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Struggling with this section/questions in my accounting practice quiz Quiz 6 Q4)During May, XYZ Company sold 8,000 units and reported the following income statement: Sales
Struggling with this section/questions in my accounting practice quiz
Quiz 6 Q4)During May, XYZ Company sold 8,000 units and reported the following income statement: Sales ............................ $400,000 Variable costs ................... 280,000 Fixed costs ...................... 63,000 Net operating income ............. $ 57,000 Calculate the number of units that XYZ Company needed to sell during May to break-even. Enter your answer as a number (i.e., 1,000). Do not use the $, decimals, or type the word units after your answer. Q5) During May, XYZ Company sold 8,000 units and reported the following income statement: Sales ............................ $400,000 Variable costs ................... 280,000 Fixed costs ...................... 63,000 Net operating income ............. $ 57,000 Calculate the number of units XYZ Company must sell in order to earn a target profit equal to 20% of sales. Enter your answer as a number (i.e., 1,000). Do not use the $, decimals, or type the word units after your answer. Q6) XYZ Company recorded the following information related to their inventory accounts for January: January 1, 2003 January 31, 2003 Direct materials 15,000 ? Work in process 15,000 10,000 Finished goods ? 7,000 Additional information is as follows: Cost of goods manufactured .......... $26,000 Direct labor ........................ 8,000 Applied overhead .................... 10,000 Net income .......................... 40,000 S&A expenses ........................ 20,000 Sales revenue ....................... 90,000 Calculate the finished goods inventory balance on January 1. Do not use decimals in your answer. Q7)The following information relates to ABC Company's utilities cost and activity for the first six months of 2001: Month Utilities Costs Units Produced January $17,200 6,200 February 14,500 5,300 March 18,600 7,100 April 13,700 4,800 May 15,800 5,900 June 12,900 4,600 ABC Company expects to produce 8,200 units during July. Using the high-low method, calculate ABC Company's expected utilities cost for July. Q8) Betty DeRose, Inc. uses job order costing. Manufacturing overhead is applied to jobs using a PDR of 140% of direct labor cost. Additional information is as follows: a. Job #101 was the only job in process at February 1 with costs as follows: Direct materials ..................... $ 4,000 Direct labor ......................... 2,000 Applied overhead .................... 2,800 Total ............................. $ 8,800 b. Jobs 102,103 and 104 were started during February c. Direct materials used during February totaled $26,000 d. Direct labor costs of $20,000 were incurred in February e. Actual overhead costs incurred during February totaled $32,000 f. The only job still in process at February 28 was Job #104 with costs of $2,800 for direct materials and $1,500 for direct labor. Calculate the cost of goods manufactured for February. Do not use decimals in your answer. Q9) ABC Company recorded the following information related to their inventory accounts for 2007: January 1, 2007 December 31, 2007 Direct materials ? 37,000 Work in process 38,000 41,000 Finished goods 22,000 35,000 ABC Company's accounting records for 2007 indicated the following costs had been incurred: Direct materials purchased ................... $222,000 Depreciation, factory equipment .............. ? Direct labor ................................. ? Utilities..................................... ? Sales commissions............................. 69,000 Indirect materials............................ 31,000 Depreciation, office equipment ............... 14,000 Production supervisor's salary ............... 74,000 Advertising................................... 52,000 Additional Information: 1. 60% of the utilities relate to the factory while 40% of the utilities relate to the general office building 2. Sales revenue for 2007 totaled $785,000; cost of goods manufactured was $438,000; and net income amounted to $213,000 3. There was no overhead variance (i.e., actual overhead = applied overhead) Calculate the total cost of utilities incurred by ABC Company during 2007. Do not use decimals in your answer. Q10) Jackson Company applies overhead to products using direct labor cost as the activity level. During 2008, Jackson Company had the following estimated costs: Direct materials .................... $243,000 Direct labor ........................ 200,000 Advertising expense ................. 35,000 Rent on factory building ............ 36,000 Depreciation .................... ... 60,000 Indirect materials .................. 20,000 Sales commissions ................... 50,000 Production supervisor's salary ...... 40,000 Insurance on sales equipment ........ 17,000 It is known that 70% of the depreciation relates to equipment in the factory while 30% of the depreciation relates to equipment in the administrative offices. Jackson Company's accounting records indicated the following actual costs had been incurred during 2008: Direct materials purchased ........... $237,000 Direct labor ......................... 220,000 Total overhead cost .................. 125,000 Total selling & administrative costs . 130,000 Calculate the amount that Jackson Company's overhead was over-applied by in 2008. Do not use decimals or a minus sign in your answer. Additionally, do not type the word over-applied after yourStep by Step Solution
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