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    jack works on the production line at an assembly plant. jack receives a base salary plus $1.25 per unit assembled. this is an example of a ______ cost.

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    Accounting 203 Exam 1 Flashcards

    Start studying Accounting 203 Exam 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

    Accounting 203 Exam 1

    Prime Cost

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    Direct Materials + Direct Labor costs

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    Conversation Cost

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    Direct labor costs and Overhead costs

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    1/14 Created by adrian_romero52

    Terms in this set (14)

    Prime Cost

    Direct Materials + Direct Labor costs

    Conversation Cost

    Direct labor costs and Overhead costs

    Direct and indirect materials are known as

    raw materials

    Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines

    Variable Indirect Fixed Direct Fixed Indirect Materials activity

    the flow of raw materials.

    Production Activity

    beginning goods in process inventory, direct materials, direct labor, and overhead.

    Unfinished products are considered ending goods in process inventory.

    Sales activity

    Finished goods beginning inventory

    goods manufactured

    Costs which are tangible components of the finished product are called

    Direct Materials

    A company incurred the following costs: Selling and administrative expenses: $45,000; Direct materials: $15,000; Income tax expense: $10,000; Direct labor: $30,000; Factory overhead: $5,000. Total manufacturing costs reported on the schedule of cost of goods manufactured are

    50000

    Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers.

    Direct Variable

    Which of the following is the correct statement about fixed costs?

    The fixed cost per unit does not change when volume changes.

    The fixed cost per unit will decrease when volume increases.

    The fixed cost per unit will increase when volume increases.

    The fixed cost per unit will decrease when volume decreases.

    The fixed cost per unit will decrease when volume increases.

    Which of the following is the correct statement about variable costs?

    The variable cost per unit will increase when volume increases.

    The variable cost per unit does not change when volume changes.

    The variable cost per unit will decrease when volume increases.

    The variable cost per unit does not change when volume changes.

    An emphasis on the changing needs and wants of customers is called customer __

    orientation

    Jack works on the production line at an assembly plant. Jack receives a base salary plus $1.25 per unit assembled. This is an example of a ______ cost.

    variable mixed step-wise fixed mixed

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    Verified questions

    ACCOUNTING

    a. What information is included on each line of the petty cash register? b. Why is the petty cash register not considered a journal?

    Verified answer ACCOUNTING

    Rita and Rick Redding own and operate a tomato grove. After preparing the following income statement, Rita and Rick are concerned about the loss on the No. 3 tomatoes.

    \begin{matrix} \text{RITA AND RICK REDDING Income Statement For Year Ended December 31, 2017}\\ & \text{No. 1} & \text{No. 2} & \text{No. 3} & \text{Combined}\\ \text{Sales (by grade)}\\ \text{No. 1: 500,000 Ibs. @ \$1.80/lb }\ldots\ldots\ldots & \text{\$900,000}\\ \text{No. 2: 400,000 Ibs. @ \$1.25/lb} \ldots\ldots\ldots & \quad & \text{\$500,000}\\ \text{No. 3: 100,000 Ibs. @ \$0.40/lb}\ldots\ldots\ldots & \quad & \quad & \text{\$ 40,000}\\ \text{Total sales}\ldots\ldots\ldots & \quad & \quad & \quad & \text{\$1,440,000}\\ \text{Costs}\\ \text{Land preparation, seeding, and cultivating @ \$0.70/Ib} \ldots\ldots\ldots & \text{350,000} & \text{280,000} & \text{70,000} & \text{700,000}\\ \text{Harvesting, sorting, and grading @ \$0.04/Ib}\ldots\ldots\ldots & \text{20,000} & \text{16,000} & \text{4,000} & \text{40,000}\\ \text{Delivery costs .}\ldots\ldots\ldots & \text{10,000} & \text{7,000} & \text{3,000} & \text{20,000}\\ \text{Total costs . .} \ldots\ldots\ldots & \text{380,000} & \text{303,000} & \text{77,000} & \text{760,000}\\ \text{Net income (loss)} \ldots\ldots\ldots & \text{\$520,000} & \text{\$197,000} & \text{\$(37,000)} & \text{\$ 680,000}\\ \end{matrix}

    RITA AND RICK REDDING Income Statement For Year Ended December 31, 2017

    Sales (by grade)

