Question 8 1 pts ML Co., a producer of snow boards, applies overhead to products based on direct labor cost. For 2021, ML estimated total overhead at $1,050,000 and total direct labor cost at $2,100,000. At year end, ML reports actual overhead cost of $1,125,000 and actual direct labor cost of $1,950,000. ML's pre-determined overhead rate for the year is: $2.00 per direct labor dollar $0.58 per direct labor dollar $0.50 per direct labor dollar $0.54 per direct labor dollar $0.54 per direct labor hour D Question 9 1 pts Which item shown below for Joe's Bakery would be considered a variable period cost? Salary of Joe, the CEO Salary of the bakery supervisor Hourly wages of the bakers Sales commissions More than one of these are variable period costs. Question 10 1 pts The payment of salaries would create which of the following impacts on the financial statements? A simultaneous increase and decrease in Assets. A decrease to Equity A cash outflow in the financing category. An increase to liabilities. None of these are correct. Question 11 1 pts Clyde's Coffee Inc. collected the data below regarding their two departments, Bean Department and Coffee Department: Bean Department Coffee Department Sales $670,000 $665,000 Direct Expenses 550,000 575,000 Allocated Expenses 175,000 85,000 Department Income (55,000) 5,000 Based on the data presented, which of the following is an accurate conclusion regarding these two departments: The Bean department should be eliminated because it generates negative contribution to overhead. The Bean department should be eliminated due its negative department income. The Bean department should not be eliminated due to its positive contribution to overhead These departments are both investment centers and therefore cannot be evaluated using anything except ROI and residual income None of these are correct. D Question 12 1 pts Which approach to measuring income focuses on the distinction between product and period costs? The GAAP based (absorption) approach The variable costing approach The tax basis approach The departmental income statement approach None of these are correct. Question 13 1 pts Lion Co. reported Net Income of $68,000 for the year ended December 31, 2020. The following additional information is available: Depreciation Expense $3,500 Purchase of equipment for cash 6,000 Decrease in Accounts Receivable 1,500 Decrease in Accounts Payable 2.700 Payment of cash dividends 6,000 The amount of cash provided by Operating Activities is: $71,500 $55,300 $63,800 $72,700 $70,300