ACCT 8700-The break-even point is the point at which | Online Assignment Help: +1 (857)-330-4622

ACCT 8700-The break-even point is the point at which

ACCT 8700-The break-even point is the point at which The break-even point is the point at which…Question 1 options:total contribution margin equals fixed costsfixed costs equal variable costssales equals variable costsfixed costs equal salesSaveQuestion 2 (2.5 points)If both variable costs & fixed costs increase but sales remain the same, what is expected to happen to the Contribution Margin (CM) and to the Break-Even Point (BE) respectively?Question 2 options:CM-decrease, BE-increaseCM-decrease, BE-decreaseCM-decrease, BE-can’t be determinedCM-increase, BE-decreaseSaveQuestion 3 (2.5 points)Singer Co. reported sales of $416,000, a contribution margin of $5 per unit, fixed costs of $80,000, and a net income of $24,000.Determine the selling price per unit?Question 3 options:$5$20$86.70$26SaveQuestion 4 (2.5 points)Use the following information to answer Questions 4 & 5Projected cost information for a new product is as follows:Variable manufacturing costs:$8 per unitVariable selling costs:$2 per unitFixed manufacturing costs:$25,000Fixed selling costs:$45,000The product is to be sold at $18 per unit Determine the break-even point for this product (in $)?Question 4 options:$8,750$126,000$157,500$45,000SaveQuestion 5 (2.5 points)Use the following information to answer Questions 4 & 5Variable manufacturing costs:$8 per unitVariable selling costs:$2 per unitFixed manufacturing costs:$25,000Fixed selling costs:$45,000The product is to be sold at $18 per unit What price would the company have to sell this product for if they wish to sell 10,000 units and realize a profit of $50,000?Question 5 options:$5$12$22$18SaveQuestion 6 (2.5 points)Use the following information to answer questions 6 & 7Trader Tom’s makes and sells frozen 4-cheese pizzas, New York style. The expected selling price is $10 per pizza. The projected variable cost per pizza is $6. The estimated fixed costs per month are $10,000.Determine the number of pizzas that must be sold to make a monthly Net Income of $20,000?Question 6 options:2,0002,5005,0007,500SaveQuestion 7 (2.5 points)Use the following information to answer questions 6 & 7Trader Tom’s makes and sells frozen 4-cheese pizzas, New York style. The expected selling price is $10 per pizza. The projected variable cost per pizza is $6. The estimated fixed costs per month are $10,000.If fixed costs increase by $5,000 and 6,000 pizzas are sold in a given month, determine the Net Income for that month?Question 7 options:$9,000$15,000$19,000$20,000SaveQuestion 8 (2.5 points)Use the following information to answer Questions 8 & 9:The following information has been projected for Sommers Inc. for March:Sales50,000 unitsFinished Goods Beginning Inventory4,000 unitsFinished Goods Ending Inventory8,000 unitsThe selling price is $40 per unit. Each unit requires 4 pounds of material which costs $6 per pound. The beginning inventory of raw materials is 12,000 pounds. The company wants to have 3,000 pounds of material in inventory at the end of March.Determine Sommers’ budgeted production for March?Question 8 options:46,000 units38,000 units62,000 units54,000 unitsSaveQuestion 9 (2.5 points)Use the following information to answer Questions 8 & 9:The following information has been projected for Sommers Inc. for March:Sales50,000 unitsFinished Goods Beginning Inventory4,000 unitsFinished Goods Ending Inventory8,000 unitsThe selling price is $40 per unit. Each unit requires 4 pounds of material which costs $6 per pound. The beginning inventory of raw materials is 12,000 pounds. The company wants to have 3,000 pounds of material in inventory at the end of March.Determine the budgeted material purchases (in $) for March?Question 9 options:$1,206,000$1,296,000$1,350,000$1,242,000SaveQuestion 10 (2.5 points)Gastone Inc. has estimated the following forecasted sales for a 3-month period: Month Estimated sales $August33,000September29,000October30,000On average, 60% of sales are collected in the month of sale, 39% in the following month, and the remaining 1% is never collected.Determine the budgeted cash receipts for September?Question 10 options:$29,100$29,000$31,110$30,270SaveQuestion 11 (2.5 points)Polar Fans has prepared all the necessary budgets and is attempting to prepare their forecasted income statement. The budgeted total manufacturing cost is $600,000, the budgeted beginning and ending WIP balances are $120,000 and $170,000 respectively, the budgeted costs of goods manufactured is $550,000, and the budgeted beginning and ending FG inventories are $60,000 and $78,000 respectively.Determine the budgeted cost of