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25. All of the following are true about the margin of safety except: a) The higher the margin of safety, the greater the risk to the company b) It can be calculated as a ratio and in dollars c) A high margin of safety gives a company more "cushion" if sales were to decrease d) Indicates the possible decrease in sales that may occur before a loss results 26. Which of the following is true related to period costs and product costs? a) Period costs are immediately expensed on the income statement in the period incurred b) Period costs are first reported in inventory on the balance sheet c) Period costs are part of Cost of Goods Sold on the income statement d) Product costs do not show up as inventory on the balance sheet 27. Refer to a cost of Goods Manufactured Schedule: Day Company had beginning raw materials Inventory of $44,000. During the period, $305,700 of raw material was purchased. A count at the end of the period revealed that $54,400 of raw material was left on hand. What is the cost of direct material used? a) $207,300 b) $295,300 c) $316,100 d) $404,100 2 Morrison Inc. had original sales and cost data for the month of April as follows: Sales: 13,600 units Selling price per unit: $17.00 Variable cost per unit: $11.50 Total fixed costs: $28,000 Which of the following is true if Morrison Inc.'s fixed costs increased from $28,000 to $35,000? a) The breakeven point in sales units would increase b) The contribution margin per unit would decrease c) The breakeven point in sales units would decrease d) The contribution margin per unit would increase 29. According to the article, Workers tell Wells Fargo horror stories, which of the following is not one of the mentioned causes for the millions of unauthorized bank accounts? a) Ethical and legal dilemmas were ignored by management b) Employees were expected to sell eight financial products to each customer c) Incentives, such as paid vacation, encouraged employees to create fictious accounts d) Managers were yelling at employees to reach sales quotas 30. Which of the following is true related to variable costs and fixed costs (assuming they are within the relevant range)? a) The fixed cost per unit remains the same regardless of changes in activity level. b) Total variable cost remains the same regardless of changes in activity level. c) The variable cost per unit decreases as the activity level increase d) Total fixed costs remain the same regardless of changes in the activity level