Project #41589 - Accounting Problems

The Toms River Boy Scouts sell plant seedlings each spring to raise money. They have budgeted sales of $80,000.

Budgeted Expenses were:

Cost of Seedlings 40,000
Labor 10,000
Other Costs 7,000
Total Costs 57,000

Actual Sales were 79,440. Actual costs for seedlings were 39,400. Actual Labor Costs were 13,100. Actual other costs were 6,900.

What was budgeted and actual net profit?

A.

20,040 / 23,000

B.

63,000 / 59,440

C.

59,440 / 63000

D.

23,000 / 20,040

10 points  

Question 24

  1. SuperSol sells food products in retail stores.  For the year ended 12/31/13 they had sales by department as follows:

     ProducePackagedMeatTotal
    Revenue 497,700 2,100,000 1,562,400 4,160,100
    COGS 320,000 1,600,000 1,280,000 3,200,000
    Gross Margin 177,700 500,000 282,400 960,100

    There are additional support costs of $800,000 making net income for the year $160,100

    After applying an ABC cost system to support costs, it is determined $242,196 of suport costs should be allocated to the produce department.  What is the net operating margin of the produce department?

    Your answer should be in the format 12.34 OR -12.34

10 points  

Question 25

  1. Concentrating on areas that need attention and ignoring areas that appear to be running smoothly is called _____.

    A.

    management smoothing

    B.

    management by exception

    C.

    budget analysis

    D.

    variance analysis

10 points  

Question 26

  1. SuperSol sells food products in retail stores.  For the year ended 12/31/13 they had sales by department as follows:

     ProducePackagedMeatTotal
    Revenue 497,700 2,100,000 1,562,400 4,160,100
    COGS 320,000 1,600,000 1,280,000 3,200,000
    Gross Margin 177,700 500,000 282,400 960,100

    There are additional support costs of $800,000 making net income for the year $160,100

    Using a single pool cost allocation system for the support costs, with COGS as the allocation factor, what is the net operating margin of the produce department?


    Your answer should be in the format 12.34 OR -12.34

10 points  

Question 27

  1. Increase in contribution margin per unit _____.

    A.

    does not change break-even point

    B.

    decreases break-even point

    C.

    increases break-even point

    D.

    means there is a change in fixed cost per unit

10 points  

Question 28

  1. Which designation is the internal accountant’s counterpart to the CPA?

    A.

    CFP

    B.

    none of the answers

    C.

    CA

    D.

    EA

10 points  

Question 29

  1. Activity analysis provides cost drivers for cost functions. Provide two characteristics of a good cost driver.

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10 points  

Question 30

Diablo, Inc., produces and sells the finest quality pool tables in all of Contra Costa County, California. The company expects the following sales and expenses in 2011 for its tables:

Sales (1,000 tables @ $400 per table) $ 400,000

Variable expenses 200,000

Fixed expenses 120,000

How many tables must be sold in order for Diablo, Inc., to break even?

 

 

Question #8

SuperSol sells food products in retail stores.  For the year ended 12/31/13 they had sales by department as follows:

 ProducePackagedMeatTotal
Revenue 497,700 2,100,000 1,562,400 4,160,100
COGS 320,000 1,600,000 1,280,000 3,200,000
Gross Margin 177,700 500,000 282,400 960,100

There are additional support costs of $800,000 making net income for the year $160,100

After applying an ABC cost system to support costs, it is determined $242,196 of suport costs should be allocated to the produce department.  What is the net operating margin of the produce department?

Your answer should be in the format 12.34 OR -12.34

 
  Question #9  
 

SuperSol sells food products in retail stores.  For the year ended 12/31/13 they had sales by department as follows:

 ProducePackagedMeatTotal
Revenue 497,700 2,100,000 1,562,400 4,160,100
COGS 320,000 1,600,000 1,280,000 3,200,000
Gross Margin 177,700 500,000 282,400 960,100

There are additional support costs of $800,000 making net income for the year $160,100

Using a single pool cost allocation system for the support costs, with COGS as the allocation factor, what is the net operating margin of the produce department?


