Test Bank For Managerial Accounting 17th Edition By Garrison All Chapters 1-16 | Complete Guide

Test Bank For Managerial Accounting 17th Edition By Garrison All Chapters 1-16 | Complete Guide. Dobosh Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.05 Direct labor $ 3.65 Variable manufacturing overhead $ 1.60 Fixed manufacturing overhead $ 113,400 Sales commissions $ 1.50 Variable administrative expense $ 0.55 Fixed selling and administrative expense $ 36,450 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 9,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 9,000 units? c. If 10,000 units are sold, what is the variable cost per unit sold? d. If 10,000 units are sold, what is the total amount of variable costs related to the units sold? e. If 10,000 units are produced, what is the total amount of manufacturing overhead cost incurred? f. If the selling price is $21.60 per unit, what is the contribution margin per unit sold? g. If 8,000 units are produced, what is the total amount of direct manufacturing cost incurred? h. If 8,000 units are produced, what is the total amount of indirect manufacturing costs incurred? i. What incremental manufacturing cost will the company incur if it increases production from 9,000 to 9,001 units? Managerial Accounting 17th Edition by Garrison CH01 Version 1 2 Question Details AACSB : Analytical Thinking AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Type : Static Difficulty : 1 Easy Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-01 Understand cost classifications used for assigning costs to cost objects: Learning Objective : 01-03 Understand cost classifications used to prepare financial statements: prod Learning Objective : 01-02 Identify and give examples of each of the three basic manufacturing cost c Learning Objective : 01-04 Understand cost classifications used to predict cost behavior: variable co Learning Objective : 01-05 Understand cost classifications used in making decisions: relevant costs a Learning Objective : 01-06 Prepare income statements for a merchandising company using the traditiona Topic : Cost Classifications for Assigning Costs to Cost Objects Topic : Cost Classifications for Decision Making Topic : Cost Classifications for Manufacturing Companies Topic : Cost Classifications for Predicting Cost Behavior Topic : Cost Classifications for Preparing Financial Statements Topic : Using Different Cost Classifications for Different Purposes 2) Saxbury Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 4,200 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.60 Direct labor $ 3.40 Variable manufacturing overhead $ 1.40 Fixed manufacturing overhead $ 4.50 Fixed selling expense $ 0.65 Fixed administrative expense $ 0.50 Sales commissions $ 0.40 Variable administrative expense $ 0.40 Managerial Accounting 17th Edition by Garrison CH01 Version 1 3 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 4,200 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 4,200 units? c. If 5,200 units are sold, what is the variable cost per unit sold? (Round "Per unit" answer to 2 decimal places.) d. If 5,200 units are sold, what is the total amount of variable costs related to the units sold? e. If 5,200 units are produced, what is the average fixed manufacturing cost per unit produced? (Round "Per unit" answer to 2 decimal places.) f. If 5,200 units are produced, what is the total amount of fixed manufacturing cost incurred? g. If 5,200 units are produced, what is the total amount of manufacturing overhead cost incurred? What is this total amount expressed on a per unit basis? (Round "Per unit" answer to 2 decimal places.) h. If the selling price is $24.10 per unit, what is the contribution margin per unit sold? (Round "Per unit" answer to 2 decimal places.) i. If 3,200 units are produced, what is the total amount of direct manufacturing cost incurred? j. If 3,200 units are produced, what is the total amount of indirect manufacturing cost incurred? k. What incremental manufacturing cost will the company incur if it increases production from 4,200 to 4,201 units? (Round "Per unit" answer to 2 decimal places.) Managerial Accounting 17th Edition by Garrison CH01 Version 1 4 Question Details AACSB : Analytical Thinking AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Difficulty : 2 Medium Learning Objective : 01-01 Understand cost classifications used for assigning costs to cost objects: Learning Objective : 01-03 Understand cost classifications used to prepare financial statements: prod Learning Objective : 01-02 Identify and give examples of each of the three basic manufacturing cost c Learning Objective : 01-04 Understand cost classifications used to predict cost behavior: variable co Learning Objective : 01-05 Understand cost classifications used in making decisions: relevant costs a Learning Objective : 01-06 Prepare income statements for a merchandising company using the