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Identify the choice that best completes the statement or answers the question. Identify only one answer. Any unclear marks will be graded incorrect. 1. If sales volume increases and all other factors remain constant, then the: a. contribution margin ratio will increase. b. margin of safety will increase. break-even point will decrease. d. net operating income will decrease. C. 2. Which of the following statements about using a plantwide overhead rate based on direct labor is correct? a. Using a plantwide overhead rate based on direct labor-hours will ensure that direct labor costs are correctly traced to jobs. b. The labor theory of value ensures that using a plantwide overhead rate based on direct labor will do a reasonably good job of assigning overhead costs to jobs. It is often overly simplistic and incorrect to assume that direct labor- hours is a company's only manufacturing overhead cost driver. d. Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. c. 3. The February contribution format income statement of Morrow Corporation appears below: Sales $211,200 Variable Expenses $96,000 Contribution Margin $115,200 Fixed Expenses $84,100 Net Operating Income $31,100 The degree of operating leverage is closest to: a. 0.27 b. 6.79 c. 3.70 d. 0.15 4. Which of the following would most likely NOT be included as manufacturing overhead in a furniture factory? a. The cost of the glue in a chair. b. The workman's compensation insurance of the supervisor who oversees production. The factory utilities of the department in which production takes place. d. The amount paid to the individual who stains a chair. C