Your answer should be in the format 12.34 OR -12.34

Question #10

Diablo, Inc., produces and sells the finest quality pool tables in all of Contra Costa County, California. The company expects the following sales and expenses in 2011 for its tables:

Sales (1,000 tables @ $400 per table) $ 400,000

Variable expenses 200,000

Fixed expenses 120,000

How many tables must be sold in order for Diablo, Inc., to break even?

A.

800

B.

600

C.

400

D.

200

 
     

Question #1

DO NOT PUT DOLLAR SIGNS OR COMMAS IN YOUR ANSWERS.

EXAMPLES OF PROPER ENTRY ARE:

5000

12.3

100000

 

Dover High Fashion Company manufactured and sold 1000 handbags in July

Sales 130,000
Direct Materials 35,000
Direct Labor 11,000
Variable Manufacturing Overhead 18,000
Fixed Manufacturing Overhead 13,000
Variable Selling and Admin Costs x
Fixed Selling and Admin Expenses y
Contribution Margin 55,000
Operating Income 33,000

1) Variable selling and admin costs were __?

2) Fixed Selling and Admin expenses were __?

3) Cost of Goods Sold were __?

Answer ALL the following assuming fixed selling and admin expenses were $6,250 REGARDLESS of your answer to #2 above.

4) The break even point in units was __?

5) To earn a pretax income of $17,600 __ units must be sold?

6) The selling price per unit would need to be __ if the company wanted to make $62,650 with sales of of 910 units?

 

Question #2

 

Anton, Inc., incurred the following costs in 2010 in producing video games:

 

                                          Wages                                               Materials used

Machine operators             $350,000                Computer chips      $300,000

Factory janitors                      20,000                Casings                     200,000

Factory supervisor                 50,000                Labels                       100,000

                                                                      Glue                           25,000

 

Anton’s 2010 product indirect labor was _____.

 

Question #3

 

The Toms River Boy Scouts sell plant seedlings each spring to raise money.  They have budgeted sales of $80,000.

Budgeted Expenses were:

Cost of Seedlings 40,000
Labor 10,000
Other Costs   7,000
Total Costs 57,000

Actual Sales were 79,440.  Actual costs for seedlings were 39,400.  Actual Labor Costs were 13,100.  Actual other costs were 6,900.

Which unfavoarable variances should be examined, explain your answer.

Question #4


 Moto, Inc., manufactures and sells scooters. A projected income statement for    the expected sales volume of 100,000 scooters is as follows:

 

                    Sales                                 $7,500,000

                    Variable expenses               3,000,000

                    Contribution margin           $4,500,000

                    Fixed expenses                    2,500,000

                    Before-tax profit                $2,000,000

How many scooters would need to be sold to have a before-tax profit of $2,900,000?

 

A.

110,000

B.

120,000

C.

140,000

D.

130,000

Question #5
 
Revenue 60,420
COGS 11,598
R&D 8,164
Marketing 13,039
Misc. Costs 5,127
Operating Income 22,492

 

Compute the contribution margin.

 

A.

.63

B.

.45

C.

.81

D.

.37

Question #6
 
Month                     Cafeteria Costs                    Meals Served     

 

  January                              $31,800                                       8,800

  February                              34,400                                       9,000

  March                                 36,900                                       9,800

  April                                    38,300                                     10,200

  May                                     38,600                                     10,500

  June                                     34,700                                       9,200

  July                                      36,300                                       9,700

  August                                 43,000                                     12,000

  September                           41,200                                     11,500

 

Using the high-low method of cost estimation, the variable cost per meal served is _____.

Express your answer numericaly in the following format 1.23

Question #7    
The Toms River Boy Scouts sell plant seedlings each spring to raise money. They have budgeted sales of $80,000.

Budgeted Expenses were:

Cost of Seedlings 40,000
Labor 10,000
Other Costs 7,000
Total Costs 57,000

Actual Sales were 79,440. Actual costs for seedlings were 39,400. Actual Labor Costs were 13,100. Actual other costs were 6,900.

What was budgeted and actual net profit?

A.

20,040 / 23,000

B.

63,000 / 59,440

C.

59,440 / 63000

D.

23,000 / 20,040

   
     
     

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Due By (Pacific Time) 09/29/2014 12:00 am
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