traditiona Type : Algorithmic Topic : Cost Classifications for Assigning Costs to Cost Objects Topic : Cost Classifications for Decision Making Topic : Cost Classifications for Manufacturing Companies Topic : Cost Classifications for Predicting Cost Behavior Topic : Cost Classifications for Preparing Financial Statements Topic : Using Different Cost Classifications for Different Purposes 3) Saxbury Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 5.30 Direct labor $ 3.65 Variable manufacturing overhead $ 1.50 Fixed manufacturing overhead $ 3.90 Fixed selling expense $ 0.75 Fixed administrative expense $ 0.60 Sales commissions $ 0.50 Variable administrative expense $ 0.50 Managerial Accounting 17th Edition by Garrison CH01 Version 1 5 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 5,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 5,000 units? c. If 6,000 units are sold, what is the variable cost per unit sold? (Round "Per unit" answer to 2 decimal places.) d. If 6,000 units are sold, what is the total amount of variable costs related to the units sold? e. If 6,000 units are produced, what is the average fixed manufacturing cost per unit produced? (Round "Per unit" answer to 2 decimal places.) f. If 6,000 units are produced, what is the total amount of fixed manufacturing cost incurred? g. If 6,000 units are produced, what is the total amount of manufacturing overhead cost incurred? What is this total amount expressed on a per unit basis? (Round "Per unit" answer to 2 decimal places.) h. If the selling price is $22.90 per unit, what is the contribution margin per unit sold? (Round "Per unit" answer to 2 decimal places.) i. If 4,000 units are produced, what is the total amount of direct manufacturing cost incurred? j. If 4,000 units are produced, what is the total amount of indirect manufacturing cost incurred? k. What incremental manufacturing cost will the company incur if it increases production from 5,000 to 5,001 units? (Round "Per unit" answer to 2 decimal places.) DOWNLOAD THE Test Bank for Managerial Accounting 17th Edition Garrison Managerial Accounting 17th Edition by Garrison CH01 Version 1 6 Question Details AACSB : Analytical Thinking AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Type : Static Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Difficulty : 2 Medium Learning Objective : 01-01 Understand cost classifications used for assigning costs to cost objects: Learning Objective : 01-03 Understand cost classifications used to prepare financial statements: prod Learning Objective : 01-02 Identify and give examples of each of the three basic manufacturing cost c Learning Objective : 01-04 Understand cost classifications used to predict cost behavior: variable co Learning Objective : 01-05 Understand cost classifications used in making decisions: relevant costs a Learning Objective : 01-06 Prepare income statements for a merchandising company using the traditiona Topic : Cost Classifications for Assigning Costs to Cost Objects Topic : Cost Classifications for Decision Making Topic : Cost Classifications for Manufacturing Companies Topic : Cost Classifications for Predicting Cost Behavior Topic : Cost Classifications for Preparing Financial Statements Topic : Using Different Cost Classifications for Different Purposes 4) Myklebust Corporation's relevant range of activity is 4,000 units to 8,000 units. When it produces and sells 6,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.40 Direct labor $ 3.80 Variable manufacturing overhead $ 1.60 Fixed manufacturing overhead $ 3.00 Fixed selling expense $ 0.75 Fixed administrative expense $ 0.60 Sales commissions $ 1.50 Variable administrative expense $ 0.45 DOWNLOAD THE Test Bank for Managerial Accounting 17th Edition Garrison Managerial Accounting 17th Edition by Garrison CH01 Version 1 7 Required: a.For financial reporting purposes, what is the total amount of product costs incurred to make 6,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,000 units? c. If the selling price is $20.20 per unit, what is the contribution margin per unit sold? d. If 7,000 units are produced, what is the total amount of direct manufacturing cost incurred? e. If 7,000 units are produced, what is the total amount of indirect manufacturing cost incurred? f. What incremental manufacturing cost will the company incur if it increases production from 6,000 to 6,001 units? Question Details AACSB : Analytical Thinking AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Type : Static Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Difficulty : 2 Medium Learning Objective : 01-01 Understand cost classifications used for assigning costs to cost objects: Learning Objective : 01-03 Understand cost classifications used to prepare financial statements: prod Learning Objective : 01-02 Identify and give examples of each of the three basic manufacturing cost c Learning Objective : 01-04 