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QuestionAnswered step-by-stepThe quantity factor tells us how much additional revenue changed…The quantity factor tells us how much additional revenue changed for the additional quantity sold at the planned price. The price factor tells us how much revenue changed on actual total sales due to the price being different than planned.Edna’s Chocolates had planned to sell chocolate-covered strawberries for $3.00 each. Due to various factors, the actual price was $2.75. Edna’s was able to sell 1,000 more strawberries than the anticipated 4,000. What is (1) the quantity factor and (2) the price factor for sales? Question 1 options:  (1) $3,000, (2) $(1,250)   (1) $3,000, (2) $(3,000)   (1) $1,250, (2) $3,000   (1) $(4,000) (2) $(3,000)  Question 2         Strait Co. manufactures office furniture. During the most productive month of the year, 3,000 desks were manufactured at a total cost of $59,000. In the month of lowest production, the company made 1,125 desks at a cost of $38,000. Using the high-low method of cost estimation, the total fixed costs are Question 2 options:  $21,000   $25,400   $42,000   $13,000  Question 3 (5 points)         Reynolds Manufacturers Inc. has estimated total factory overhead costs of $95,000 and expected direct labor hours of 9,500 for the current fiscal year.  If job number 117 incurs 2,300 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for Question 3 options:  $21,850   $95,000   $23,000   $2,300  Question 4 (5 points)         During FY 2020 Bay Manufacturing had total manufacturing costs are $406,000. Their cost of goods manufactured for the year was $457,000.  The January 1, 2021 balance of the Work-in-Process Inventory is $51,000. Use this information to determine the dollar amount of the FY 2020 beginning Work-in-Process Inventory. Round to a whole number (no cents). Your Answer:Question 4 options:   Answer Question 5 (5 points)         Job order costing and process costing are Question 5 options:  cost flow systems   pricing systems   cost accounting systems   inventory tracking systems  Question 6 (5 points)         Department B had 3,000 units in Work in Process that were 25% completed at the beginning of the period at a cost of $12,500. 13,700 units were started during the period. 15,000 units were completed during the period, and 1,700 units were 80% completed at the end of the period. All materials are added at the beginning of the process. Material cost was $15,400, direct labor was $32,450, and factory overhead was $18,710.The number of equivalent units of production for the period for conversion if the weighted average method is used to cost inventories was Question 6 options:  15,000   16,360   1,700   13,700  Question 7 (5 points)         Super Discounter Inc. is a merchandiser that had inventory at the beginning of the year of $510,000.  They made purchases of $2,500,000 and had returns and allowances on purchases of $75,000.  Ending inventory was $780,000.  What were the goods available for sale? Your Answer:Question 7 options:   Answer Question 8 (5 points)         The contribution margin ratio is computed as: Question 8 options:  sales divided by contribution margin   contribution margin divided by sales dollars   contribution margin divided by cost of sales   contribution margin divided by variable cost of sales  Question 9 (5 points)         The assembly department had beginning work in process of 15,000 units, ending work in process of 26,000 units and units transferred out of 66,000 units.  What was the number of units started or transferred in? Your Answer:Question 9 options:   Answer Question 10 (5 points)         During March 2021, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead.  Virginia Bay’s overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $253,000 would be incurred, and 6,000 direct labor hours would be worked.  During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate.  Round to closest cent. Your Answer:Question 10 options:   Answer Question 11 (5 points)         Annapolis Clothing Company manufactures quality boating attire.  The following selected financial information for the fiscal year 2020 is provided:Item AmountSales $200,000Cost of Goods Manufactured 53,000Direct Material Purchased 80,000Factory Overhead 20,000Work in Process – January 1 60,000Work in Process – December 31 30,000Direct Material – December 31 20,000Finished Goods Inventory – December 31 42,000Net Income 30,000Direct Materials used 60,000Cost of Goods Sold 69,000Use this information to determine the dollar amount of Annapolis Clothing’s Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents). Your Answer:Question 11 options:   Answer Question 12 (5 points)         Under which inventory costing method could increases or decreases in income from operations be misinterpreted to be the result of operating efficiencies or inefficiencies? Question 12 options:  only variable costing   only absorption costing   both variable and absorption costing   neither variable nor absorption costing  Question 13 (5 points)         Dorchester Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Dorchester started into production 14,500 units. At the end of the month there were 13,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 40% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:            Direct Material                      $21,000            Direct Labor                              17,000            Factory Overhead                    25,000Dorchester uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of March. Round answer to closest cent. Your Answer:Question 13 options:   Answer Question 14 (5 points)         Match each business that follows to the type of costing system (a or b) it would typically use. Question 14 options:12 Paper manufacturer 12 Gasoline refinery 12 Home construction 12 Movie studio 12 Flour mill    1. Job order costing 2. Process costing  Question 15 (5 points)         Which of the following is part of factory overhead? Question 15 options:  sales commissions   parts inventory   cleaning supplies for machinery   wages for supervisor of assembly department  Question 16 (5 points)         Harley Company has sales of $500,000, variable costs are 75% of sales, and operating income is $40,000. What is Harley’s operating leverage? Question 16 options:  0.0   1.2   1.3   3.1  Question 17 (5 points)         All of the following are characteristics of a process cost system except Question 17 options:  the system may use several work in process inventory accounts   manufacturing costs are grouped by department rather than by jobs   the system accumulates costs per job   the system emphasizes time periods rather than the time it takes to complete a job  Question 18 (5 points)         Managers used managerial information for all of the following except                                                                             Question 18 options:  to determine the cost of manufacturing a product   to support long-term planning decisions   to analyze the performance of a company’s operations   to evaluate the company’s stock performance  Question 19 (5 points)         Baltimore Manufacturing had a Work in Process balance of $70,000 on January 1, 2020. The year end balance of Work in Process was $71,000 and the Cost of Goods Manufactured was $750,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2020. Round to a whole number (no cents). Your Answer:Question 19 options:   Answer Question 20 (5 points)         March 1, 2020, Dorchester Company’s beginning work in process inventory had 6,000 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Dorchester introduces direct materials at the beginning of the production process.  During March, all beginning WIP was completed and an additional 22,500 units were started and completed. Dorchester also started but did not complete 10,500 units.  These units remained in ending WIP inventory and were 40% complete as to conversion costs. Dorchester uses the weighted average method. Use this information to determine for March 2020 the equivalent units of production for conversion costs. Round to whole number (no cents). Your Answer: AccountingBusinessFinancial AccountingACCOUNTING 221Share Question

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