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Exam 1: Managerial Accounting and Cost Concepts

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Question 21

Multiple Choice

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The conversion cost for December was:

A) $107,000
B) $142,000
C) $111,000
D) $178,000

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Question 22

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The total of the product costs listed above for December is:

A) $310,000
B) $89,000
C) $635,000
D) $325,000

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Question 23

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The salary paid to the production manager in a factory is:

A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage?

Slonaker Inc. has provided the following data concerning its maintenance costs: Management believes that maintenance cost is a mixed cost that depends on machine-hours. Required: Estimate the variable cost per machine-hour and the fixed cost per month using the high-low method. Show your work!

At an activity level of 5,900 units, Haas Corporation's total variable cost is $347,982 and its total fixed cost is $284,321. Required: For the activity level of 6,100 units, compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost; (d) the average variable cost per unit; (e) the average fixed cost per unit; and (f) the average total cost per unit. Assume that this activity level is within the relevant range.

The net operating income for September was:

Iadanza Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $195.70 per unit. The best estimate of the total contribution margin when 6,300 units are sold is:

The contribution margin for July is:

Dabney Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single product. The best estimate of the total monthly fixed manufacturing cost is:

The concept of the relevant range does not apply to fixed costs.

To the nearest whole cent, what should be the average lease cost per unit at a sales volume of 19,200 units in a month? (Assume that this sales volume is within the relevant range.)

In making the decision to buy the model 230 machine rather than the model 330 machine, the sunk cost was:

The wages of factory maintenance personnel would usually be considered to be: $\begin{array} { c c c } & \text { Indirect labor } & \begin{array} { c } \text { Manufacturing } \\\text { overhead }\end{array} \\\text { A) } & \text { No } & \text { Yes } \\\text { B) } & \text { Yes } & \text { No } \\\text { C) } & \text { Yes } & \text { Yes } \\\text { D) } & \text { No } & \text { No }\end{array}$

What is the total amount of the costs listed above that are direct costs of the Shoe Department?

The best estimate of the total monthly fixed manufacturing cost is:

At an activity level of 4,400 units in a month, Goldbach Corporation's total variable maintenance and repair cost is $313,632 and its total fixed maintenance and repair cost is $93,104. What would be the total maintenance and repair cost, both fixed and variable, at an activity level of 4,600 units in a month? Assume that this level of activity is within the relevant range.

Which of the following should NOT be included as part of manufacturing overhead at a company that makes office furniture?

The contribution margin for March is:

To the nearest whole cent, what should be the average sales commission per unit at a sales volume of 36,800 units? (Assume that this sales volume is within the relevant range.)