I Need help with this please. I had a very bad accident and was not able to
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/666b50cdccfa4_069666b50cdb875a.jpg)
I Need help with this please. I had a very bad accident and was not able to get all this done. I am taking strong pain medication that I cannot think right now. Please get this done for me correctly since it is required for my final.
it is attached.
thanks for your prompt and accurate response.
1. | Which of the following is not a characteristic of managerial accounting? +2pts
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2. | In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to: +2pts
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3. | Alton Company produces metal belts. During the current month, the company incurred the following product costs: +3pts Raw materials $100,000 Direct labor $75,000 Electricity used in the Factory $25,000 Factory foreperson salary $3,750 Maintenance of factory machinery $2,000 Alton Company's total product costs:
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4. | Objectives of a cost accounting system What are the major objectives of a cost accounting system in a manufacturing company? +3pts | ||||||||||
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Sue's Soup Products uses a process costing system with two processing departments: the Mixing and Cooking Department and the Canning Department. Work in process inventories are reduced to zero each month. In March, the Mixing and Cooking Department incurred manufacturing costs of $63,000 to mix 42,000 gallons of soup. The Canning Department incurred manufacturing costs of $9,000. A total of 170,000 cans of soup were transferred to the finished goods warehouse during the month.
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5. | Refer to the information above. The journal entry to record the transfer of soup out of the Mixing and Cooking Department during March would include: +3pts
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6. | Refer to the information above. The journal entry to record the transfer of soup out of the Canning Department during March would include: +3pts
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7. | Refer to the information above. The unit cost per gallon of soup transferred to the Canning Department during March was: +5pts
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| Summit Products, Inc. is interested in producing and selling an improved widget. Market research indicates that customers would be willing to pay $90 for such a widget and that 50,000 units could be sold each year at this price. The current cost to produce the widget is estimated to be $65. | ||||||||||
40. | 8. Refer to the information above. If Summit Products requires a 25% return on sales to undertake production, what is the target cost for the new widget? +5pts
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41. | 9. Refer to the information above. Summit has learned that a competitor plans to introduce a similar widget at a price of $80. In response, Summit may reduce its selling price to $80. If Summit requires a 25% return on sales, what is the target cost for the new widget? +5pts
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42. | 10. Refer to the information above. At a price of $80, Summit's market research indicates that it can sell 60,000 units per year. Assuming Summit can reach its new target cost, how will Summit's profit at the $80 price compare to what it would have earned in the absence of the competitor's product? +5pts
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37. | 11. A 45% contribution margin ratio means that: +2pts
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41.12. | 12. If the monthly sales volume required to break even is $190,000 and monthly fixed costs are $55,900, the contribution margin ratio is closest to: +3pts
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Mitchell Corporation manufactures a single product. The selling price is $85 per unit, and variable costs amount to $68 per unit. The fixed costs are $16,500 per month.
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13. | Refer to the information above. What is the contribution margin ratio of Mitchell's product? +3pts
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14. | Refer to the information above. What is the monthly sales volume in dollars necessary to break-even? +5pts
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15. | Refer to the information above. How many units must be sold each month to earn a monthly operating income of $8,000? (Round your final answer to the next whole number.) +5pts
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16. | Refer to the information above. What will be Mitchell's monthly operating income if 1,800 units are sold each month? +5pts
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17. | Which factor is not relevant in deciding whether or not to accept a special order? +2pts
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18. | The primary difference between profit centers and cost centers is that: +2pts
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19. | An investment center: +2pts
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20. | Which of the following is not considered an operating budget? +2pts
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21. | A budget that can be easily adjusted to show budgeted revenues, costs, and cash flows at different levels of activity is known as: +2pts
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22. | Explain what is meant by "profit rich, yet cash poor". +3pts
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23. | There will be a favorable materials price variance if: +2pts
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24. | Greenleaf's flexible budget for June, based on actual output, called for the use of 10,000 square feet of materials at a standard cost of $9.90 per square foot. Company records show that the actual price paid for the materials used in June was $9.70 per square foot, and that the direct materials price variance for the month was $2,090 favorable. The materials quantity variance for Greenleaf's June operations was: +3pts
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| Maple Company's flexible budget, based upon the number of equivalent units produced, called for the use of 5,000 square yards of fabric at a standard cost of $2.45 per square yard. The Production Department actually used 5,200 square yards costing $2.35 per square yard during June.
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25. | Refer to the information above. The materials price variance for Maple Company for June is: +3pts
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27. | Identify the criticisms of using ROI (Return on investment) as the only performance measure. +5pts
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28. | Explain the importance of incentive systems for motivating performance. +5pts
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30. | Accounting terminology Listed below are nine technical accounting terms introduced or emphasized in this chapter: +2pts Each of the following statements may (or may not) describe one of these technical terms. In the space provided beside each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. ____ (a) The amount by which sales revenue exceeds total variable cost expressed as a percentage of sales. ____ (b) The amount by which sales volume exceeds the break-even point. ____ (c) The study of financial statements by a potential investor or creditor as a means of evaluating the profitability and solvency of a business. ____ (d) A type of activity that has a causal effect in the occurrence of a particular cost. ____ (e) The level of sales at which revenue equals operating expenses. ____ (f) A cost that responds to changes in sales volume by less than a proportionate amount. ____ (g) A mathematical technique used to determine the fixed and variable elements of a mixed or semi-variable cost.
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