1 (3 points) Saved Management is interested in determining which of its various products are most profitable. Which of the following statements is correct with regard to this issue? Question 1 options: The product with the highest CM [contribution margin] per unit is most profitable. The product with the lowest variable costs per unit is most profitable The product with the highest per unit selling price is most profitable. The product with the highest CM [contribution margin] ratio is most profitable. The product with the lowest fixed costs per unit is most profitable. Question 2 (3 points) Which of the following is the correct entry to record the purchase on account (credit) of BOTH direct materials and indirect materials? Question 2 options: Accounts Payable X Raw Materials Inventory X Raw Materials Inventory X Accounts Payable X Work In Process X Accounts Payable X Direct Materials Inventory X Indirect Materials Inventory X Accounts Payable X Question 3 (3 points) Given data : Total manufacturing costs incurred = $265,000 Work in process inventory (5/1) = $20,000 Work in process inventory (5/31) = $30,000 REQUIRED: Compute the cost of goods manufactured [COGM]. Question 3 options: $315,000 $255,000 $275,000 $245,000 $285,000 Question 4 (3 points) Saved Which of the following is the correct JE to record factory utilities cost incurred for a manufacturing company? Assume these costs are accrued [on account]. Question 4 options: MOH [manufacturing overhead] X Accounts Payable - Utilities X Finished Goods Inventory X Accounts Payable - Utilities X Work In Process X Accounts Payable - Utilities Utility Expense X Accounts Payable - Utilities X Question 5 (3 points) Gary Co. produces a single product. Variable manufacturing costs have been consistent at $8 per unit. Fixed manufacturing costs total $120,000. Other relevant data is shown below. * Beginning Finished Goods Inventory at 1/1 for Year 1 is zero (0) Year 1 Year 2 Production (units) 60,000 80,000 Sales (units) 60,000 50,000 Using Absorption Costing, compute the cost of goods sold [COGS] for Year 2. Question 5 options: $500,000 $540,000 $520,000 $400,000 $475,000