Major Field Test Sample Questions for Associate's Business with Complete Solutions.

D) $328,000 - ANSWER-1. If a company sold merchandise for a $230,000 cash down payment and $310,000 on account and if the cost of the merchandise sold is $212,000, what is the amount of gross profit? (A) $18,000 (B) $98,000 (C) $310,000 (D) $328,000 (C) $618,000 - ANSWER-2. A company issued a $600,000, 12 percent, 90-day note payable to acquire an office building. What is the maturity value of the note? (A) $72,000 (B) $600,000 (C) $618,000 (D) $672,000 (A) $116,000 - ANSWER-3. A company had sales of $920,000 and fixed costs were $160,000. What was the income from operations if the contribution margin ratio was 30 percent? (A) $116,000 (B) $276,000 (C) $484,000 (D) $644,000 (D) 19,500 - ANSWER-4. The unit selling price of a manufactured product is $100, and the unit variable costs are $60. If fixed costs are $780,000, what is the break-even number of sales units? (A) 4,875 (B) 7,800 (C) 13,000 (D) 19,500 (A) $500 overapplied - ANSWER-5. A manufacturer estimates its factory overhead costs to be $30,000 and machine hours to be 4,000 for the year. If the actual hours worked on production total 3,800 and the actual factory overhead costs are $28,000, what is the amount of th