Finance Final Essay

2117 words - 8 pages

BA 213 Principles of Accounting III Instructor: Usha RamanujamDear Students,Here are the Test#2 review questions. Answers are highlighted. If you wish to work the questions first, I suggest highlighting the entire review so you don't know which is the answer!! See you in class!UshaTest 2 - Review questions.1. Discretionary fixed costs:A) cannot be changed since they are fixed.B) have a long-term planning horizon, generally encompassing many years.C) are made up of facilities, equipment, and basic organization.D) responses b and c are both correct.E) none of these.2. Which of the following would usually be considered a committed fixed cost for a retail sales corporation?A) lease payments made on its store buildingsB) the cost of the Caribbean trip given to the employee of the yearC) the cost of running an annual leadership seminar for managersD) both a and c above3. The high-low method is used with which of the following types of costs?A) Variable.B) Mixed.C) Fixed.D) Step-variable.4. Iaci 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 $133.60 per unit.

Sales volume (units)

4,000

5,000

Cost of sales

$383,600

$479,500

Selling, general, and administrative costs

$124,400

$136,000

The best estimate of the total contribution margin when 4,300 units are sold is:A) $112,230B) $162,110C) $28,380D) $45,1505. Davis Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single product.

Production volume

1,000 units

2,000 units

Direct materials

$44,200

$88,400

Direct labor

$37,300

$74,600

Manufacturing overhead

$48,500

$62,200

The best estimate of the total monthly fixed manufacturing cost is:A) $130,000B) $177,600C) $34,800D) $225,2006. Eddy Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single product.

Production volume

6,000 units

7,000 units

Direct materials

$582,600

$679,700

Direct labor

$136,200

$158,900

Manufacturing overhead

$691,800

$714,700

The best estimate of the total variable manufacturing cost per unit is:A) $22.90B) $119.80C) $142.70D) $97.107. Farmington Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single product.

Production volume

6,000 units

7,000 units

Direct materials

$195,000

$227,500

Direct labor

$113,400

$132,300

Manufacturing overhead

$913,200

$931,700

The best estimate of the total cost to manufacture 6,300 units is closest to:A) $1,162,350B) $1,242,570C) $1,222,515D) $1,282,680Use the following to answer questions:Donner Company would like to estimate the variable and fixed components of its maintenance costs and has compiled the following...

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