# Period costs are a all costs in the income statement

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8.Period costs are a.all costs in the income statement other than cost of goods sold.b.defined as manufacturing costs incurred this period on the schedule of cost of goods manufactured.c.always recorded as assets when first incurred.d.those costs that benefit future periods. 9.The cost of a product can be measured as any of the followingexceptas cost 10.The primary focus of cost management is to CHAPTER 2 QUIZ SOLUTIONS Quiz Question Calculations 3. Fixed costs = (800,000) 75% + 250,000 = \$850,000
CHAPTER 3 QUIZ 1.Which of the following is nota factor in cost-volume-profit analysis? 2.Which of the following is notan assumption of cost-volume-profit analysis? a.The time value of money is incorporated in the analysis.b.Costs can be classified into variable and fixed components.c.The behavior of revenues and expenses is accurately portrayed as linear over the relevant range.d.The number of output units is the only driver. 3.Contribution margin is calculated as Questions 4-6 are based on the following data.Tee Times, Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2004 for its Elite Quality golf club sets:Revenues (400 sets sold @ \$600 per set)Php240,000Variable costs160,000Fixed costs50,0004.How many sets of clubs must be sold for Tee Times, Inc. to reach their breakeven point? 5.How many sets of clubs must be sold to earn a target operating income of \$90,000? 6.What amount of sales must Tee Times, Inc. have to earn a target net income of \$63,000 if they have a tax rateof 30%? a.\$489,000b.\$429,000c.\$420,000d.\$300,000
7.One way for managers to cope with uncertainty in profit planning is to