ACC 561 Week 5 WileyPlus Exercises Study Guide

ACC 561 Week 5 WileyPlus Exercises Study Guide
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DESCRIPTION FOR THIS STUDY GUIDE:
• Brief Exercise 18-8
• Brief Exercise 18-10
• Brief Exercise 18-11
• Brief Exercise 19-16
• Exercise 19-17
• Brief Exercise 21-1
• Brief Exercise 21-4
Question 1
Meriden Company has a unit selling price of $550, variable costs per unit of $330, and fixed costs of $196,680. Compute the break-even point in units using the mathematical equation.
Question 2
For Turgo Company, variable costs are 63% of sales, and fixed costs are $179,700. Management’s net income goal is $50,070. Compute the required sales in dollars needed to achieve management’s target net income of $50,070.
Question 3
For Kozy Company, actual sales are $1,124,000 and break-even sales are $741,840. Compute the margin of safety in dollars and the margin of safety ratio.
Question 4
Montana Company produces basketballs. It incurred the following costs during the year.
Direct materials $14,679
Direct labor $25,916
Fixed manufacturing overhead $9,759
Variable manufacturing overhead $31,989
Selling costs $21,364
What are the total product costs for the company under variable costing?

Question 5
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 $8.18
Direct labor $2.67
Variable manufacturing overhead $6.27
Variable selling and administrative expenses $4.25
Fixed Costs per Year
Fixed manufacturing overhead $257,433
Fixed selling and administrative expenses $261,709
Polk Company sells the fishing lures for $27.25. During 2012, the company sold 81,100 lures and produced 95,700 lures.
(a) Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012.
(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.
(D) Prepare an absorption costing income statement for 2012.
Question 6
For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $317,400 budget; $331,000 actual. Prepare a static budget report for the quarter.
Question 7
Gundy Company expects to produce 1,295,040 units of Product XX in 2012. Monthly production is expected to range from 81,160 to 118,460 units. Budgeted variable manufacturing costs per unit are: direct materials $5, direct labor $8, and overhead $9. Budgeted fixed manufacturing costs per unit for depreciation are $4 and for supervision are $1. Prepare a flexible manufacturing budget for the relevant range value using 18,650 unit increments.
Includes BONUS Excel sheet for question 7 (Brief Exercise 21-4) with EASY ScholarSolution™! Plug in any numbers for the question to study smarter!