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ACC 202 ACC/202 ACC 202 Week 2 Quiz

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ACC 202 ACC/202 ACC 202 Week 2 Quiz (NATIONAL UNIVERSITY)

    1. ____________________ is defined as the identification and selection of activities to maximize the value of the activities while minimizing their cost from the perspective of the final consumer.
    2. Which of the following is a value-added activity?
    3. Contribution margin means:
    4. Activity-based costing is a technique for more precisely measuring the cost and profitability of
    5. Which of the following statements about activity based costing is true?
    6. Which of the following would be classified as a variable manufacturing cost?
    7. Which of the following would be classified as a fixed selling and administrative cost?
    8. Which of the following is NOT an assumption that must be true in order for CVP analysis to provide reliable information for decision making?
    9. Which of the following formulas is used to calculate the contribution margin ratio?
    10. The margin of safety is:
    11. The break-even point in units is calculated using:
    12. Menlove Corporation has provided the following cost data for last year when 100,000 units were produced and sold:
    13. Northern Pacific Fixtures Company sells a single product for $28 per unit. If variable expenses are 65% of sales and fixed expenses total $9,800, the break-even point will be:
    14. Carlton Company sells a single product at a selling price of $40 per unit. Variable expenses are $22 per unit and fixed expenses are $82,800. Carlton's break-even point is:
    15. Wide Corporation manufactures two products: A and B.  The total indirect manufacturing overhead resource costs of $183,400 have been assigned to four activity cost pools that use the following cost drivers:
    16. Lion Company has identified the following overhead costs and cost drivers for next year:
    17. Chattanooga, Inc. has two categories of overhead: maintenance and inspection.  Costs expected for these categories for the coming year are as follows:
  • Rozella’s income statement is as follows:
     
  • Sales (10,000 units)
  • $120,000
  • Less variable costs
  • -  48,000
  • Contribution margin
  • $72,000
  • Less fixed costs
  • -  24,000
  • Net income
  • $  48,000
  •  
    What is the unit contribution margin?
  •  
  • Rozella’s income statement is as follows:
     
  • Sales (10,000 units)
  • $120,000
  • Less variable costs
  • -  48,000
  • Contribution margin
  • $72,000
  • Less fixed costs
  • -  24,000
  • Net income
  • $  48,000
  •  
    What is the contribution margin ratio?
  • The following costs related to Simpson Company for a relevant range of up to 20,000 units annually:
     
  • Variable   Costs:
  •  
  • Direct materials
  • $5.00
  • Direct labor
  • 1.50
  • Manufacturing Overhead
  • 2.50
  • Selling and administrative
  • 2.00
  • Fixed   Costs:
  •  
  • Manufacturing overhead
  • $20,000
  • Selling and Administrative
  • 10,000
  •  
    The selling price per unit of product is $15.00.  At a sales volume of 15,000 units, what is the total profit for Simpson Company?

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