Ans Doc165

CLICK HERE TO DOWNLOAD THIS ANSWER INSTANTLY

 

When manufacturing overhead is applied to production, it is added to: (Points: 6)
the Cost of Goods Sold account
the Raw Materials account
the Work in Process account
the Finished Goods inventory account

The variable portion of the cost of electricity for a manufacturing plant is a:
(Points: 6)
Conversion YES… Period NO
Conversion YES …. Period YES
Conversion NO…. Period YES
Conversion NO…. Period NO
Within the relevant range, variable costs can be expected to:
(Points: 6)
vary in total in direct proportion to changes in the activity level.
remain constant in total as the activity level changes.
increase on a per unit basis as the activity level increases.
increase on a per unit basis as the activity level decreases.
none of these.
Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs: (Points: 6)
started in process during the period
in process during the period
completed and sold during the period
completed during the period
Equivalent units for a process costing system using the FIFO method would be equal to: (Points: 6) units completed during the period plus equivalent units in the ending work in process inventory units started and completed during the period plus equivalent units in the ending work in process inventory units completed during the period and transferred out
units started and completed during the period plus equivalent units in the ending work in process inventory plus work needed to complete units in the beginning work in process inventory
3. The contribution margin equals: (Points: 6)
Sales – expenses
Sales- cost of goods sold
Sales – variable costs
Sales – fixed costs
4. The break-even point in unit sales is found by dividing total fixed expenses by: (Points: 6)
the contribution margin ratio
the variable expenses per unit
the sales price per unit
the contribution margin per unit
5. In an income statement prepared using the variable costing method, fixed selling and administrative expenses would: (Points: 6)
be used in the computation of the contribution margin
be used in the computation of net operating income but not in the computation of the contribution margin be treated the same as variable manufacturing expenses
not be used