Actual manufacturing overhead cost incurred 38000

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Actual manufacturing overhead cost incurred ......................... $38,000 Actual direct labor hours worked ............................................. 18,500 The under- or overapplied overhead for the year was:  A) $1,000 underapplied C) $3,000 underapplied B) $1,000 overapplied D) $3,000 overapplied  Answer: A   Level: Easy   LO: 5,8   
5. Within the relevant range,  variable costs  can be expected to: 
6.The contribution approach income statement: 
7.Contribution margin is: 
8.Iaci Corporation is a wholesaler that sells a single product. Management has provided the  following cost data for two levels of monthly sales volume. The company sells the  product for $133.60 per unit. 3
MANAGERIAL ACCOUNTING - IIE 211 CLASS 8 Sales volume (units) ...................................................... 4,000 5,000 Cost of sales ................................................................... $383,600 $479,500 Selling, general, and administrative costs ..................... $124,400 $136,000 The best estimate of the total contribution margin when 4,300 units are sold is:  A) $112,230  B) $162,110  C) $28,380  D) $45,150  Answer: A   Level: Medium   LO: 1,3,4   
9.Given the cost formula Y = $13,000 + $7.00X, the total cost for an activity level of 3,000 units  would be: 
10. The University Store, Inc. is the major bookseller for four nearby colleges An income  statement for the first quarter of the year is presented below: University Store, Inc. Income Statement For the Quarter Ended March 31 Sales ...................................................... $800,000 Cost of goods sold ................................. 560,000 Gross margin ......................................... 240,000 Less operating expenses ...................... : Selling .................................................... $100,000 Administrative ....................................... 110,000 210,000 Net operating income ............................ $ 30,000 4
MANAGERIAL ACCOUNTING - IIE 211 CLASS 8

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