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Question
Grandmark Printing pays $2,000 rent to the landlord of the building where its facilities are located. How does this transaction affect the accounting equation for Grandmark?A.Assets would decrease $2,000 and liabilities would decrease $2,000.
B.Assets would decrease $2,000 and equity would decrease $2,000.
C.Assets would increase $2,000 and equity would increase $2,000.
D.Assets would increase $2,000 and liabilities would increase $2,000.
E.Liabilities would decrease $2,000 and equity would increase $2,000.
Answer
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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
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A. $7 per unit
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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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A. $307,800
B. $198,000
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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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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
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E. $1,708,600
Q:
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
Q:
A company reports the following information for its first year of operations:
Units produced this year ? units
Units sold this year 1,500 units
Direct materials $9 per unit
Direct labor $5 per unit
Variable overhead $7 per unit
Fixed overhead $24,000 in total
If the company's cost per unit of finished goods using absorption costing is $27, how many units were produced?
A. 4,000 units.
B. 3,600 units.
C. 1,846 units.
D. 2,667 units.
E. 2,000 units.