Marley Corporation desires to earn target net income of $180,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $720,000, the number of units that the company must sell to earn its target net income is:
Oscar Corporation uses a process cost accounting system. Given the following data, compute the number of units transferred out during the current period.
Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
The production cost report shows both quantities and costs. Costs are reported in three sections: (1) costs accounted for, (2) unit costs, and (3) costs charged to department. The sections are listed in the following order:
Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at:
Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Production in units for the third quarter should be budgeted at:
Kemp Company incurs the following costs in producing 50,000 units of product:
Direct materials
$200,000
Direct labor
100,000
Variable manufacturing overhead
200,000
Fixed manufacturing overhead
600,000
An outside supplier has offered to supply the 50,000 units at $14.00 each. All of Kemp’s related variable costs, but only $400,000 of the fixed costs would be eliminated if the offer is accepted. Acceptance will result in a:
Lyndon Company has a production process where two products result from a joint processing procedure; both can be sold immediately or processed further. Given the following additional per unit information, determine which of the products should be processed further.
Leah Company’s equipment account increased $400,000 during the period; the related accumulated depreciation increased $30,000. New equipment was purchased at a cost of $700,000 and used equipment was sold at a loss of $20,000. Depreciation expense was $100,000. Proceeds from the sale of the used equipment were:
Sailor Corporation has the following stock outstanding:
6% Preferred, $100 par
$1,000,000
Common Stock, $50 par
2,000,000
No dividends were paid the previous 2 years. If Sailor declares $250,000 of dividends in the current year, how much will common stockholders receive if the preferred stock is cumulative?
The directors of Bennett Corp. are trying to decide whether they should issue par or no par stock. They are considering three alternatives for their new stock, which they are assuming will be issued at $8 per share. The alternatives are: (A) $5 par value, (B) no par with a $1 stated value, and (C) no par, no stated value. If 60,000 shares are issued, what amount will be credited to the common stock account in each of these cases?
Victor Corp. reacquired, but did not retire, 20,000 shares of its $2 par common stock at a cost of $13 per share on April 30, 2014. The stock was originally issued at $11 per share. On January 10, 2015, the 20,000 shares were sold at $16 per share. The sales entry should include a credit to Paid-in Capital from Treasury Stock for:
Dina Corp. had 500,000 shares of common stock outstanding throughout the year. Dina reported net income of $2,400,000 and declared preferred stock dividends of $400,000 during the year. Dina should present earnings per share of:
Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials price variance?
Use “U” or “F” to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is $100,000 unfavorable, you should enter $100,000 U.
Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials usage variance?
Use “U” or “F” to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is $100,000 unfavorable, you should enter $100,000 U.
Matthew Corporation manufactures paper shredding equipment and uses a process costing system. 2,000 units were in process at the beginning of the period, 60% complete. 20,000 units were started into production during the period; 1,000 were in process at the end of the period, 60% complete. What are the equivalent units for conversion costs?
Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter10,000.
Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. What is the breakeven point in dollars?
Do not show your work or include any additional text with your answer. For example, if your answer is $10,000, you should enter$10,000.
Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. How many sales units are necessary to attain the desired income?
Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter10,000.
Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. What is the margin of safety ratio for current operations?
Express your answer as a percentage, and do not show your work or include any additional text with your answer. For example, if your answer is 60%, you should enter 60%.
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