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Exam 1: Managerial Accounting and Cost Concepts

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Question 71

Multiple Choice

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If 4,000 units are produced, the total amount of manufacturing overhead cost is closest to:

A) $21,000
B) $14,000
C) $28,000
D) $17,500

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

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Question 72

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The potential benefit that is given up when one alternative is selected over another is called a sunk cost.

A) True
B) False

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Question 73

Multiple Choice

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If the selling price is $25.00 per unit, the contribution margin per unit sold is closest to:

The term that refers to costs incurred in the past that are not relevant to a decision is:

What is the total of the direct costs above?

In April, Holderness Inc, a merchandising company, had sales of $221,000, selling expenses of $14,000, and administrative expenses of $25,000.The cost of merchandise purchased during the month was $155,000.The beginning balance in the merchandise inventory account was $34,000 and the ending balance was $48,000. Required: Prepare a traditional format income statement for April.

In making the decision to buy the model 220 machine rather than the model 370 machine, the sunk cost was:

The relevant range concept is applicable to mixed costs.

Landmann Corporation's relevant range of activity is 7,000 units to 11,000 units.When it produces and sells 9,000 units, its average costs per unit are as follows: For financial reporting purposes, the total amount of product costs incurred to make 9,000 units is closest to:

If 4,000 units are sold, the variable cost per unit sold is closest to:

Committed fixed costs represent organizational investments with a one-year planning horizon.

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

Learned Corporation has provided the following information: Required: a.For financial reporting purposes, what is the total amount of product costs incurred to make 6,000 units? b.For financial reporting purposes, what is the total amount of period costs incurred to sell 6,000 units? c.If the selling price is $22.40 per unit, what is the contribution margin per unit sold? d.If 7,000 units are produced, what is the total amount of direct manufacturing cost incurred? e.If 7,000 units are produced, what is the total amount of indirect manufacturing costs incurred?

For financial reporting purposes, the total amount of product costs incurred to make 9,000 units is closest to:

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

If 10,000 units are produced, the total amount of fixed manufacturing cost incurred is closest to:

The conversion cost for November was:

If 5,000 units are produced, the total amount of fixed manufacturing cost incurred is closest to:

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

If Lonnie were to sell 50,000 units, the total expected cost per unit would be: