29 Jun Question 1. Which of the following is not an exam
Question
1. Which of the following is not an example of a product cost at a gym?
A. Salary paid to instructors.
B. Corporate office rent.
C. Supplies
D. Utility cost in the gymnasium.
2. Gross margin equals:
A. Revenues less product costs.
B. Revenues less period costs.
C. Revenues less selling and administrative expenses.
D. Revenues less depreciation expense.
3. Metal used to make components is an example of:
A. Direct Labor
B. Variable Manufacturing Overhead
C. Direct Materials
D. Fixed Manufacturing Overhead
4. Which of the following is not an example of a direct material?
A. Steel.
B. Packaging Materials.
C. Leather.
D. Canvas.
5. Which account would not be shown under inventory in a manufacturing firm’s
balance sheet?
A. Work-in-Process.
B. Merchandising Inventory.
C. Finished Goods.
D. Held on Consignment.
6. Aspen Company has sales of $2,000,000, cost of goods sold of $200,000, and
selling and administrative costs of $500,000. Aspen Company’s gross margin is:
A. $1,800,000.
B. $1,500,000.
C. $1,300,000.
D. $1,700,000.
7. Suppose Max’s Shuttle Service wants to earn a profit before taxes of $375,000 in
the coming year. Max’s selling price is $40, its variable cost per unit is $20, and its
fixed costs are $150,000. How many tickets must the company sell?
a. 26,520
b. 26,250
c. 18,750
d. 11,250
e.
8 A firm performs CVP analysis for three primary purposes:
a. calculating measures that help assess operating risk
b. evaluating the profit impact of short-term decision alternatives
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