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Question
Depletion is:A.The process of allocating the cost of natural resources to the period when it is consumed.
B.Calculated using the double-declining balance method.
C.Also called amortization.
D.An increase in the value of a natural resource when incurred.
E.The process of allocating the cost of intangibles to periods when they are used.
Answer
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When expenses exceed revenues, the resulting change in equity is:
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Q:
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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
Q:
Given the following data, calculate product cost per unit under variable costing.
Direct labor $8 per unit
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:
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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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Q:
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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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E. $1,450,000
Q:
What is the Red and White's contribution margin for this month if 980 units were sold?
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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?
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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?
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B. $17,400,000
C. $16,360,000
D. $16,800,000
E. $16,220,000