Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

These are questions that I have found that I'd like to practice on for an upcoming test. Please let me know the right answer and

These are questions that I have found that I'd like to practice on for an upcoming test. Please let me know the right answer and show the calculations for each. This way I can compare with my answer to see what I did right or wrong. Please keep it simple to understand as I do struggle with accounting. Thank you. There are 10 questions.

1) Sales revenue is $250,000, fixed costs are $150,000, profit is $50,000, and sales price per unit is $25.00. Variable cost per unit is

$5.00

$10.00

$20.00

None of the above

2) Fixed costs are $80,000, profit required is $20,000, and variable costs are 50%. Sales revenue will have to be:

$200,000

$150,000

$50,000

None of the above

3) Given the following information, find dollar sales to achieve the following profit:variable cost percentage, 30%; profit, $60,000; fixed costs, $150,000

$700,000

$200,000

$300,000

None of the above

4) Given the following information, find break-even point in dollar sales:fixed cost, $48,337.80; contribution margin %, 60 %

$80,563

$120,844

$45,000

None of the above

5) Given the following information, find dollar sales to achieve the following profit:fixed costs, $60,000; profit, $18,000; sales price per unit, $8.00; variable cost per unit, $5.00; variable cost %, 62.5%

$45,000

$26,000

$208,000

None of the above

6) Given the following information, find break-even point in dollar sales:variable cost, 45%; fixed costs, $24,750

$55,000

$24,750

$45,000

None of the above

7) Given the following information, find break-even point in number of customers.Sales price per unit, $17.22; fixed costs, $215,035.68; variable cost per unit, $6.98

$45,000

$63,000

$21,000

256,000

8) Fixed costs are $185,000, operating income required is $25,000, rent income is $35,000, and the contribution margin is 50%. Sales revenue will have to be (to nearest $1,000):

$211,000

$300,000

$350,000

None of the above

9) Given the following information, find break-even point in number of customers.Fixed costs, $113,231.64; contribution margin, $2.28

$50,000

$20,000

$49,663

None of the above

10) A college's food operation has an average meal price of $12.50. Variable costs are $2.50 per meal and fixed costs total $75,000. How many meals must be sold to provide an operating income of $25,000?

5,000

10,000

15,000

None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Educational Foundations

Authors: Leslie Kaplan, James D Stice, William Owings

2nd Edition

1285968298, 9781285968292

More Books

Students also viewed these Accounting questions