,000
E. $1,450,000
Q:
What is the Red and White's contribution margin for this month if 980 units were sold?
A. $38,000
B. $18,620
C. $24,500
D. $50,000
E. $21,560
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Given the Cool Pools Company data, what is net income using absorption costing?
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B. $1,648,600
C. $1,627,150
D. $1,709,480
E. $1,708,600
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Given the Scavenger Company data, what is net income using variable costing?
A. $201,250
B. $181,250
C. $150,000
D. $177,600
E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
A. $11,275,000
B. $17,400,000
C. $16,360,000
D. $16,800,000
E. $16,220,000