OSTOR 7 During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor S4 per unit, Variable overhead. $5 per unit, and Fixed overhead. 5234,000. The company produced 26,000 units, and sold 18,000 units, leaving 8,000 units in Inventory at year-end. Income calculated under variable costing is determined to be $350,000. How much Income is reported under absorption costing? 2.5 points Multiple Choice 2456 $584,000 $350.000 $278.000 $422.000 7 of 38 Next > ME GE HIN Help Save 6 Sul 6 A firm expects to sell 25,900 units of its product at $1190 per unit and to incur variable costs per unit of $6.90. Total fixed costs are $79.000 The tota contribution margin is: points Multiple Choice [ 8134 $79.000 $129.500 52577110 $50.500 $170710 ME Graw Operating budgets include all the following budgets except the: 1 1 Multiple Choice 2.5 points 8012424 O Selling expense budget O Cash budget General and administrative expense budget. Production budget Sales budget Pre 1 of 38 Next > MC Graw Hill Buon 2 In a company that employs continuous budgeting on a quarterly basis and has an accounting period that ends December 31 of each year, what period would the first revision and update to the January through December 2017 budget cover? 25 points Multiple Choice 012414 February 2017 January 2018 April 2017 March 2018 January 2018 December 2018 O December 2017 November 2013 March 2017 February 2018