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16)   sector companies purchase materials and components and conve   goods.   A) Merchandising   B) Service   C) Manufacturing   D) Professional

16)   sector companies purchase materials and components and conve   goods.   A) Merchandising   B) Service   C) Manufacturing   D) Professional

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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16)

 

sector companies purchase materials and components and conve

 

goods.

 

A) Merchandising

 

B) Service

 

C) Manufacturing

 

D) Professional

Rhett Corporation provides the following information for 2020: Budgeted manufacturing overhead costs $1,200,000 Budgeted direct manufacturing labor-hours 20,000 hours Actual manufacturing overhead costs $1,250,000 Actual direct manufacturing labor-hours 25,000 hours 20 1.200100 The following information for a job at 40 Philadelphia Company: 250,00 Actual direct materials costs $ 6,000 Actual direct manufacturing labor 200 hours Actual direct manufacturing labor rate $ 56 per hour 7) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using actual costir 8) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using normal cost 9) Which of the following statements about normal costing is true? A) Direct costs and indirect costs are traced using an actual rate. B) Direct costs and indirect costs are traced using budgeted rates. C) Direct costs are traced using a budgeted rate, and indirect costs are allocated using an act D) Direct costs are traced using an actual rate, and indirect costs are allocated using a budge 10) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forec Answer the following questions (11-14) using the information below: X corporation produces and sells a decorative pillow. In 2020, it produced 2,000 units an 1,750 at an average selling price of $75 per unit. The following additional informationr corporation for 2020: Beginning inventory Variable manufacturing costs Variable marketing costs Fixed manufacturing costs Administrative expenses, all fixed $20.00 per unit $ 3.00 per unit $ 7.00 per unit $15.00 per unit 11) What is cost of goods sold per unit using variable costing? B) $23 A) $20 C) $30 D) $45 12) What is cost of goods sold using absorption costing? B) $40,000 C) $47,250 A) $35,000 D) $54,000 13) What is contribution margin using variable costing? B) $91,000 C) $104,000 A) $96,250 D) $110,000 14) What is operating income using variable costing? A) $52,500 B) $78,750 C) $65,750 D) $47,000 15) Budgeted costs are: A) the costs incurred this year C) predicted or forecasted costs B) the costs incurred las D) competitor's costs - sector companies purchase materials and components and conve 16), goods. A) Merchandising C) Manufacturing B) Service D) Professional
Transcribed Image Text:Rhett Corporation provides the following information for 2020: Budgeted manufacturing overhead costs $1,200,000 Budgeted direct manufacturing labor-hours 20,000 hours Actual manufacturing overhead costs $1,250,000 Actual direct manufacturing labor-hours 25,000 hours 20 1.200100 The following information for a job at 40 Philadelphia Company: 250,00 Actual direct materials costs $ 6,000 Actual direct manufacturing labor 200 hours Actual direct manufacturing labor rate $ 56 per hour 7) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using actual costir 8) Calculate the total manufacturing costs of a job at 40 Philadelphia Company using normal cost 9) Which of the following statements about normal costing is true? A) Direct costs and indirect costs are traced using an actual rate. B) Direct costs and indirect costs are traced using budgeted rates. C) Direct costs are traced using a budgeted rate, and indirect costs are allocated using an act D) Direct costs are traced using an actual rate, and indirect costs are allocated using a budge 10) Actual costs are: A) the costs incurred B) budgeted costs C) estimated costs D) forec Answer the following questions (11-14) using the information below: X corporation produces and sells a decorative pillow. In 2020, it produced 2,000 units an 1,750 at an average selling price of $75 per unit. The following additional informationr corporation for 2020: Beginning inventory Variable manufacturing costs Variable marketing costs Fixed manufacturing costs Administrative expenses, all fixed $20.00 per unit $ 3.00 per unit $ 7.00 per unit $15.00 per unit 11) What is cost of goods sold per unit using variable costing? B) $23 A) $20 C) $30 D) $45 12) What is cost of goods sold using absorption costing? B) $40,000 C) $47,250 A) $35,000 D) $54,000 13) What is contribution margin using variable costing? B) $91,000 C) $104,000 A) $96,250 D) $110,000 14) What is operating income using variable costing? A) $52,500 B) $78,750 C) $65,750 D) $47,000 15) Budgeted costs are: A) the costs incurred this year C) predicted or forecasted costs B) the costs incurred las D) competitor's costs - sector companies purchase materials and components and conve 16), goods. A) Merchandising C) Manufacturing B) Service D) Professional
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