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Exam 1: Managerial Accounting and Cost Concepts

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Question 151

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To the nearest whole cent, what should be the average lease cost per unit at a sales volume of 26,400 units in a month? (Assume that this sales volume is within the relevant range.)

A) $25.66
B) $24.90
C) $23.88
D) $26.41

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

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Question 152

Multiple Choice

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The net operating income computed using the contribution approach for the first quarter is:

A) $30,000
B) $180,000
C) $140,000
D) $0

E) B) and D)
F) C) and D)

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Question 153

Multiple Choice

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Mullennex Corporation's relevant range of activity is 2,000 units to 6,000 units.When it produces and sells 4,000 units, its average costs per unit are as follows: If 5,000 units are produced, the average fixed manufacturing cost per unit produced is closest to:

For financial reporting purposes, the total amount of period costs incurred to sell 5,000 units is closest to:

Property taxes on a company's factory building would be classified as a(n) :

Administrative costs are indirect costs.

A variable cost remains constant if expressed on a unit basis.

Which costs will change with a decrease in activity within the relevant range?

Which of the following is unlikely to be classified as a fixed cost with respect to the number of units produced and sold?

The prime cost for November was:

The following costs are all examples of committed fixed costs: depreciation on buildings, salaries of highly trained engineers, real estate taxes, and insurance expenses.

The concept of the relevant range does not apply to variable costs.

In making the decision to buy the model 240 machine rather than the model 310 machine, the sunk cost was:

For liability insurance, Dizzy pays a set monthly fee plus a small additional amount for every patron entering the park.The cost of liability insurance would best be described as a:

The cost of electricity for running production equipment is classified as:

If the selling price is $18.70 per unit, the contribution margin per unit sold is closest to:

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

If 5,000 units are produced, the total amount of manufacturing overhead cost is closest to:

The amount that a manufacturing company could earn by renting unused portions of its warehouse is an example of an opportunity cost.