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Exam 1: Managerial Accounting and Cost Concepts

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Question 21

Multiple Choice

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If 6,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

A) $8,100
B) $24,900
C) $22,100
D) $14,000

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

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Question 22

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Wages paid to production supervisors would be classified as manufacturing overhead.

A) True
B) False

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Question 23

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The fixed portion of the cost of electricity for a manufacturing facility is classified as a:

Which of the following approaches to preparing an income statement includes a calculation of the gross margin?

Opportunity costs at a manufacturing company are not part of manufacturing overhead.

The following costs were incurred in May: Conversion costs during the month totaled:

Perkey Corporation has provided the following information: If 4,000 units are produced, the total amount of direct manufacturing cost incurred is closest to:

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

A number of costs are listed below. Required: For each item above, indicate whether the cost is direct or indirect with respect to the cost object listed next to it.

Asplund Corporation has provided the following information: Required: a.For financial reporting purposes, what is the total amount of product costs incurred to make 5,000 units? b.For financial reporting purposes, what is the total amount of period costs incurred to sell 5,000 units?

If 20,000 books are sold during the second quarter and this activity is within the relevant range, the company's expected contribution margin would be:

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

The incremental manufacturing cost that the company will incur if it increases production from 5,000 to 5,001 units is closest to:

If Lonnie were to sell 42,000 units, the total expected cost would be:

In a traditional format income statement for a merchandising company, cost of goods sold is a variable cost that is included in the "Variable expenses" portion of the income statement.

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

In a contribution format income statement for a merchandising company, the cost of goods sold reports the product costs attached to the merchandise sold during the period.

The salary that Mark earns at his present employ is:

What would be the average fixed inspection cost per unit at an activity level of 2,400 machine-hours in a month? Assume that this level of activity is within the relevant range.

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