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owing information relates to Washington, Inc.: Advertising Costs Sales Salary $19,000 Sales Revenue 14,000 President's Salary 530,000 340,000 Office Rent 64,500 Indirect Materials Used Manufacturing Equipment Depreciation 1,400 7,600 Indirect Labor 12,000 Factory Repair and Maintenance 920 Direct Materials Used 30,000 Direct Labor 41,000 Delivery Vehicle Depreciation 1,750 29,000 Administrative Salaries How much were Washington's product costs? A) $549,000 B) $658,250 C) $369,000 D) $92,920 10)

owing information relates to Washington, Inc.: Advertising Costs Sales Salary $19,000 Sales Revenue 14,000 President's Salary 530,000 340,000 Office Rent 64,500 Indirect Materials Used Manufacturing Equipment Depreciation 1,400 7,600 Indirect Labor 12,000 Factory Repair and Maintenance 920 Direct Materials Used 30,000 Direct Labor 41,000 Delivery Vehicle Depreciation 1,750 29,000 Administrative Salaries How much were Washington's product costs? A) $549,000 B) $658,250 C) $369,000 D) $92,920 10)

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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pai d Sales Revenue 10) The following information relates to Washington, Inc.: Advertising Costs Sales Salary her rac President's Salary Office Rent esi Manufacturing Equipment Depreciation Indirect Materials Used Indirect Labor Factory Repair and Maintenance Direct Materials Used Direct Labor Delivery Vehicle Depreciation $19,000 14,000 530,000 340,000 64,500 1,400 7,600 12,000 920 30,000 41,000 1,750 29,000 Administrative Salaries How much were Washington's product costs? A) $549,000 C) $369,000 B) $658,250 11) When the total variable costs are deducted from total mixed costs, we obtain A) total high-low costs C) variable cost per unit B) mixed cost per unit D) total fixed costs 10) D) $92,920 11) 12) Diaz Foods produces a gourmet salsa which sells for $28 per unit. Variable costs are $8 per unit, and fixed costs are $7,000 per month. If Diaz expects to sell 1,700 units, compute the margin of safety in units. A) 350 units B) 1,350 units C) 2,050 units 13) Penny's Pies, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units Units produced Units sold Ending balance, in units Production Costs: 650 4,200 4,300 550 Variable manufacturing costs per unit Total fixed manufacturing costs $50 $50,400 What is the unit product cost for the year using variable costing? A) $12 iB) $62 C) $50 14) Which of the following is considered a period cost in absorption costing? A) fixed selling and administrative costs B) semi-variable manufacturing overhead costs C) variable manufacturing overhead costs D) fixed manufacturing overhead costs 3 12) D) 1,700 units 13) (8 D) $92 14)
Transcribed Image Text:pai d Sales Revenue 10) The following information relates to Washington, Inc.: Advertising Costs Sales Salary her rac President's Salary Office Rent esi Manufacturing Equipment Depreciation Indirect Materials Used Indirect Labor Factory Repair and Maintenance Direct Materials Used Direct Labor Delivery Vehicle Depreciation $19,000 14,000 530,000 340,000 64,500 1,400 7,600 12,000 920 30,000 41,000 1,750 29,000 Administrative Salaries How much were Washington's product costs? A) $549,000 C) $369,000 B) $658,250 11) When the total variable costs are deducted from total mixed costs, we obtain A) total high-low costs C) variable cost per unit B) mixed cost per unit D) total fixed costs 10) D) $92,920 11) 12) Diaz Foods produces a gourmet salsa which sells for $28 per unit. Variable costs are $8 per unit, and fixed costs are $7,000 per month. If Diaz expects to sell 1,700 units, compute the margin of safety in units. A) 350 units B) 1,350 units C) 2,050 units 13) Penny's Pies, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units Units produced Units sold Ending balance, in units Production Costs: 650 4,200 4,300 550 Variable manufacturing costs per unit Total fixed manufacturing costs $50 $50,400 What is the unit product cost for the year using variable costing? A) $12 iB) $62 C) $50 14) Which of the following is considered a period cost in absorption costing? A) fixed selling and administrative costs B) semi-variable manufacturing overhead costs C) variable manufacturing overhead costs D) fixed manufacturing overhead costs 3 12) D) 1,700 units 13) (8 D) $92 14)
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