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Q1. 1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation? А. Rs.0.7 В. Rs.0.07 С. Rs.0.28 D. Rs.0.21

Q1. 1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation? А. Rs.0.7 В. Rs.0.07 С. Rs.0.28 D. Rs.0.21

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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Q1. 1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation? А. Rs.0.7 В. Rs.0.07 С. Rs.0.28 D. Rs.0.21 2. Based on information (1) the Cost of goods sold is. Rs.14,000 Rs.28,000 Rs.42,000 Rs.56,000 A. В. С. D. 3. Based on information (1) the Cost of finished goods ending is. Rs.14,000 Rs.28,000 Rs.42,000 Rs.56,000 А. В. С. D. 4. If total warehousing cost for the year amounts to Rs.500,000, and 30% of the warehousing activity is associated with direct materials and rest with finished goods, then how much of the cost would be charged as a product cost: Rs.350,000 Rs.500,000 Rs.150,000 А. В. С. D. Rs. 50,000 5. Expected annual Usage of materials is 2,000,000 units, and per order quantity is 10,000 units. The invoice cost of each unit is Rs.500, and the cost to place on purchase order is Rs.80. Total Cost: А. 8million В. 16million С. zero None of the above D. 6. Based on the information in (5), the estimated annual order cost is: А. Rs.16,000 В. Rs.100,000 Rs.32,000 Rs.50,000 С. D. 7. Which of the following is not classified as a direct material: Lumber used in production of chairs Paper used in the manufacture of books Oil used to lubricate factory equipment Cloth used in the production of shirts А. В. С. D. 8. The Cost of goods sold is always equal to the cost of goods available for sale. Plus Beginning finished goods Minus Ending finished goods Minus Beginning finished goods А. В. С.
Transcribed Image Text:Q1. 1. Naeem Corporation filled 200,000 gallons of water at a total cost of Rs.56,000. Assuming that 75% of the filled gallons are sold, what is the per gallon cost of the Naeem Corporation? А. Rs.0.7 В. Rs.0.07 С. Rs.0.28 D. Rs.0.21 2. Based on information (1) the Cost of goods sold is. Rs.14,000 Rs.28,000 Rs.42,000 Rs.56,000 A. В. С. D. 3. Based on information (1) the Cost of finished goods ending is. Rs.14,000 Rs.28,000 Rs.42,000 Rs.56,000 А. В. С. D. 4. If total warehousing cost for the year amounts to Rs.500,000, and 30% of the warehousing activity is associated with direct materials and rest with finished goods, then how much of the cost would be charged as a product cost: Rs.350,000 Rs.500,000 Rs.150,000 А. В. С. D. Rs. 50,000 5. Expected annual Usage of materials is 2,000,000 units, and per order quantity is 10,000 units. The invoice cost of each unit is Rs.500, and the cost to place on purchase order is Rs.80. Total Cost: А. 8million В. 16million С. zero None of the above D. 6. Based on the information in (5), the estimated annual order cost is: А. Rs.16,000 В. Rs.100,000 Rs.32,000 Rs.50,000 С. D. 7. Which of the following is not classified as a direct material: Lumber used in production of chairs Paper used in the manufacture of books Oil used to lubricate factory equipment Cloth used in the production of shirts А. В. С. D. 8. The Cost of goods sold is always equal to the cost of goods available for sale. Plus Beginning finished goods Minus Ending finished goods Minus Beginning finished goods А. В. С.
Plus Ending finished goods 9. In a manufacturing co. product costs include: Materials only D. А. В. Materials and Labor Labor only Material, Labor and Overhead С. D. 10. If factory overhead is 30,000 which is 20% of direct labor then conversion cost will be: A. Rs.36,000 В. Rs.120,000 С. Rs.90,000 D. Rs. 180,000 11. At 200 units, total costs are Rs.1,450 and at 600 units, total costs are Rs.3,850. Using the high-low method, fixed costs are: А. 50 В. 150 С. 250 D. 550 12. Which of the following represents the CVP equation? А. Sales = Contribution margin + Fixed expenses + Profits Sales = Contribution margin ratio + Fixed expenses + Profits Sales = Variable expenses + Fixed expenses + Profits Sales = Variable expenses - Fixed expenses + Profits 13. The Basheer Corporation has a breakeven point when sales are 100,000 units and Rs.320,000, and variable costs at that level of sales are Rs.200,000. How many additional units would have to be sold to reach a new breakeven point, if fixed costs doubled? В. С. D. А. 100,000. В. 120,000. 160,000. 325,000. С. D. 14. Cost that are identified with and traced to, one product or specific batch of products are called: А. ОН cost В. Indirect costs С. Fixed costs D. Direct costs 15. Which of the following is not a period cost? Wood used in making table The company president's salary Depreciation on a sales staff's car Sales commission Е. F. G. Н. 16. If the fixed cost per unit is Rs.4 when 6,000 units are produced, what is the total fixed cost when 8,000 units are produced? Rs.32,000 Rs.42,667 A. В. С. Rs.21,333 Rs.24,000 D.
Transcribed Image Text:Plus Ending finished goods 9. In a manufacturing co. product costs include: Materials only D. А. В. Materials and Labor Labor only Material, Labor and Overhead С. D. 10. If factory overhead is 30,000 which is 20% of direct labor then conversion cost will be: A. Rs.36,000 В. Rs.120,000 С. Rs.90,000 D. Rs. 180,000 11. At 200 units, total costs are Rs.1,450 and at 600 units, total costs are Rs.3,850. Using the high-low method, fixed costs are: А. 50 В. 150 С. 250 D. 550 12. Which of the following represents the CVP equation? А. Sales = Contribution margin + Fixed expenses + Profits Sales = Contribution margin ratio + Fixed expenses + Profits Sales = Variable expenses + Fixed expenses + Profits Sales = Variable expenses - Fixed expenses + Profits 13. The Basheer Corporation has a breakeven point when sales are 100,000 units and Rs.320,000, and variable costs at that level of sales are Rs.200,000. How many additional units would have to be sold to reach a new breakeven point, if fixed costs doubled? В. С. D. А. 100,000. В. 120,000. 160,000. 325,000. С. D. 14. Cost that are identified with and traced to, one product or specific batch of products are called: А. ОН cost В. Indirect costs С. Fixed costs D. Direct costs 15. Which of the following is not a period cost? Wood used in making table The company president's salary Depreciation on a sales staff's car Sales commission Е. F. G. Н. 16. If the fixed cost per unit is Rs.4 when 6,000 units are produced, what is the total fixed cost when 8,000 units are produced? Rs.32,000 Rs.42,667 A. В. С. Rs.21,333 Rs.24,000 D.
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