Alexis Company reports the information below. The contribution margin ratio for the Northern Territory is: Northern Southern Territory Territory Sales $ 2,000,000 $ 2,400,000 Contribution margin 800,000 1,080,000 Multiple Choice 0 33% 40% 45% 54% 60% 0000 Geneva Company reports the following information for July: Sales $ 750,000 Variable cost of goods sold 225,000 Fixed cost of goods sold 100,000 Calculate the contribution margin for July. Multiple Choice 0 $52 5,000 $42 5,000 $750,000 0 0 $6 50,000 0 Which of the following would be reported on a variable costing income statement? Multiple Choice Gross Profit Cost of goods available for sale Total cost of goods sold Contribution margin O O O O O Workinprocess inventory Which of the following statements is true regarding absorption costing? Multiple Choice 0 Fixed overhead is included in period expenses under absorption costing. it is not permitted to be used for financial reporting. it is not permitted to be used for tax reporting. It assigns all manufacturing costs to products. it requires only variable costs to be treated as product costs. O O O O Which of the following is not a product cost under variable costing? Multiple Choice O Direct materials. O Fixed overhead. O Direct labor. O Variable overhead. O None of the above.A company had income of $500,000 based on variable costing. Beginning and ending finished goods inventories were 100,000 units and 96,000 units, respectively. Assume the fixed overhead per unit was $1.50 for both the beginning and ending finished goods inventory. The income under absorption costing is: Multiple Choice O $500,000 O $494,000 O $506,000 O $356,000 O $350,000Income when there is zero beginning inventory and all inventory units produced are sold. Multiple Choice 0 Will be lower under variable costing than absorption costing Will be the same under both variable and absorption costing Will be higher under variable costing than absorption costing Will be higher than gross profit under variable costing Will be lower than administrative costs under absorption costing OOOO Which of the following statements is true regarding variable costing? Multiple Choice Q It is the required method for external financial reporting. It includes direct materials, direct labor, and variable overhead costs in product costs. It is not permitted to be used for managerial reporting. lt treats overhead in the same manner as absorption costing. O O O Q It makes it easier to manipulate earnings with changes in production levels. Which of the following costing methods charges all manufacturing costs to its products? Multiple Choice 0 Direct costing ABC costing Variable costing Absorption costing Period costing O O O O Using absorption costing, which of the following manufacturing costs are assigned to products? Multiple Choice 0 Direct materials and direct labor. Direct labor and variable overhead. Fixed overhead, direct materials, and direct labor. Variable overhead, direct materials, and direct labor. Variable overhead, direct materials, direct labor, and fixed overhead. OOOO