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AC420 Unit 2 Quiz

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Product Description

AC420 Unit 2 Quiz

  1. Which of the following is not a reason to use predetermined overhead rates?
  2. The estimated maximum potential activity for a specified time is:
  3. The measure of activity that allows for routine variations in manufacturing activity is:
  4. The measure of production that considers historical and estimated future production levels and cyclical
    fluctuations is referred to as:
  5. A short-run measure of activity that represents a firm?s anticipated activity level for an upcoming period
    based upon expected demand is referred to as:
  6. If a firm produces more units than it sells, absorption costing, relative to variable costing, will result in
  7. Under absorption costing, if sales remain constant from period 1 to period 2, the company will report a larger
    income in period 2 when
  8. A basic concept of variable costing is that period costs should be currently expensed. What is the rationale
    behind this procedure?
  9. A firm presently has total sales of $100,000. If its sales rise, its
  10. For its most recent fiscal year, a firm reported that its contribution margin was equal to 40 percent of sales
    and that its net income amounted to 10 percent of sales. If its fixed costs for the year were $60,000, how
    much were sales?
  11. The following information regarding fixed production costs from a manufacturing firm is available for the current year:
  12. A firm has fixed costs of $200,000 and variable costs per unit of $6. It plans on selling 40,000 units in the
    coming year. To realize a profit of $20,000, the firm must have a sales price per unit of at least
  13. Hahn Corporation produces a single product that sells for $7.00 per unit. Standard capacity is 100,000 units per year; 100,000 units were produced and 80,000 units were sold during the year. Manufacturing costs and selling and administrative expenses are presented below.

    There were no variances from the standard variable costs. Any under- or overapplied overhead is written off directly at year-end as an adjustment to cost of goods sold.

    Hahn Corporation produces a single product that sells for $7.00 per unit. Standard capacity is 100,000 units per year; 100,000 units were produced and 80,000 units were sold during the year. Manufacturing costs and selling and administrative expenses are presented below.

    There were no variances from the standard variable costs. Any under- or overapplied overhead is written off directly at year-end as an adjustment to cost of goods sold.

     

    Fixed costs

    Variable costs

    Direct material 

     $0

     $1.50 per unit produced

    Direct labor 

       0 

     1.00 per unit produced

    Manufacturing overhead 

     $150,000 

     0.50 per unit produced

    Selling & Administration expense 

         80,000 

     0.50 per unit sold


    Hahn Corporation had no inventory at the beginning of the year.

    Hahn Corporation produces a single product that sells for $7.00 per unit. Standard capacity is 100,000 units per year; 100,000 units were produced and 80,000 units were sold during the year. Manufacturing costs and selling and administrative expenses are presented below.

    There were no variances from the standard variable costs. Any under- or overapplied overhead is written off directly at year-end as an adjustment to cost of goods sold.

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