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The balance sheet of a service company would include which of the following?


A) Factory equipment depreciation
B) Cost of goods manufactured
C) Accounts receivable
D) Cost of goods sold

E) None of the above
F) All of the above

Correct Answer

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Plowin' Supply plans to make 15,000 tractors at its plant. Fixed costs are $600,000 and variable costs are $200 per tractor. What is the average cost per tractor?


A) $200
B) $75
C) $240
D) $40

E) B) and C)
F) None of the above

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On the line in front of each statement, enter the letter corresponding to the term that best fits that statement. You may use a letter more than once and some letters may not be used at all.

Premises
A cost that relates to the cost object, but cannot be traced to it.
A cost that has already been incurred.
Costs that change in total in direct proportion to changes in volume.
The combination of direct materials and direct labor.
Responses
Marginal cost
Indirect cost
Prime costs
Variable costs
Sunk cost
Differential cost
Conversion costs
Average cost
Direct costs

Correct Answer

Marginal cost
Indirect cost
Prime costs
Variable costs
Sunk cost
Differential cost
Conversion costs
Average cost
Direct costs

An accounting firm would be classified as a


A) manufacturing company.
B) merchandising company.
C) simple company.
D) service company.

E) All of the above
F) A) and B)

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Which of the following are merchandising companies?


A) Manufacturers
B) Retailers
C) Wholesalers
D) Both retailers and wholesalers

E) None of the above
F) A) and B)

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Inventoriable product costs for a product are described by which of the following?


A) Inventoriable product costs are narrower in scope than total costs.
B) Inventoriable product costs include all costs of the value chain.
C) Inventoriable product costs consist of direct materials, direct labor and manufacturing overhead.
D) Both A and C are correct.

E) B) and C)
F) A) and B)

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Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was operating income? A) $3,850 B) $4,500 C) $3,180 D) $2,690 What was operating income?


A) $3,850
B) $4,500
C) $3,180
D) $2,690

E) A) and B)
F) A) and C)

Correct Answer

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Chicago Steel's operating activities for the year are listed below. Chicago Steel's operating activities for the year are listed below. What is the gross profit for the year? A) $50,000 B) $750,000 C) $1,500,000 D) $100,000 What is the gross profit for the year?


A) $50,000
B) $750,000
C) $1,500,000
D) $100,000

E) C) and D)
F) None of the above

Correct Answer

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Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was cost of goods sold? A) $1,030 B) $1,160 C) $ 790 D) $1,320 What was cost of goods sold?


A) $1,030
B) $1,160
C) $ 790
D) $1,320

E) A) and B)
F) None of the above

Correct Answer

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Youngstown Rubber reports the following data for its first year of operation. Youngstown Rubber reports the following data for its first year of operation. What is the cost of goods sold? A) $395,000 B) $455,000 C) $265,000 D) $1,265,000 What is the cost of goods sold?


A) $395,000
B) $455,000
C) $265,000
D) $1,265,000

E) A) and D)
F) All of the above

Correct Answer

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A company's total costs are calculated by


A) subtracting total fixed costs from total variable costs.
B) subtracting total variable costs from total fixed costs.
C) subtracting total fixed costs and total variable costs from sales.
D) adding total fixed costs to total variable costs.

E) B) and D)
F) None of the above

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Why do service firms not have inventory costs pertaining to items to be sold? What type of costs do they have?

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Service firms do not have inve...

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Selected information regarding a company's most recent quarter follows (all data in thousands) . Selected information regarding a company's most recent quarter follows (all data in thousands) . What was manufacturing overhead for the quarter? A) $260 B) $ 40 C) $500 D) $140 What was manufacturing overhead for the quarter?


A) $260
B) $ 40
C) $500
D) $140

E) A) and B)
F) None of the above

Correct Answer

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Challenge Tennis & Recreation's operating activities for the year are listed below. Challenge Tennis & Recreation's operating activities for the year are listed below. What is the gross profit for the year? A) $159,000 B) $333,000 C) $97,000 D) $169,000 What is the gross profit for the year?


A) $159,000
B) $333,000
C) $97,000
D) $169,000

E) None of the above
F) C) and D)

Correct Answer

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Name and briefly describe the activities that make up the value chain.

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The value chain consists of research and...

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Period costs are


A) always recorded as an expense.
B) always considered part of the inventory.
C) expensed only when the inventory is sold.
D) none of the above.

E) A) and B)
F) A) and C)

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Lucky Cow Dairy provided the following expense information for May: Lucky Cow Dairy provided the following expense information for May: What is the total cost for the distribution category of the value chain? A) $217,000 B) $23,000 C) $20,000 D) $151,000 What is the total cost for the distribution category of the value chain?


A) $217,000
B) $23,000
C) $20,000
D) $151,000

E) All of the above
F) A) and D)

Correct Answer

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Lucky Cow Dairy provided the following expense information for May: Lucky Cow Dairy provided the following expense information for May: What is the total cost for the customer service category of the value chain? A) $82,000 B) $16,000 C) $73,000 D) $10,000 What is the total cost for the customer service category of the value chain?


A) $82,000
B) $16,000
C) $73,000
D) $10,000

E) A) and B)
F) A) and C)

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Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31. Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31.

Correct Answer

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A restaurant is facing a decision about whether it should bake its own apple pies or whether it should continue to purchase the pies from a local bakery. Which of the following costs would be relevant to its decision?


A) The salary of the restaurant manager
B) The price the restaurant sells the apple pies for
C) The purchase price of the apple pies purchased from the local bakery
D) The original purchase price of the current machinery

E) A) and B)
F) B) and D)

Correct Answer

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