ACC 561 Week 5 Assignment Practice Quiz

1. ACC 561 Week 5 Assignment WileyPLUS Check this A+ tutorial guideline at http://www.assignmentcloud.com/ACC-561/ACC-561-Week-5-Assignment-WileyPLUS Brief Exercise 18-8Meriden Company has a unit selling price of $590, variable costs per unit of $354, and fixed costs of $203,432. Compute the break-even point in units using the mathematical equation.Break-even point           units Brief Exercise 18-10For Turgo Company, variable costs are 57% of sales, and fixed costs are $178,700. Management’s net income goal is $82,525. Compute the required sales in dollars needed to achieve management’s target net income of $82,525.Required sales        $   Brief Exercise 18-11

2. For Kozy Company, actual sales are $1,270,000 and break-even sales are $825,500. Compute the margin of safety in dollars and the margin of safety ratio.Margin of safety        $   Margin of safety ratio           % Brief Exercise 19-16Montana Company produces basketballs. It incurred the following costs during the year.Direct materials        $14,283Direct labor        $25,755Fixed manufacturing overhead        $10,420Variable manufacturing overhead        $32,191Selling costs        $20,932 What are the total product costs for the company under variable costing?Total product costs        $    Exercise 19-17 Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.Variable Cost per Unit        Direct materials        $8.25Direct labor        $2.70Variable manufacturing overhead        $6.33Variable selling and administrative expenses        $4.29

3. Fixed Costs per Year        Fixed manufacturing overhead        $260,032Fixed selling and administrative expenses        $264,110 Polk Company sells the fishing lures for $27.50. During 2012, the company sold 81,100 lures and produced 95,600 lures. a.) Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)Manufacturing cost per unit        $   (b.) Prepare a variable costing income statement for 2012. (C.) Assuming the company uses absorption costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)Manufacturing cost per unit        $   (D.) Prepare an absorption costing income statement for 2012. Brief Exercise 21-1 For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $329,400 budget; $330,600 actual. Prepare a static budget report for the quarter. MARIS COMPANYSales Budget ReportFor the Quarter Ended March 31, 2012Product Line        Budget        Actual        DifferenceGarden-Tools        $  

4.  $      $   Brief Exercise 21-4 Gundy Company expects to produce 1,276,560 units of Product XX in 2012. Monthly production is expected to range from 85,120 to 130,440 units. Budgeted variable manufacturing costs per unit are: direct materials $3, direct labor $7, and overhead $10. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2. Prepare a flexible manufacturing budget for the relevant range value using 22,660 unit increments. (List variable costs before fixed costs.) For more classes visit www.assignmentcloud.com