29 Jun Question 23. The number of equivalent units produc
QuestionQuestion
23. The number of equivalent units produc
23. The number of equivalent units produced with respect to direct materials costs is:
a. 51,000
b. 50,000
c. 47,000
d. 56,000
Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period (Assuming the company uses FIFO and rounds average cost per unit to two decimal places):
Direct materials (20,000 at $5) $ 100,000
Direct labor 142,300
Factory overhead 57,200
24. Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the departmental work in process inventory at the end of the period?
a. $90,000
b. $283,140
c. $199,500
d. $16,438
25. Which of the following statements is correct concerning variable and fixed costs?
a. Both costs are constant when considered on a per unit basis.
b. Variable costs vary in total and fixed costs are constant on a per unit basis.
c. Fixed costs are constant in total and variable costs are constant on a per unit basis.
d. Variable costs are constant in total and fixed costs are constant on a per unit basis.
26. If fixed costs are $750,000 and variable costs are 60% of sales, what is the break-even point (dollars)?
a. $1,875,000
b. $300,000
c. $2,500,000
d. $1,250,000
27. When a business sells more than one product at varying selling prices, the business’s break-even point can be determined as long as the number of products does not exceed:
a. two
b. three
c. fifteen
d. there is no limit
28. If variable selling and administrative expenses totaled $120,000 for the year (80,000 units at $1.50 each) and the planned variable selling and administrative expenses totaled $120,900 (78,000 units at $1.55 each), the effect of the unit cost factor on the change in variable selling and administrative expenses is:
a. $900 decrease
b. $3,100 decrease
c. $4,000 decrease
d. $3,100 increase
29. A variant of fiscal-year budgeting whereby a twelve-month projection into the future is maintained at all times is termed:
a. flexible budgeting
b. continuous budgeting
c. zero-based budgeting
d. master budgeting
The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Its projected sales for the next four months were: January – 200,000 units; February – 180,000 units; March – 210,000 units; and April – 230,000 units. The Cardinal Company wishes to maintain a desired ending finished goods inventory of 20% of the following months sales.
30. What would be the budgeted production for March?
a. 256,000
b. 206,000
c. 214,000
d. 298,000
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