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“42. Which of the following are considered to be a product cost under absorption costing? I. Variable manufacturing overhead. II. Fixed manufacturing overhead. III. Selling and administrative expenses. a. I, II, and III. b. I and III. c. I and II. d. I.”
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Read more58. Net operating income is defined as: a. net income plus interest and taxes. b. sales minus variable expenses. c. sales minus variable expenses and traceable fixed expenses. d. contribution margin minus traceable and common fixed expenses.
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Read more“gayle is an accountant for BuySmart, a cooperative grocery chain. gayle prepares internal reports with the breakeven volumes for each division listed”
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Read more“11. Karvel Corporation uses machine hours as the basis for allocating manufacturing overhead costs to production. For the month of August, Karvel estimated total manufacturing overhead costs at $300,000 and total machine hours at 75,000 hours. Actual results for the period were total manufacturing overhead costs of $290,000 and total machine hours of 75,000 hours. As a result of this outcome, Karvel would have a. applied more overhead to Work in Process than the actual amount of overhead cost for the year. b. applied less overhead to Work in Process than the actual amount of overhead cost for the year. c. applied an amount of overhead to Work in Process that was equal to the actual amount of overhead. d. found it necessary to recalculate the predetermined overhead rate.”
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Read more27. A successful JIT system is based upon which of the following concepts? a. The company must rely upon a large number of suppliers to ensure frequent deliveries of small lots. b. The company should always choose those suppliers offering the lowest prices. c. The company should avoid long-term contracts with suppliers in order to exert pressure on suppliers to make prompt and frequent deliveries. d. A small number of supplier make frequent deliveries of specific quantities thus avoiding the buildup of large inventories of materials on hand.
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Read moresales in units *,”fixed expenses + operating income / contribution margin per unit ** use the original package price – the variable cost it needs to be changed to
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Read more“12. The operations of the Kerry Company resulted in underapplied overhead of $5,000. The entry to close out this balance and the effect of the underapplied overhead on cost of goods sold would be Effect on Cost Entry of Goods Sold a. Manufacturing Overhead 5,000 Deduct $5,000 Cost of Goods Sold 5,000 b. Cost of Goods Sold 5,000 Deduct $5,000 Manufacturing Overhead 5,000 c. Cost of Goods Sold 5,000 Add $5,000 Manufacturing Overhead 5,000 d. Manufacturing Overhead 5,000 Add $5,000 Cost of Goods Sold 5,000”
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Read more“28. Departmental overhead rates may not correctly assign overhead costs due to the use of direct labor hours in allocating overhead cost to products rather than machine time or quantity of materials used. b. the high correlation between direct labor-hours and the incurrence of overhead costs. c. over reliance on volume as a basis for allocating overhead costs where products differ regarding the number of units produced, lot size, or complexity of production. d. difficulties associated with identifying cost pools for the first stage of the allocation process.”
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Read moreOperating income statement *,”1) contribution margin per unit X average sales volume units= contribution marginLESS: fixed expenses= operating income* average sales volume units = use the “”most locations WERE selling2) new contribution margin per unit (‘lower sales price per bowl’ – ‘variable costs would be’)X new sales volume units (‘each restaurants volume to increase 8
Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.Operating income statement *,”1) contribution[…]
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