Test Review - Anthony Shelton
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QUESTION: 1
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 170462]
CORRECT
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If
variable costs decrease by $1 per unit, the new break even point is
A
$11,765 in total sales dollars
B
492 units
C
1,539 units
D
None of these answers are correct
QUESTION: 2
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 170207]
CORRECT
Alex Miller, Inc. sells car batteries to service stations for an average of $30 each. The variable cost of each battery is $20 and monthly fixed manufacturing costs
total $10,000. Other monthly fixed costs of the company total $8,000. What is the breakeven level in batteries, assuming variable costs increase by 20%?
A
1,500 batteries
B
3,000 batteries
C
60 batteries
D
None of these answers are correct
,QUESTION: 3
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 320719]
CORRECT
Magic Screen’s contribution income statement utilizing variable costing appears below:
Magic Screen Company
Income Statement
For the Year Ended December 31, 2007
Sales ($30/unit) $1,200,000
Less variable costs:
COGS 800,000
Selling and administrative 40,000 840,000
Contribution margin 360,000
Fixed overhead 98,000
Fixed selling and administrative 170,000 268,000
Net income $92.000
Magic Screen Company produced 49,000 units during the year. Variable and fixed production costs have remained constant the entire year. There were no
beginning inventories. The dollar value of the ending inventory using full costing will be:
A
$180,000
B
$198,000
C
$189,000
D
$18,000
QUESTION: 4
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 34388]
CORRECT
Tifa Company has fixed costs of $26,775 per month. Tifa sells a single product with variable costs of $6.40 per unit. If 7,500 units can be sold this month, what
price must Tifa charge in order to break even?
, A
$11.72
B
$9.97
C
$8.19
D
$9.53
QUESTION: 5
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 320706]
CORRECT
Pteri Manufacturing makes a single product - the Pteri. Information for 2005 appears below:
Sales in units 200,000
Production in units 250,000
Beginning inventory 0
Variable production cost $1.00/unit
Variable selling cost $0.30/unit
Fixed production cost $100,000/year
Fixed selling and administrative cost $50,000/year
Selling price $3.00/unit
What is the full cost per unit of inventory?
A
$1.00
B
$1.30
C
$1.40
D
$1.70
QUESTION: 6
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 320696]
CORRECT
The Rocktown Beverage Company experienced the following costs in 2007 (assume the same unit costs in all years):
Your test grade is 91.67%
The professor has configured this test to allow students to:
Show Questions Answered Correctly
Show Questions Answered Incorrectly
Show All Responses Selected By Student
Show What The Correct Response Should Be
QUESTION: 1
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 170462]
CORRECT
Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. If
variable costs decrease by $1 per unit, the new break even point is
A
$11,765 in total sales dollars
B
492 units
C
1,539 units
D
None of these answers are correct
QUESTION: 2
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 170207]
CORRECT
Alex Miller, Inc. sells car batteries to service stations for an average of $30 each. The variable cost of each battery is $20 and monthly fixed manufacturing costs
total $10,000. Other monthly fixed costs of the company total $8,000. What is the breakeven level in batteries, assuming variable costs increase by 20%?
A
1,500 batteries
B
3,000 batteries
C
60 batteries
D
None of these answers are correct
,QUESTION: 3
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 320719]
CORRECT
Magic Screen’s contribution income statement utilizing variable costing appears below:
Magic Screen Company
Income Statement
For the Year Ended December 31, 2007
Sales ($30/unit) $1,200,000
Less variable costs:
COGS 800,000
Selling and administrative 40,000 840,000
Contribution margin 360,000
Fixed overhead 98,000
Fixed selling and administrative 170,000 268,000
Net income $92.000
Magic Screen Company produced 49,000 units during the year. Variable and fixed production costs have remained constant the entire year. There were no
beginning inventories. The dollar value of the ending inventory using full costing will be:
A
$180,000
B
$198,000
C
$189,000
D
$18,000
QUESTION: 4
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 34388]
CORRECT
Tifa Company has fixed costs of $26,775 per month. Tifa sells a single product with variable costs of $6.40 per unit. If 7,500 units can be sold this month, what
price must Tifa charge in order to break even?
, A
$11.72
B
$9.97
C
$8.19
D
$9.53
QUESTION: 5
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 320706]
CORRECT
Pteri Manufacturing makes a single product - the Pteri. Information for 2005 appears below:
Sales in units 200,000
Production in units 250,000
Beginning inventory 0
Variable production cost $1.00/unit
Variable selling cost $0.30/unit
Fixed production cost $100,000/year
Fixed selling and administrative cost $50,000/year
Selling price $3.00/unit
What is the full cost per unit of inventory?
A
$1.00
B
$1.30
C
$1.40
D
$1.70
QUESTION: 6
TYPE: MULTIPLE CHOICE
[QUESTION BANK ID: 320696]
CORRECT
The Rocktown Beverage Company experienced the following costs in 2007 (assume the same unit costs in all years):
