Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

Question

Problem: A certain product sells for $55. It has variable costs of $33 per unit and fixed costs of $300,000 per year. How many products must the company manufacture to break even?(Round your answer to nearest unit number)

Answer 1

Question

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

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Problem: A certain product sells for $55. It has variable costs of $33 per unit and fixed costs of $300,000 per year. How many products must the company manufacture to break even?(Round your answer to nearest unit number)

Pteri Manufacturing makes a single product - the Pteri. Information for 2005 appears below: Sales in units: 200,000 Production in units: 250,000 Beginning inventory: 0 Variable production cost per unit: $1.00 Variable selling cost per unit: $0.30 Fixed production cost per year: $100,000 Fixed Selling and administrative cost per year: $50,000 Selling price per unit $3.00 What is the cost per unit of inventory using variable costing?

Anderson Enterprises incurred the following costs while producing 500 units: direct materials, $15 per unit; direct labor, $37.50 per unit; variable manufacturing overhead, $22.50 per unit: total fixed overhead costs, $15,000; variable selling and administrative costs, $7.50 per unit: total fixed selling and administrative costs, $11,250. A. What is the per unit product cost using variable costing? B. What is the operating income using variable costing if 450 units are sold for $150 each?

Answer 2

Question

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

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Answer 3

Question

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

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Answer 4

Question

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

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Answer 5

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

Answer 6

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

Answer 7

Chapter 6, Problem 1FA

1.

To determine

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

Answer 8

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

Answer 9

2.

To determine

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

Answer 10

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

Answer 11

3.

To determine

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

Answer 12

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

Answer 13

4.

To determine

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

Answer 14

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Answer 25

Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ Ch. 6 - Prob. 7DQ Ch. 6 - Prob. 8DQ Ch. 6 - Prob. 9DQ Ch. 6 - Prob. 10DQ

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

Solution Summary: The author identifies the person or group responsible for information reported in the annual report, and the Audit Committee, which recommends independent accountants to the board of directors.

Indicate the person or group responsible for information reported in the annual report, and the person or group responsible for recommending the independent accountants to the board of directors.

Indicate the independent auditors of Company CS, indicate the standards they used to evaluate the financial statements in the process of audit, and indicate the opinion expressed by the auditors.

Indicate the person or group responsible for establishing and maintaining adequate internal control over financial reporting, mention whether the effectiveness of internal controls is reviewed, and explain the importance of internal control activities.

Mention whether auditors can be held responsible for the internal controls, and indicate the opinion expressed by the auditors, regarding the assessment of internal control effectiveness.

Chapter 6 Solutions