accounting 321 homework – 14 questions

accounting 321 homework – 14 questions


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Which of the following is not part of manufacturing overhead for producing a computer?
A. Depreciation on delivery trucks
B. Manufacturing plant utilities
C. Manufacturing plant property taxes
D. Insurance on plant and equipment
Which of the following is a philosophy of providing customers with superior products and
A. Enterprise resource planning (ERP)
B. Total quality management
C. Supply chain management
D. Just-in-time (JIT) inventory management
Bambridge Services reported the following information for the year 2012:
Service Revenue: $ 20,000
Operating Expenses: $ 15,750
Net Income: $ 4,250
Number of service calls for the year: 21,000
How much was the unit cost per service call?
A. $ .75
B. $ .95
C. $ 2.20
D. $ .20
Which of the following is an example of a period cost?
A. Property taxes for the factory
B. Advertising expense
C. Indirect materials
D. Depreciation on factory equipment
Which of the following is an example of direct labor?
A. Salary of vice president of production
B. Wages of assembly line personnel
C. Salary of production manager
D. Wages of factory security guard
Selected data for Young Company for 2012 is presented below:
Direct labor incurred: $ 30,000
Indirect labor incurred: $ 21,000
Factory depreciation: $ 5,000
Factory utilities: $ 7,000
Indirect materials used: $ 2,000
Direct materials used: $ 12,000
Property taxes on factory building: $ 3,000
Sales commissions: $ 8,000

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What is the manufacturing overhead?
A. $ 46,000
B. $ 38,000
C. $ 47,000
D. $ 50,000
The following information pertains to Bright Toy Company’s operating activities for 2012. The
company sells light box toys and sold 10,000 units in 2012.
$ 126,000
Selling & Administrative Expenses:
$ 90,000
Merchandise inventory, 1/1/2012:
$ 14,000
Merchandise inventory, 12/31/2012:
$ 10,000
Sales revenue:
$ 250,000
What is the gross profit percentage?
A. 56%
B. 36%
C. 48%
D. 100%
If Blue Ridge Railway’s fixed costs total $60,000 per month, the variable cost per passenger is
$13, and tickets sell for $65, how much revenue must the railway have to generate to earn
$135,000 in operating income per month?
A. $ 975,000
B. $ 195,000
C. $ 3,750
D. $ 243,750
Which of the following statements is correct with respect to total fixed costs, within the relevant
A. They will remain the same as production levels change.
B. They will decrease as production decreases.
C. They will increase as production decreases.
D. They will decrease as production increases.
Fairfield Company management has budgeted the following amounts for its next fiscal year:
Total fixed expenses: $ 832,500
Sale price per unit: $ 40
Variable expenses per unit: $ 25
What will happen to the breakeven point in units if Fairfield can reduce fixed expenses by
A. The breakeven point will decrease by 900 units.
B. The breakeven point will increase by 562 units.
C. The breakeven point will decrease by 562 units.
D. The breakeven point will decrease by 1500 units.

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