Acc week 2 test | Accounting homework help

1. Which of the following is true regarding the contribution margin ratio of a single product company? (Points : 2)

2. If a company is operating at the break-even point: (Points : 2)

3. Target profit analysis is used to answer which of the following questions? (Points : 2)

4. The margin of safety can be calculated by: (Points : 2)

5. Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January.

If the company sells 4,600 units, its total contribution margin should be closest to: (Points : 2)

6. Decaprio Inc. produces and sells a single product. The company has provided its contribution format income statement for June.

If the company sells 9,200 units, its net operating income should be closest to: (Points : 2)

7. The margin of safety in the Flaherty Company is $24,000. If the company’s sales are $120,000 and its variable expenses are $80,000, its fixed expenses must be: (Points : 2)

8. Jilk Inc.’s contribution margin ratio is 58% and its fixed monthly expenses are $36,000. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company’s net operating income in a month when sales are $103,000? (Points : 2)

9. Borich Corporation produces and sells a single product. Data concerning that product appear below:

The break-even in monthly unit sales is closest to: (Points : 2)

10. Data concerning Follick Corporation’s single product appear below:

The break-even in monthly dollar sales is closest to: (Points : 2)

11. Hettrick International Corporation’s only product sells for $120.00 per unit and its variable expense is $52.80. The company’s monthly fixed expense is $396,480 per month. The unit sales to attain the company’s monthly target profit of $13,000 is closest to: (Points : 2)

12. The costing method that treats all fixed costs as period costs is: (Points : 2)

13. Under the variable costing method, which of the following is always expensed in its entirety in the period in which it is incurred? (Points : 2)

14. Net operating income under variable and absorption costing will generally: (Points : 2)

15. Fleet Corporation produces a single product. The company manufactured 700 units last year. The ending inventory consisted of 100 units. There was no beginning inventory. Variable manufacturing costs were $6.00 per unit and fixed manufacturing costs were $2.00 per unit. What would be the change in the dollar amount of ending inventory if variable costing was used instead of absorption costing? (Points : 2)

16. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

What is the total period cost for the month under the absorption costing approach? (Points : 2)

17. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

What is the unit product cost for the month under variable costing? (Points : 2)

18. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

What is the net operating income for the month under variable costing? (Points : 2)

19. The following data pertain to last year’s operations at Clarkson, Incorporated, a company that produces a single product:

What was the absorption costing net operating income last year? (Points : 2)

20. Beamish Inc., which produces a single product, has provided the following data for its most recent month of operations:

There were no beginning or ending inventories. The unit product cost under absorption costing was: (Points : 2)