    No. 1: 500,000 Ibs. @ $1.80/lb ………

    No. 2: 400,000 Ibs. @ $1.25/lb………

    No. 3: 100,000 Ibs. @ $0.40/lb………

    Total sales……… Costs

    Land preparation, seeding, and cultivating @ $0.70/Ib………

    Harvesting, sorting, and grading @ $0.04/Ib………

    Delivery costs .……… Total costs . .………

    Net income (loss)………

    ​ No. 1 $900,000 350,000 20,000 10,000 380,000 $520,000 ​ No. 2 $500,000 280,000 16,000 7,000 303,000 $197,000 ​ No. 3 $ 40,000 70,000 4,000 3,000 77,000 $(37,000) ​ Combined $1,440,000 700,000 40,000 20,000

    Source : quizlet.com

    Jack works on the production line at an assembly plant. Jack receives a base salary plus $1.25 per unit assembled. This is an ex

    Answer:The correct word for the blank space is: mixed. Explanation:Mixed costs or semi-variable costs are the results of adding fixed costs (those th

    KonstantinChe [14] 1 year ago 5

    Jack works on the production line at an assembly plant. Jack receives a base salary plus $1.25 per unit assembled. This is an ex

    ample of a ______ cost.

    Business 1 answer:

    Vanyuwa [196]1 year ago

    7 0

    Answer:

    The correct word for the blank space is: mixed.

    Explanation:Mixed costs or semi-variable costs are the results of adding fixed costs (those that do not change) to a variable cost (vary in proportion to the level of activity). Different levels of production in a company determine how much the mixed cost will be.Thus, in Jack's case, his salary is the fixed costs and the $1.25 per unit assembled is the variable cost.

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    Kromer Company receives cash immediately from its credit card sales. The credit card company charges 3% of card sales as its fee

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    Estimated Income Statements, using Absorption and Variable Costing

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    Answer:

    Marshall Inc.

    1. Estimated Income Statement for the year ending October 31 (Absorption Costing)

    Sales volume                                          40,000 Units    50,000 Units

    Sales Revenue                                          $2,120,000      $2,650,000

    Cost of goods sold:

    Direct materials ($31.90 per unit)               1,276,000         1,595,000

    Direct labor ($7.60 per unit)                         304,000            380,000

    Variable factory overhead ($3.50 per unit)  140,000            175,000

    Fixed factory overhead                                   63,840              63,840

    Total cost of goods sold                           $1,783,840       $2,213,840

    Gross profit                                                  $336,160         $436,160

    Expenses:

    Fixed selling & administrative expenses       17,400              17,400

    Variable selling & administrative expenses 55,263             69,079

    Total selling & administrative expenses    $72,663           $86,479

    Net income                                                $263,497         $349,681

    2. Estimated Income Statement for the year ending October 31 (Variable Costing)

    Sales volume                                            15,200 Units     16,800 Units

    Sales Revenue                                             $805,600         $890,400

    Cost of goods sold:

    Direct materials ($31.90 per unit)                  484,880           535,920

    Direct labor ($7.60 per unit)                           115,520             127,680

    Variable factory overhead ($3.50 per unit)   53,200              58,800

    Variable selling & administrative expenses   21,000               23,210

    Total Variable costs                                   $674,600           $745,610

    Gross profit                                                  $131,000           $144,790

    Fixed Expenses:

    Fixed selling & administrative expenses       17,400               17,400

    Fixed factory overhead                                 63,840              63,840

    Total fixed expenses                                   $81,240             $81,240

    Net income                                                 $49,760            $63,550

    Explanation:

    a) Data and Calculations:

    Estimated Operating Results

    Sales (15,200 x $53) $805,600

    Manufacturing costs (15,200 units):

    Direct materials 484,880 ($31.90 per unit)

    Direct labor 115,520 ($7.60 per unit)

    Source : answer-ya.com

    Which of the following is the correct statement about variable costs? *The variable cost per unit does not change when volume changes. *The variable cost per unit will decrease when volume increases *The variable cost per unit will increase when volume in. The variable cost per unit does not change when volume changes. Variable costs per unit will remain the same. Variable costs in total will increase with volume increases..

