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Question
Contessa Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:A.Total assets decrease and equity increases.
B.Both total assets and total liabilities decrease.
C.Neither assets, total liabilities, nor equity are changed.
D.Both total assets and equity are unchanged and liabilities increase.
E.Total assets increase and equity decreases.
Answer
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A company is currently operating at 70% capacity producing 8,000 units. Cost information relating to this current production is shown in the following table:
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
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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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B. $198,000
C. $195,800
D. $288,000
E. $220,000
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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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B. $1,716,000
C. $1,275,000
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?
A. $1,649,480
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