Question 115 pts

The following information pertains to questions 10-12 regarding Scott's Production Company:

Beginning finished goods, 1/1/2018	$ 40,000
Ending finished goods, 12/31/2018	33,000
Cost of goods Sold	250,000
Sales revenue	600,000
Operating expenses	120,000

1. What is gross profit for 2018? ________

Flag question: Question 12Question 125 pts

The following information pertains to questions 10-12 regarding Scott's Production Company:

Beginning finished goods, 1/1/2018	$ 40,000
Ending finished goods, 12/31/2018	33,000
Cost of goods Sold	250,000
Sales revenue	600,000
Operating expenses	120,000

1. What is operating income for 2018? ________

Flag question: Question 13Question 135 pts

13. The following information is taken from Wampler Co's current-year contribution statement:

Sales	$200,000
Contribution margin	120,000
Fixed costs	90,000
Income taxes	12,000

What was Wampler's margin of safety (in dollar amount)? __________________

Flag question: Question 14Question 145 pts

1. Classifying a cost as either direct or indirect depends upon

Group of answer choices

the behavior of the cost in response to volume changes.

whether an expenditure is avoidable or not in the future.

whether the cost is expensed in the period in which it is incurred.

whether the cost can be easily identified with the cost object.

Flag question: Question 15Question 155 pts

15. LSB Company has the following income statement:

Revenues	$100,000
Variable Costs	50,000
Contribution Margin	50,000
Fixed Costs	30,000
Operating Income	20,000

If LSB's sales increase by $30,000, what will be the increase in company's operating profit(in dollar amount)?

Flag question: Question 16Question 165 pts

The following data are taken from the August financial statements of Best Toys Manufacturing Company, Inc.

Beginning work in process inventory $4,500

Ending work in process inventory 3,200

Beginning finished goods inventory 7,800

Ending finished goods inventory 8,200

Direct materials used 15,000

Direct labor 12,500

Indirect labor 1,500

Indirect materials 2,200

Factory insurance 1,800

Factory depreciation 4,300

Administrative expenses 3,800

1. Refer to the above information. What amount of cost of goods manufactured was reported on Best Toys' August income statement? _________

Flag question: Question 17Question 175 pts

1. If a company decreases its degree of operating leverage it would:

Group of answer choices

have higher breakeven point

have higher amount of contribution margin relative to operating income

be less sensitive to changes in sales volume

have more downside risk and upside potential

increase its fixed costs relative to its variable costs

Flag question: Question 18Question 185 pts

Wayland Manufacturing is using a job costing system. The following information pertains to its 2018 operations.

Direct materials purchased $ 74,000

Direct materials used 41,000

Direct labor used 65,000

Factory overhead incurred 73,000

Cost of goods manufactured 145,000

Cost of goods sold 128,000

Beginning balance for direct material inventory 12,000

Beginning balance for WIP (work-in-process) inventory 32,000

Beginning balance for finished goods inventory 29,000

1. Ending balance of Direct Materials Inventory is _________

Flag question: Question 19Question 195 pts

Wayland Manufacturing is using a job costing system. The following information pertains to its 2018 operations.

Direct materials purchased $ 74,000

Direct materials used 41,000

Direct labor used 65,000

Factory overhead incurred 73,000

Cost of goods manufactured 145,000

Cost of goods sold 128,000

Beginning balance for direct material inventory 12,000

Beginning balance for WIP (work-in-process) inventory 32,000

Beginning balance for finished goods inventory 29,000

1. Ending balance of Work-in-Process Inventory is _________

Flag question: Question 20Question 205 pts

Wayland Manufacturing is using a job costing system. The following information pertains to its 2018 operations.

Direct materials purchased $ 74,000

Direct materials used 41,000

Direct labor used 65,000

Factory overhead incurred 73,000

Cost of goods manufactured 145,000

Cost of goods sold 128,000

Beginning balance for direct material inventory 12,000

Beginning balance for WIP (work-in-process) inventory 32,000

Beginning balance for finished goods inventory 29,000

1. Ending balance of Finished Goods Inventory is __________