Liberty ACCT 212 Chapter 10 Reading Assignment Answers Complete solutions
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List the time and materials price steps in the correct order:
When evaluating special offer decisions, management should consider: (Check all that apply.)
A common way to price services is
A company receives an order of 10,000 units of product. The potential customer is willing to pay $0.75 per unit. Current sales are $90,000 and current costs are $75,000 for 90,000 units. If the order is accepted, costs will increase to $82,000. If the company has the capacity to accept the order without affecting current sales, the company should:
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A student is considering adding a minor to her degree. The additional courses would require the student to attend college for an additional semester, but would allow greater job opportunities upon graduation. The relevant benefits related to this decision are:
The last step in the decision making process is:
Incremental refer to the additional revenue generated by selecting a particular course of action over another.
Incremental costs are in making decisions.
A company currently makes a component used in production. The per unit costs incurred to make the component include: Direct materials: $5; Direct labor: $2; Overhead: $4; Total cost: $11. Twenty-five percent of the overhead costs are considered incremental. The company can purchase the component from another source for $10. The company should do which of the following?
Under the cost-plus pricing method, the formula to determine selling price per unit is:
A company receives an order of 10,000 units of product. The standard cost of producing one unit includes: Direct materials: $4; Direct labor: $3; Fixed overhead: $2. The company has the capacity to accept the order without incurring any fixed overhead. The total incremental costs to fill this order, if accepted, are __________.
A student purchases a concert ticket for $50. Before entering the concert, the student is offered $75 for the ticket. If the student decides to keep the ticket and attend the concert, the opportunity cost is __________.
When making decisions, managers should condier all relevant costs, which include: (Check all that apply.)
When making sell or process decisions, management should consider: (Check all that apply.)
When demand is unlimited and products use the same inputs, the company should produce the product with the:
The decision rule for segment elimination is to consider eliminating a segment if the segment revenues are less than the segment ______ expenses.
When determining a product price, all of the following should be taken into account.
A student purchased a used car for $5,000. Three months later, the student discovers the car needs major repairs which will cost $2,000. The student must decide whether to repair the car or purchase the car. The relevant costs are:
A student is considering adding a minor to her degree. The additional courses would require the student to attend college for an additional semester, but would also allow greater job opportunities upon graduation. The relevant benefits related to this decision are:
When production facilities are limited, the company should produce the mix that will not exceed demand and maximize the production with the __________ (highest/lowest) contribution margin per unit of scarce resources.