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Question
The conceptual framework that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are attempting to converge and enhance includes the following broad areas to guide standard setting except:A. Objectives
B. Qualitative characteristics
C. Uniformity
D. Elements
E. Recognition and measurement
Answer
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Q:
When expenses exceed revenues, the resulting change in equity is:
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B.Negative equity.
C.Net loss.
D.Net income.
E.A liability.
Q:
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:
Per Unit
Sales price $15
Direct material $3.20
Direct labor $7.10
Variable overhead $0.05
Fixed overhead $0.60
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What is the general procedure for converting variable costing net income to absorption costing net income?
Q:
What is the formula to compute manufacturing margin?
Q:
Direct labor X X
Q:
Variable manufacturing overhead
Q:
Direct materials
Q:
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
Total variable overhead $30,000
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
Production costs per unit total $14, which consists of $12.90 in variable production costs and $1.10 in fixed production costs (based on the 20,000 units produced). 60% of total selling and administrative expenses are variable. Compute net income under variable costing.
A. $307,800
B. $198,000
C. $195,800
D. $288,000
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
What is the company's contribution margin for this month if 50,000 units were sold?
A. $1,326,000
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
Q:
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
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
Q:
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