goods sold for Polar Fans?Question 11 options:$532,000$568,000$500,000$482,000SaveQuestion 12 (2.5 points)The following information was reported for Lake Co.:Beginning cash balance$24,000Cash payments$42,000Cash receipts$29,000Cash balance required$22,000How much cash will Lake Co. have to borrow to meet its cash balance requirements?Question 12 options:$ 11,000$ 9,000$ 0$ 13,550SaveQuestion 13 (2.5 points)Garth Inc. has determined the following monthly budget numbers based on a budgeted production level of 2,000 units: Direct Materials$30,000Factory property taxes$10,000Factory utilities$3,000The actual production level during February was 3,000 units. Based on the information provided, determine the direct material & factory property taxes, respectively, for February.Question 13 options:$30,000 and $10,000$45,000 and $10,000$30,000 and $15,000$45,000 and $15,000SaveQuestion 14 (2.5 points)Excel Co. has collected the following data for April: Budgeted direct labor: 3 hours per unit at $6 per hour Direct labor efficiency variance: $1,200 (U) Actual direct labor cost: $28,900 Units produced: 1,600 Determine the actual number of direct labor hours worked in April?Question 14 options:4,8004,6004,5005,000SaveQuestion 15 (2.5 points)What type of direct material variances for quantity and price will arise if the actual number of pounds of material used exceeds budgeted pounds but actual cost per pound is less than budgeted cost per pound?Question 15 options:Quantity-Unfavorable, Price-FavorableQuantity-Favorable, Price-FavorableQuantity-Favorable, Price-UnfavorableQuantity-Unfavorable, Price-UnfavorableSaveQuestion 16 (2.5 points)Use the following information to answer Questions 16-20The budgeted and actual costs at Goodyear Company is as follows:Budgeted costsActual costsMaterials (per tire): 12 lbs @ $1.80/lbTotal materials purchased: 840,000lbsLabor (per tire): 4 hrs. @ $14/hrTotal cost of purchase: $1,554,000Factory O/H (per tire): 3 hrs. @ $8/hrTotal material used: 849,600 lbsLabor (per tire): 4.1 hrs @ $13/hrFactory O/H (per tire): 2.8 hrs @ $8.50/hrDuring October, Goodyear produced 72,000 tires. The budgeted cost and actual cost, respectively, of producing one tire is (to the nearest $)Question 16 options:$102 and $98$102 and $95$102 and $99$78 and $98SaveQuestion 17 (2.5 points)Use the following information to answer Questions 16-20The budgeted and actual costs at Goodyear Company is as follows:Budgeted costsActual costsMaterials (per tire): 12 lbs @ $1.80/lbTotal materials purchased: 840,000lbsLabor (per tire): 4 hrs. @ $14/hrTotal cost of purchase: $1,554,000Factory O/H (per tire): 3 hrs. @ $8/hrTotal material used: 849,600 lbsLabor (per tire): 4.1 hrs @ $13/hrFactory O/H (per tire): 2.8 hrs @ $8.50/hrDuring October, Goodyear produced 72,000 tires. The direct labor efficiency variance is:Question 17 options:$100,800 (U)$100,800 (F)$72,000 (F)$72,000 (U)SaveQuestion 18 (2.5 points)Use the following information to answer Questions 16-20The budgeted and actual costs at Goodyear Company is as follows:Budgeted costsActual costsMaterials (per tire): 12 lbs @ $1.80/lbTotal materials purchased: 840,000lbsLabor (per tire): 4 hrs. @ $14/hrTotal cost of purchase: $1,554,000Factory O/H (per tire): 3 hrs. @ $8/hrTotal material used: 849,600 lbsLabor (per tire): 4.1 hrs @ $13/hrFactory O/H (per tire): 2.8 hrs @ $8.50/hrDuring October, Goodyear produced 72,000 tires. The direct materials quantity variance is:Question 18 options:$25,920 (F)$44,400 (U)$44,400 (F)$25,920 (U)SaveQuestion 19 (2.5 points)Use the following information to answer Questions 16-20The budgeted and actual costs at Goodyear Company is as follows: Budgeted costsActual costsMaterials (per tire): 12 lbs @ $1.80/lbTotal materials purchased: 840,000lbsLabor (per tire): 4 hrs. @ $14/hrTotal cost of purchase: $1,554,000Factory O/H (per tire): 3 hrs. @ $8/hrTotal material used: 849,600 lbsLabor (per tire): 4.1 hrs @ $13/hrFactory O/H (per tire): 2.8 hrs @ $8.50/hrDuring October, Goodyear produced 72,000 tires. The direct materials price variance is:Question 19 options:$42,480 (U)$42,000 (U)$42,000 (F)$42,480 (F)SaveQuestion 20 (2.5 points)Use the following information to answer Questions 16-20The budgeted and actual costs at Goodyear Company is as follows:Budgeted costsActual costsMaterials (per tire): 12 lbs @ $1.80/lbTotal materials purchased: 840,000lbsLabor (per tire): 4 hrs. @ $14/hrTotal cost of purchase: $1,554,000Factory O/H (per tire): 3 hrs. @ $8/hrTotal material used: 849,600 lbsLabor (per tire): 4.1 hrs @ $13/hrFactory O/H (per tire): 2.8 hrs @ $8.50/hrDuring October, Goodyear produced 72,000 tires.The direct labor rate variance is:Question 20 options:$288,000 (U)$288,000 (F)$295,200 (U)$295,200 (F)