FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: Managerial Accounting and Cost Concepts

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 131

True/False

Review LaterAdd Note

Review Later

Committed fixed costs remain largely unchanged in the short run.

Correct Answer

verified

Show Answer

Question 132

Multiple Choice

Review LaterAdd Note

Review Later

Materials used in a factory that are not an integral part of the final product, such as cleaning supplies, should be classified as:

A) direct materials.
B) a period cost.
C) administrative expense.
D) manufacturing overhead.

Correct Answer

verified

Show Answer

Question 133

Short Answer

Review LaterAdd Note

Wages paid to the supervisor of the warehouse where raw materials and parts are temporarily stored before being used in production is considered an example of:

What is the total amount of the costs listed above that are direct costs of the Shoe Department?

Differential costs can only be variable.

Schonhardt 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 total amount of fixed manufacturing cost incurred is closest to:

Most companies use the contribution approach in preparing financial statements for external reporting purposes.

If 3,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

Bauman Sales Corporation, a merchandising company, reported total sales of $4,069,800 for November.The cost of goods sold (all variable)was $2,351,100, the total variable selling expense was $204,000, the total fixed selling expense was $117,700, the total variable administrative expense was $102,000, and the total fixed administrative expense was $267,000. Required: a.Prepare a contribution format income statement for November. b.Prepare a traditional format income statement for November.

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

The total of the period costs listed above for March is:

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

What is the total of the product costs above?

A direct cost is a cost that can be easily traced to the particular cost object under consideration.

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

The net operating income for June was:

Within the relevant range, a difference between variable costs and fixed costs is:

Fanelli Corporation, a merchandising company, reported the following results for July: Cost of goods sold is a variable cost in this company. Required: a.Prepare a traditional format income statement for July. b.Prepare a contribution format income statement for July.

To the nearest whole cent, what should be the average sales commission per unit at a sales volume of 18,500 units? (Assume that this sales volume is within the relevant range.)

A fixed cost is constant if expressed on a per unit basis but the total dollar amount changes as the number of units increases or decreases.