Accounting 102 - Managerial Accounting » Fall 2022 » CH 7 Quiz

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Question #1
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price - $ 182 Units in beginning inventory - 0 Units produced - 13,900 Units sold - 13,000 Units in ending inventory - 900 Variable costs per unit: Direct materials - $ 54 Direct labor - $ 45 Variable manufacturing overhead - $ 16 Variable selling and administrative expense - $ 15 Fixed costs: Fixed manufacturing overhead - $500,400 Fixed selling and administrative expense - $169,000 What is the total period cost for the month under variable costing?
A.   $500,400
B.   $864,400
C.   $669,400
D.   $364,000
Question #2
Beamish Incorporated, which produces a single product, has provided the following data for its most recent month of operations: Number of units produced - 4,600 Variable costs per unit: Direct materials - $ 91 Direct labor - $ 85 Variable manufacturing overhead - $ 7 Variable selling and administrative expense - $ 10 Fixed costs: Fixed manufacturing overhead - $161,000 Fixed selling and administrative expense -$326,600 There were no beginning or ending inventories. The absorption costing unit product cost was:
A.   $218 per unit
B.   $183 per unit
C.   $299 per unit
D.   $176 per unit
Question #3
A company produces a single product. Variable production costs are $12.10 per unit and variable selling and administrative expenses are $3.10 per unit. Fixed manufacturing overhead totals $37,000 and fixed selling and administration expenses total $41,000. Assuming a beginning inventory of zero, production of 4,100 units and sales of 3,650 units, the dollar value of the ending inventory under variable costing would be:
A.   $5,445
B.   $6,840
C.   $4,050
D.   $9,495
Question #4
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Units in beginning inventory - 0 Units produced - 4,600 Units sold - 4,500 Units in ending inventory - 100 Variable costs per unit: Direct materials - $ 53 Direct labor - $ 55 Variable manufacturing overhead - $ 18 Variable selling and administrative expense -$ 16 Fixed costs: Fixed manufacturing overhead -$96,600 Fixed selling and administrative expense -$45,000 What is the variable costing unit product cost for the month?
A.   $163 per unit
B.   $126 per unit
C.   $135 per unit
D.   $142 per unit
Question #5
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price -$ 137 Units in beginning inventory - 0 Units produced - 2,850 Units sold - 2,700 Units in ending inventory -150 Variable costs per unit: Direct materials -$ 44 Direct labor -$ 21 Variable manufacturing overhead -$ 12 Variable selling and administrative expense -$ 17 Fixed costs: Fixed manufacturing overhead -$91,200 Fixed selling and administrative expense -$10,800 The total gross margin for the month under absorption costing is:
A.   $116,100
B.   $75,600
C.   $105,300
D.   $18,900
Question #6
Dukelow Corporation has two divisions: the Governmental Products Division and the Export Products Division. The Governmental Products Division's divisional segment margin is $41,800 and the Export Products Division's divisional segment margin is $94,200. The total amount of common fixed expenses not traceable to the individual divisions is $107,600. What is the company's net operating income (loss)?
A.   $28,400
B.   ($136,000)
C.   $136,000
D.   $243,600
Question #7
Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $240,000, variable expenses of $134,100, and traceable fixed expenses of $64,300. The Alpha Division has sales of $550,000, variable expenses of $311,800, and traceable fixed expenses of $122,300. The total amount of common fixed expenses not traceable to the individual divisions is $121,200. What is the company's net operating income?
A.   $36,300
B.   $157,500
C.   $238,200
D.   $344,100
Question #8
WV Construction has two divisions: Remodeling and New Home Construction. Each division has an on-site supervisor who is paid a salary of $102,000 annually and one salaried estimator who is paid $56,000 annually. The corporate office has two office administrative assistants who are paid salaries of $60,000 and $42,000 annually. The president's salary is $168,000. How much of these salaries are common fixed expenses?
A.   $168,000
B.   $102,000
C.   $358,000
D.   $270,000
Question #9
Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price - $139 Units in beginning inventory - 0 Units produced - 6,800 Units sold - 6,500 Units in ending inventory -300 Variable costs per unit: Direct materials -$22 Direct labor -$52 Variable manufacturing overhead -$16 Variable selling and administrative expense - $16 Fixed costs: Fixed manufacturing overhead -$183,600 Fixed selling and administrative expense -$ 27,000 What is the unit product cost for the month under variable costing?
A.   $106 per unit
B.   $133 per unit
C.   $117 per unit
D.   $90 per unit

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