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Exam 1: Managerial Accounting and Cost Concepts

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Question 101

Multiple Choice

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The prime cost for November was:

A) $79,000
B) $59,000
C) $67,000
D) $87,000

E) All of the above
F) A) and B)

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Question 102

Multiple Choice

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For financial reporting purposes, the total amount of product costs incurred to make 4,000 units is closest to:

A) $56,200
B) $45,800
C) $60,200
D) $10,400

E) B) and D)
F) A) and B)

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Question 103

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A step-variable cost is a cost that is obtained in large chunks and that increases or decreases only in response to fairly wide changes in activity.

Norred Corporation has provided the following information: If 8,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

Shelp Corporation has provided the following information: For financial reporting purposes, the total amount of period costs incurred to sell 9,000 units is closest to:

If 4,000 units are sold, the total variable cost is closest to:

The gross margin for October is:

If 4,000 units are sold, the total variable cost is closest to:

One full-time clerical worker is needed for every 750 accounts receivable.The total wages of the accounts receivable clerks is an example of a:

In the standard cost formula Y = a + bX, what does the "Y" represent?

The total of the manufacturing overhead costs listed above for March is:

Weingartner Corporation, a merchandising company, reported sales of 4,800 units for July at a selling price of $269 per unit.The cost of goods sold (all variable)was $114 per unit and the variable selling expense was $6 per unit.The total fixed selling expense was $38,100.The variable administrative expense was $14 per unit and the total fixed administrative expense was $59,900. Required: a.Prepare a contribution format income statement for July. b.Prepare a traditional format income statement for July.

A number of costs and measures of activity are listed below. Required: For each item above, indicate whether the cost is MAINLY fixed or variable with respect to the possible measure of activity listed next to it.

If 5,000 units are sold, the variable cost per unit sold is closest to:

Conversion cost is the sum of direct labor cost and manufacturing overhead cost.

If the activity level increases, then one would expect the fixed cost per unit to increase as well.

Dizzy gives out a free T-shirt to every 100th customer entering the park.The cost of this T-shirt would best be described as a:

A merchandising company typically will have a high proportion of which type of cost in its cost structure?

Property taxes on the building that will be purchased to house the manufacturing facility are:

What would be the average fixed maintenance cost per unit at an activity level of 9,300 machine-hours in a month? Assume that this level of activity is within the relevant range.