Principles of Accounting II- Please help me to answer these questions and explanation so I can re-read through the chapters and understand better.

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Principles of Accounting II- Please help me to answer these questions and explanation so I can re-read through the chapters and understand better.

Principles of Accounting II- Please help me to answer these questions and explanation so I can re-read through the chapters and understand better.
Question 1    In a process costing system, each process will have a work in process inventory account. True False Explanation: Question 2    Johnson’s Plumbing’s fixed costs are $700,000 and the unit contribution margin is $17. What amount of units must be sold in order to realize an operating income of $100,000?   5,000 41,176 47,059 58,882 Explanation: Question 3    Edna’s Chocolates had planned to sell chocolate-covered strawberries for $3.00 each. Due to various factors, the actual price was $2.75. Edna’s was able to sell 1,000 more strawberries than the anticipated 4,000. What is (1) the quantity factor and (2) the price factor for sales? (1) $3,000, (2) $(1,250) (1) $3,000, (2) $(3,000) (1) $1,250, (2) $3,000 (1) $(4,000) (2) $(3,000) Explanation: Question 4    The contribution margin ratio is the same as the profit-volume ratio. True False Explanation: Question 5    Department B had 3,000 units in Work in Process that were 25% completed at the beginning of the period at a cost of $12,500. 13,700 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 1,700 units were 95% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450, and factory overhead was $18,710. The number of equivalent units of production for the period for materials if the first-in, first-out method is used to cost inventories was 16,700 12,000 1,700 13,700 Explanation: Question 6    If the costs of direct materials, direct labor, and factory overhead were $522,200, $82,700, and $45,300, respectively, for 16,000 equivalent units of production, the conversion cost per equivalent unit was $8.00. True False Explanation: Question 7    The contribution margin ratio is computed as: sales divided by contribution margin contribution margin divided by sales contribution margin divided by cost of sales contribution margin divided by variable cost of sales Explanation: Question 8    Match each business that follows to the type of costing system (a or b) it would typically use. Home construction Flour mill Movie studio Paper manufacturer Gasoline refinery 1. Job order costing 2. Process costing Explanation: Question 9    Under which inventory costing method could increases or decreases in income from operations be misinterpreted to be the result of operating efficiencies or inefficiencies? only variable costing only absorption costing both variable and absorption costing neither variable nor absorption costing Explanation: Question 10    The contribution margin ratio is the same as the variable cost ratio the same as profit the portion of equity contributed by the stockholders the same as the profit-volume ratio Explanation: Question 11    If sales are $820,000, variable costs are 55% of sales, and operating income is $260,000, what is the contribution margin ratio? 45% 55% 62% 32% Explanation: Question 12    Strait Co. manufactures office furniture. During the most productive month of the year, 3,000 desks were manufactured at a total cost of $59,000. In the month of lowest production the company made 1,125 desks at a cost of $38,000. Using the high-low method of cost estimation, the total fixed costs are $21,000 $25,400 $42,000 $13,000 Explanation: Question 13    The contribution margin and the manufacturing margin are usually equal. True False Explanation: Question 14    All of the following are characteristics of a process cost system except the system may use several work in process inventory accounts manufacturing costs are grouped by department rather than by jobs the system accumulates costs per job the system emphasizes time periods rather than the time it takes to complete a job Explanation: Question 15    Match the following terms (a-e) with their definitions. Contribution margin divided by income from operations Plots only the difference between total sales and total costs Graphically shows costs, sales, and operating profit or loss at various levels of units sold Indicates the possible decrease in sales that may occur before operating loss results The relative distribution of sales among products sold by a company 1. Profit-volume chart 2. Cost-volume-profit chart 3. Sales mix 4. Operating leverage 5. Margin of safety Explanation: Question 16    Which of the following causes the difference between the planned and actual contribution margin? an increase or decrease in the amount of sales an increase in the amount of variable costs and expenses a decrease in the amount of variable costs and expenses all of the above Explanation: Question 17    Garmo Co. has an operating leverage of 5. Next year’s sales are expected to increase by 10%. The company’s operating income will increase by 50%. True False Explanation: Question 18    If the contribution margin ratio for France Company is 45%, sales were $425,000, and the fixed costs were $100,000, what was the income from operations? $233,750 $91,250 $191,250 $133,750 Explanation: Question 19    Contribution margin reporting and analysis is appropriate only for manufacturing firms, not for service firms. True False Explanation: Question 20    Harley Company has sales of $500,000, variable costs are 75% of sales, and operating income is $40,000. What is Harley’s operating leverage? 0.0 1.2 1.3 3.1 Question 21    Cost behavior refers to the manner in which a cost changes as the related activity changes. True False Explanation: Question 22    Rental charges of $40,000 per year plus $3 for each machine hour over 18,000 hours is an example of a fixed cost. True False Explanation: Question 23    If sales total $2,000,000, fixed costs total $800,000, and variable costs are 60% of sales, the contribution margin ratio is 40%. True False Explanation: Question 24    Break-even analysis is one type of cost-volume-profit analysis. True False Explanation: Question 25    Manley Co. manufactures office furniture. During the most productive month of the year, 4,500 desks were manufactured at a total cost of $86,625. In its slowest month, the company made 1,800 desks at a cost of $49,500. Using the high-low method of cost estimation, the total fixed costs are $61,875 $33,875 $24,750 cannot be determined from the data given Explanation: Question 26    Contribution margin is the excess of sales revenue over variable cost another term for volume in the “cost-volume-profit” analysis profit the same as sales revenue Explanation: Question 27   Match the following terms with their definitions. A specific activity range over which the cost changes are of interest.  Remain the same in total dollar amount as the level of activity changes Vary in proportion to changes in activity levels Where a business’s revenues exactly equal costs The excess of sales revenues over variable costs 1. Relevant range 2. Break-even point 3. Contribution margin 4. Fixed costs 5. Variable costs Explanation: Question 28    Make-or-buy options often arise when a manufacturer has excess productive capacity in the form of unused equipment, space, and labor. True False Explanation: Question 29    In addition to the differential costs in an equipment-replacement decision, the remaining useful life of the old equipment and the estimated life of the new equipment are important considerations. True False Explanation: Question 30    All of the following should be considered in a make-or-buy decision except cost savings quality issues with the supplier future growth in the plant and other production opportunities whether the supplier will make a profit that would no longer belong to the business Explanation:

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