Author: Anonymous

Rigsby Company incurred the following actual costs during 2020: Direct Material Used  $ 412,500 Direct Labor  $ 180,000 The company uses a normal costing system (i.e – applies overhead) and has a pre-determined overhead rate of 210% of (2.1 times) direct labor cost. Beginning and Ending Inventory Balances were as follows: Beginning Ending Raw Material  $ 45,000  $ 49,500 Work in Process  $ 58,500  $ 64,350 Finished Goods  $ 63,000  $ 69,300 What was Cost of Goods Sold for 2020?

The capital budgeting method that calculates the discount rate at which the present value of expected cash inflows from a project equals the present value of expected cash outflows is the ________.

Dawson Backpack, Inc. produced and sold 60,000 backpacks during the year at a price of $20 per unit. Variable manufacturing costs were $ 8 per unit and variable marketing costs were $4 per unit. Fixed costs amounted to $250,000 for manufacturing and $56,000 for marketing. There was no beginning or ending inventory. What was Dawson’s breakeven in sales dollars for the year?

The Adkerson Company  assembled the following data pertaining to certain costs that cannot be easily identified as either fixed or variable. They has heard about a method of measuring cost functions called the high-low method and has decided to use it in this situation. Cost Hours $24,700 5,000 26,000 5,500 34,000 7,500 45,370 10,300 38,000 9,500 What is the cost function?

In evaluating different alternatives, it is useful to concentrate on ________.

Wes and Whit Inc. planned to use $147 of material per unit but actually used $150 of material per unit, and planned to make 1,100 units but actually made 900 units.The flexible-budget variance for materials is ________.

Trinkle Corporation uses activity-based costing. The company produces two products: Snaps and Pops. The expected annual production of Snaps is 1,000 units, while the expected annual production of Pops is 3,000 units. There are three activity cost pools: Assembly, Testing, and Packing. The estimated costs and activities for each of these three activity pools follows: Expected activity: Activity cost pool Estimated cost Snaps Pops Total Assembly  $ 4,550  600  100  700 Testing  $ 22,320  1,100   700 1,800 Packing  $ 1,738  60 160 220 The overhead cost of Pops would be closest to:

The Jackson Cotton Candy Company had the following information available regarding last year’s operations: Sales(100,000 units)  $200,000 Variable costs  $120,000 Contribution margin  $80,000 Fixed costs  $50,000 Net Income  $30,000 If sales were to increase by 10%, what would be the effect on net income?

When deciding to lease a new cutting machine or continue using the old machine, the irrelevant cost is ________.

What is the minimum number if accounts that must be involved in any transaction?