In applying the high-low method, which months are relevant? \[\begin{array} { l c c } \text { Month } & \text { Miles } & \text { Total Cost } \\ \text { January } & 80,000 & \$ 192,000 \\ \text { February } & 50,000 & 160,000 \\ \text { March } & 70,000 & 188,000 \\ \text { April } & 90,000 & 260,000 \end{array}\]

A) January and February B) January and April C) February and April D) February and March A) January and February B) January and April C) February and April D) February and March

In applying the high-low method, what is the fixed cost? \[\begin{array} { l c c } \text { Month } & \text { Miles } &\text { Total Cost } \\ \text { January } & 80,000 & \$ 192,000 \\ \text { February } & 50,000 & 160,000 \\ \text { March } & 70,000 & 188,000 \\ \text { April } & 90,000 & 260,000 \end{array}\]

A) $35,000 B) $72,000 C) $28,000 D) $100,000 A) $35,000 B) $72,000 C) $28,000 D) $100,000

Exam 5: Merchandising Operations and the Multiple-Step Income Statement

Aero, Inc.requires sales of $2,000,000 to cover its fixed costs of $600,000 and to earn net income of $500,000.What percent are variable costs of sales?

(Multiple Choice)

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Question 101

In applying the high-low method, which months are relevant? Month Miles Total Cost January 80,000 \ 192,000 February 50,000 160,000 March 70,000 188,000 April 90,000 260,000

(Multiple Choice)

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Question 102

A target net income is calculated by taking actual sales minus the margin of safety.

(True/False)

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Question 103

O'Malley Company sells 100,000 units for $13 a unit.Fixed costs are $350,000 and net income is $250,000.What should be reported as variable expenses in the CVP income statement?

(Multiple Choice)

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Question 104

The CVP income statement

(Multiple Choice)

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Question 105

In applying the high-low method, what is the fixed cost? Month Miles Total Cost January 80,000 \ 192,000 February 50,000 160,000 March 70,000 188,000 April 90,000 260,000

(Multiple Choice)

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Question 106

The difference between the costs at the high and low levels of activity represents the fixed cost element of a mixed cost.

(True/False)

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Question 107

Changes in the level of activity will cause unit variable and unit fixed costs to change in opposite directions.

(True/False)

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Question 108

Which of the following is not a cost classification?

(Multiple Choice)

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Question 109

Cunningham, Inc.sells MP3 players for $60 each.Variable costs are $40 per unit, and fixed costs total $120,000.What sales are needed by Cunningham to break even?

(Multiple Choice)

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Question 110

Bruno & Court is a nonprofit organization that captures stray deer bewildered within residential communities.Fixed costs are $20,000.The variable cost of capturing each deer is $10 each. Bruno & Court is funded by a local philanthropy in the amount of $64,000 for 2016.How many deer can Bruno & Court capture during 2016?

(Multiple Choice)

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Question 111

The contribution margin ratio increases when

(Multiple Choice)

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Question 112

A cost which remains constant per unit at various levels of activity is a

(Multiple Choice)

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Question 113

How much sales are required to earn a target income of $240,000 if total fixed costs are $300,000 and the contribution margin ratio is 40%?

(Multiple Choice)

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Question 114

The contribution margin ratio is calculated by multiplying the unit contribution margin by the unit sales price.

(True/False)

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Question 115

The high-low method is used in classifying a mixed cost into its variable and fixed elements.

(True/False)

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Question 116

Cost-volume-profit analysis includes all of the following assumptions except

(Multiple Choice)

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Question 117

The amount by which actual or expected sales exceeds break-even sales is referred to as

(Multiple Choice)

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Question 118

A mixed cost contains

(Multiple Choice)

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Question 119

The margin of safety is the difference between sales at breakeven and sales at a determined activity level.

(True/False)

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Question 120

Showing 101 - 120 of 156

Aero, Inc.requires sales of $2,000,000 to cover its fixed costs of $600,000 and to earn net income of $500,000.What percent are variable costs of sales?

In applying the high-low method, which months are relevant? Month Miles Total Cost January 80,000 \ 192,000 February 50,000 160,000 March 70,000 188,000 April 90,000 260,000

A target net income is calculated by taking actual sales minus the margin of safety.

O'Malley Company sells 100,000 units for $13 a unit.Fixed costs are $350,000 and net income is $250,000.What should be reported as variable expenses in the CVP income statement?

The CVP income statement

In applying the high-low method, what is the fixed cost? Month Miles Total Cost January 80,000 \ 192,000 February 50,000 160,000 March 70,000 188,000 April 90,000 260,000

The difference between the costs at the high and low levels of activity represents the fixed cost element of a mixed cost.

Changes in the level of activity will cause unit variable and unit fixed costs to change in opposite directions.

Which of the following is not a cost classification?

Cunningham, Inc.sells MP3 players for $60 each.Variable costs are $40 per unit, and fixed costs total $120,000.What sales are needed by Cunningham to break even?

The contribution margin ratio increases when

A cost which remains constant per unit at various levels of activity is a

How much sales are required to earn a target income of $240,000 if total fixed costs are $300,000 and the contribution margin ratio is 40%?

The contribution margin ratio is calculated by multiplying the unit contribution margin by the unit sales price.

The high-low method is used in classifying a mixed cost into its variable and fixed elements.

Cost-volume-profit analysis includes all of the following assumptions except

The amount by which actual or expected sales exceeds break-even sales is referred to as

A mixed cost contains

The margin of safety is the difference between sales at breakeven and sales at a determined activity level.

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Managerial Accounting

Time Value of Money

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