Understand cost classifications used to predict cost behavior: variable co Learning Objective : 01-05 Understand cost classifications used in making decisions: relevant costs a Learning Objective : 01-06 Prepare income statements for a merchandising company using the traditiona Topic : Cost Classifications for Assigning Costs to Cost Objects Topic : Cost Classifications for Decision Making Topic : Cost Classifications for Manufacturing Companies Topic : Cost Classifications for Predicting Cost Behavior Topic : Cost Classifications for Preparing Financial Statements Topic : Using Different Cost Classifications for Different Purposes 5) Learned Corporation has provided the following information: Cost per Unit Cost per Period DOWNLOAD THE Test Bank for Managerial Accounting 17th Edition Garrison Managerial Accounting 17th Edition by Garrison CH01 Version 1 8 Direct materials $ 5.20 Direct labor $ 3.85 Variable manufacturing overhead $ 1.35 Fixed manufacturing overhead $ 27,000 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 9,000 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 6,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 6,000 units? c. If the selling price is $22.40 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal places.) d. If 7,000 units are produced, what is the total amount of direct manufacturing cost incurred? e. If 7,000 units are produced, what is the total amount of indirect manufacturing costs incurred? DOWNLOAD THE Test Bank for Managerial Accounting 17th Edition Garrison Managerial Accounting 17th Edition by Garrison CH01 Version 1 9 Question Details AACSB : Analytical Thinking AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Type : Static Difficulty : 1 Easy Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-01 Understand cost classifications used for assigning costs to cost objects: Learning Objective : 01-03 Understand cost classifications used to prepare financial statements: prod Learning Objective : 01-02 Identify and give examples of each of the three basic manufacturing cost c Learning Objective : 01-04 Understand cost classifications used to predict cost behavior: variable co Learning Objective : 01-06 Prepare income statements for a merchandising company using the traditiona Topic : Cost Classifications for Assigning Costs to Cost Objects Topic : Cost Classifications for Manufacturing Companies Topic : Cost Classifications for Predicting Cost Behavior Topic : Cost Classifications for Preparing Financial Statements Topic : Using Different Cost Classifications for Different Purposes null : Question Focus: Quantitative 6) Learned Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 5.60 Direct labor $ 4.55 Variable manufacturing overhead $ 2.15 Fixed manufacturing overhead $ 21,000 Sales commissions $ 0.80 Variable administrative expense $ 0.70 Fixed selling and administrative expense $ 6,500 DOWNLOAD THE Test Bank for Managerial Accounting 17th Edition Garrison Managerial Accounting 17th Edition by Garrison CH01 Version 1 10 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 5,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 5,000 units? c. If the selling price is $24.40 per unit, what is the contribution margin per unit sold? (Round your answer to 2 decimal places.) d. If 6,000 units are produced, what is the total amount of direct manufacturing cost incurred? e. If 6,000 units are produced, what is the total amount of indirect manufacturing costs incurred? Question Details AACSB : Analytical Thinking AICPA : BB Critical Thinking AICPA : FN Measurement Bloom's : Apply Difficulty : 1 Easy Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-01 Understand cost classifications used for assigning costs to cost objects: Learning Objective : 01-03 Understand cost classifications used to prepare financial statements: prod Learning Objective : 01-02 Identify and give examples of each of the three basic manufacturing cost c Learning Objective : 01-04 Understand cost classifications used to predict cost behavior: variable co Learning Objective : 01-06 Prepare income statements for a merchandising company using the traditiona Type : Algorithmic Topic : Cost Classifications for Assigning Costs to Cost Objects Topic : Cost Classifications for Manufacturing Companies Topic : Cost Classifications for Predicting Cost Behavior Topic : Cost Classifications for Preparing Financial Statements Topic : Using Different Cost Classifications for Different Purposes null : Question Focus: Quantitative 7) Arman Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $6.10 DOWNLOAD THE Test Bank for Managerial Accounting 17th Edition Garrison Managerial Accounting 17th Edition by Garrison CH01 Version 1 11 Direct labor $2.90 Variable manufacturing overhead $1.25 Fixed manufacturing overhead $3.00 Fixed selling expense $1.05 Fixed administrative expense $0.60 Sales commissions $1.50 Variable administrative expense