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1. Which of the following is true regarding the contribution margin ratio of a single product company? (Points : 2)
2. If a company is operating at the break-even point: (Points : 2)
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3. Target profit analysis is used to answer which of the following questions? (Points : 2) |
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4. The margin of safety can be calculated by: (Points : 2) |
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5. Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January. If the company sells 4,600 units, its total contribution margin should be closest to: (Points : 2) |
6. Decaprio Inc. produces and sells a single product. The company has provided its contribution format income statement for June. If the company sells 9,200 units, its net operating income should be closest to: (Points : 2)
7. The margin of safety in the Flaherty Company is $24,000. If the company’s sales are $120,000 and its variable expenses are $80,000, its fixed expenses must be: (Points : 2)
8. Jilk Inc.’s contribution margin ratio is 58% and its fixed monthly expenses are $36,000. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company’s net operating income in a month when sales are $103,000? (Points : 2)
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9. Borich Corporation produces and sells a single product. Data concerning that product appear below: The break-even in monthly unit sales is closest to: (Points : 2) |
10. Data concerning Follick Corporation’s single product appear below: The break-even in monthly dollar sales is closest to: (Points : 2)
11. Hettrick International Corporation’s only product sells for $120.00 per unit and its variable expense is $52.80. The company’s monthly fixed expense is $396,480 per month. The unit sales to attain the company’s monthly target profit of $13,000 is closest to: (Points : 2)
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12. The costing method that treats all fixed costs as period costs is: (Points : 2) |
13. Under the variable costing method, which of the following is always expensed in its entirety in the period in which it is incurred? (Points : 2)
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14. Net operating income under variable and absorption costing will generally: (Points : 2) |
15. Fleet Corporation produces a single product. The company manufactured 700 units last year. The ending inventory consisted of 100 units. There was no beginning inventory. Variable manufacturing costs were $6.00 per unit and fixed manufacturing costs were $2.00 per unit. What would be the change in the dollar amount of ending inventory if variable costing was used instead of absorption costing? (Points : 2)
16. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
What is the total period cost for the month under the absorption costing approach? (Points : 2)
17. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
What is the unit product cost for the month under variable costing? (Points : 2)
18. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
What is the net operating income for the month under variable costing? (Points : 2)
19. The following data pertain to last year’s operations at Clarkson, Incorporated, a company that produces a single product:
What was the absorption costing net operating income last year? (Points : 2)
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20. Beamish Inc., which produces a single product, has provided the following data for its most recent month of operations: There were no beginning or ending inventories. The unit product cost under absorption costing was: (Points : 2) |
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1. Which of the following is true regarding the contribution margin ratio of a single product company? (Points : 2) |
|
2. If a company is operating at the break-even point: (Points : 2) |
3
. Target profit analysis is used to answer which of the following questions? (Points : 2)
4
. The margin of safety can be calculated by: (Points : 2)
5. Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January.
If the company sells 4,6
0
0 units, its total contribution margin should be closest to: (Points : 2)
6. Decaprio Inc. produces and sells a single product. The company has provided its contribution format income statement for June.
If the company sells
9
,
20
0 units, its net operating income should be closest to: (Points : 2)
7. The margin of safety in the Flaherty Company is $24,000. If the company’s sales are $
12
0,000 and its variable expenses are $80,000, its fixed expenses must be: (Points : 2)
8. Jilk Inc.’s contribution margin ratio is 58% and its fixed monthly expenses are $
36
,000. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company’s net operating income in a month when sales are $103,000? (Points : 2)
|
9. Borich Corporation produces and sells a single product. Data concerning that product appear below: The break-even in monthly unit sales is closest to: (Points : 2) |
|
10. Data concerning Follick Corporation’s single product appear below: The break-even in monthly dollar sales is closest to: (Points : 2) |
11. Hettrick International Corporation’s only product sells for $120.00 per unit and its variable expense is $52.80. The company’s monthly fixed expense is $396,
48
0 per month. The unit sales to attain the company’s monthly target profit of $13,000 is closest to: (Points : 2)
|
12. The costing method that treats all fixed costs as period costs is: (Points : 2) |
|
13. Under the variable costing method, which of the following is always expensed in its entirety in the period in which it is incurred? (Points : 2) |
14
. Net operating income under variable and absorption costing will generally: (Points : 2)
|
15. Fleet Corporation produces a single product. The company manufactured 700 units last year. The ending inventory consisted of 100 units. There was no beginning inventory. Variable manufacturing costs were $6.00 per unit and fixed manufacturing costs were $2.00 per unit. What would be the change in the dollar amount of ending inventory if variable costing was used instead of absorption costing? (Points : 2) |
|
16. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: What is the total period cost for the month under the absorption costing approach? (Points : 2) |
17
. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
What is the unit product cost for the month under variable costing? (Points : 2)
|
18. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: What is the net operating income for the month under variable costing? (Points : 2) |
|
19. The following data pertain to last year’s operations at Clarkson, Incorporated, a company that produces a single product: What was the absorption costing net operating income last year? (Points : 2) |
|
20. Beamish Inc., which produces a single product, has provided the following data for its most recent month of operations: There were no beginning or ending inventories. The unit product cost under absorption costing was: (Points : 2) |
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