1. Managerial Accounting and Financial Accounting differ in the following way:

A. Managerial Accounting emphasizes on past performance.

B. Managerial Accounting summarizes information for the company as a whole.

C. Managerial Accounting is private information for company managers.

D. Managerial Accounting emphasizes precision over timeliness.

2. Last month 10,000 units of a product were manufactured, and the total cost per unit was $60. At this level of production the variable cost is $30 per unit and the fixed cost is $30 per unit. If 10,500 units are manufactured the next month, and the costs remain within the same relevant range, ___________________. (SHOW WORKINGS)

A. total variable cost will remain unchanged

B. fixed costs will increase in total

C. variable cost per unit will increase

D. total cost per unit will decrease

3. Supply costs at First Fitness Corporation's chain of gyms are listed below:

--------------------Client-Visit ; Supply cost($)

March................ 11,647 ; $28,561

April .................. 11,443 ; $28,395

May .................. 11,975 ; $28,819

June .................. 12,088 ; $28,892

July..................... 11,707 ; $28,622

August................ 11,193 ; $28,221

September ......... 11,987 ; $28,820

October ............. 11,678 ; $28,578

November.......... 11,826 ; $28,703

Management believes that supply cost is a mixed cost that depends on client-visits. Using the high-low method to estimate the variable and fixed components of this cost, those estimates would be closest to______________. (SHOW WORKINGS)

A.$2.44 per client-visit; $28,623 per month

B.$1.33 per client-visit; $12,768 per month

C.$0.79 per client-visit; $19,321 per month

D.$0.75per client-visit; $19,826 per month

4. Hutchinson Inc has provided the data concerning the company's Manufacturing Overhead account for the month of June. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $75,000 and the total of the credits to the account was $57,000. Which of the following statements is true? (SHOW WORKINGS)

A. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $75,000.

B. Actual manufacturing overhead incurred during the month was $57,000.

C. Manufacturing overhead applied to Work in Process for the month was $75,000.

D. Manufacturing overhead for the month was underapplied by $18,000.