    Study Sets for Managerial Accounting CH 18. Which of the following is the correct statement about variable costs? *The variable cost per unit does not change when volume changes. *The variable cost per unit will decrease when volume increases *The variable cost per unit will increase when volume in. The variable cost per unit does not change when volume changes. Variable costs per unit will remain the same. Variable costs in total will increase with volume increases..

    Managerial Accounting CH 18

    Fixed Profits Fixed

    *Has A Profit Of $0 *Contribution Margin Equals Fixed Costs

    Based On Visual Fit And Subject To Interpertation

    *Uses Only Two Sets Of Values *Less Precise Because It Uses The Extreme Points

    *Uses A Statistical Technique And All Data Points *Most Precise Method

    1. Production Supervisor's Salary 2. Sales Rep's Pay Which Includes Salary Plus Commission 3. Production Line Worker's Pay, Which Is An Hourly Wage

    Costs Sales $40,000

    $75,000. $10 - 6 = $4/$10 = 40%. $30,000/40% = $75,000.

    Contribution Margin Ratio

    1. Scatter Diagrams 2. High-Low Method 3. Least-Squares Regression

    *Depreciation, $4,500 Per Month *Property Taxes, $12,000 Per Year

    *Direct Materials, $25 Per Unit *Shipping Costs, $15 Per Unit

    *Water & Sewer, $50 Per Month Plus $0.10 Per Gallon *Sales Rep's Pay, $1,000 Per Month Plus 10% Sales Commission

    Sales - Variable Costs = Contribution Margin - Fixed Costs = Net Income

    Change In Cost/Change In Units

    *Total Loss To The Left Of The Intersection *Total Profit To The Right Of The Intersection

    $50,000 ($110,000 - $87,500)/(4000-2500) = $22,500/1500u= $15/Unitl FC = $110,000 - ($15/Unit X 4,000 Units) = $50,000

    The Variable Cost Per Unit

    $1,200 (800 X $16 Selling Price) - (800 X $12 Variable Costs) - $1,200 Fixed Costs X (1- 40%) = $1,200

    The Variable Cost Per Unit Does Not Change When Volume Changes. Variable Costs Per Unit Will Remain The Same. Variable Costs In Total Will Increase With Volume Increases.

    *The Amount Sales Can Drop Before The Company Incurs A Loss. *The Difference Between Expected Sales And Break-Even Sales Divided By Expected Sales.

    12,500 ($30,000 + $20,000) / ($10 - $6) = 12,500

    Mixed

    28,000 (2,500 X $36) - $62,000 = $28,000

    5,000 $50,000 / ($14 - $4) = 5,000 Units

    26,000 ($3,000 + $10,000) / 50% = $26,000

    60% ($500,000 - $200,000) / $500,000 = 60%

    False

    40 ($10 - $6) / $10 = 40% * Per Unit Is "4" *

    0.60 VC = $300,000 / 750,000 Units = $0.40/Unit; CM = $1 - $0.40 = $0.60

    $0.05 And $0.04 $12,500 / 250,000 And $12,500 / 300,000

    *Constant Selling Price Per Unit. *Constant Total Fixed Costs. *Constant Variable Cost Per Unit.

    Increase

    *Scatter Diagrams *Least-Square Regression *High-Low Method

    4 $10 - $6 = $4

    64 ($125,000 - $45,000) / $125,000 = 64%

    12500 ($30,000 + $20,000) / ($10 - $6) = 12,500 Units

    Amount Of Fixed Costs

    $81,250 $125,000 X (1 - 35%) = $81,250

    $2,000 (800 X $16) - (800 X $12) - $1,200 = $2,000

    2:1 5,000/2,500 = 2:1

    Increase By 25%

    Least-Squares Regression

    $25 Variable Normal $314,750 Step-Wise Cost Composite Operating Leverage

    2 Contribution Margin = 15,000 X $4 = $60,000; Pre-Tax Income = $60,000 - $30,000; Degree Of Operating Leverage = $60,000 / $30,000 = 2

    100 2 X ($100 - $75) + 1 X ($150 - $100) = $100

    150 $15,000 / (2 X ($100 - $75) + 1 X ($150 - $100)) = 150 Units

    33.34 $25 X 2/3 + $50 X 1/3 = $16.67 + $16.67 = $33.34

    Ratio

    75000 ($30,000 + $15,000) / ($10 - $4) / $10 = $45,000 / 60% = $75,000

    Curvilinear

    Source : www.assignguru.com

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