ACCT 505 Week 8 Final Exam (Version 1)
- Question : (TCO E) Designing a new product is a(n)
- Question : (TCO G) Given the following data, what would ROI be? Sales $70,000…..Net operating income $10,000…..Contribution margin $20,000….Average operating assets $50,000….Stockholder’s equity $25,000
- Question : (TCO C) Longiotti Corporation produces and sells a single product. Data
concerning that product appear below. Selling price per unit $375.00…..Variable expense per unit $144.00
Fixed expense per month $1,686,300……
- Question : (TCO B) Maverick Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below……………….
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- Question : (TCO D) Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below…………was applied at a rate of $2 per unit. Variable selling and administrative expenses were $1 per unit sold.
- Question : (TCO I) (Ignore income taxes in this problem.) Bill Anders retires in 8 years. He has $650,000 to invest and is considering a franchise for a fast-food outlet. He would have to purchase equipment costing $500,000 to equip the outlet and invest an additional $150,000…..He estimates that the equipment could be sold at that time for about 10% of its original cost. Mr. Anders’ required rate of return is 16%.
- Question : (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for……Use the above data to prepare (in thousands of dollars) a schedule of Cost of Goods manufactured and a Schedule of Cost of Goods Sold for the year. In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated?
- Question : (TCO F) Walker Corporation is preparing its cash budget for November. The
budgeted beginning cash balance is $43,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $122,000…..
- Question : (TCO F) Bella Lugosi Holdings, Inc. (BLH), has collected the following operating information for its current month’s activity………. budget analysis to determine how well BLH performed in terms of cost control.
- Question.: (TCO H) Lindon Company uses 7,500 units of Part Y each year as a component in assembly of one of its products. The company is presently producing Part Y internally at a total cost of $119,000 as follows.
- Question : (TCO B) Sandler Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the upcoming year appear below…..Estimated machine hours 75,000…..Estimated variable manufacturing overhead $4.50 per machine hour….Estimated total fixed manufacturing overhead $825,000…..The actual machine hours for the year turned out to be 77,000…..Required: Compute the company’s predetermined overhead rate.