1.Which of these best reflects a distinguishing factor between a job order cost system and a...

 

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1.Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? a. The detail at which costs are calculated. b. The time period each covers. C. The number of work in process accounts. d. The manufacturing cost elements included. 2.Contribution margin is a. the amount of revenue remaining after deducting fixed costs. b. available to cover fixed costs and contribute to income for the company. c. sales less fixed costs. d. unit selling price less unit fixed costs. 3.Frazier Manufacturing Company collected the following production data for the past month: Units Produced 1,600 1,300 1,500 1,100 Total Cost $66,000 57,000 67,500 49,500 If the high-low method is used, what is the monthly total cost equation? a. Total cost = $13,200 + $33/unit b. Total cost = $16,500 + $30/unit c. Total cost = $0 + $45/unit d. Total cost = $9,900 + $36/unit Which of the following is a true statement about process cost systems? a. In process cost systems, costs are accumulated but not assigned. b. A process cost system has one work in process account for each process. c. In process cost systems, costs are summarized on job cost sheets. d. Unit costs are not computed in process cost systems. 4. 5.When manufacturing overhead costs are assigned to production in a process cost system, they are debited to a. the Finished Goods Inventory account. b. Cost of Goods Sold. C. a Manufacturing Overhead account. d. a Work in Process account. 6.Cunningham, Inc. sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $120,000. What sales are needed by Cunningham to break even? a. $160,000. b. $300,000. c. $360,000. d. $480,000. 1.Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? a. The detail at which costs are calculated. b. The time period each covers. C. The number of work in process accounts. d. The manufacturing cost elements included. 2.Contribution margin is a. the amount of revenue remaining after deducting fixed costs. b. available to cover fixed costs and contribute to income for the company. c. sales less fixed costs. d. unit selling price less unit fixed costs. 3.Frazier Manufacturing Company collected the following production data for the past month: Units Produced 1,600 1,300 1,500 1,100 Total Cost $66,000 57,000 67,500 49,500 If the high-low method is used, what is the monthly total cost equation? a. Total cost = $13,200 + $33/unit b. Total cost = $16,500 + $30/unit c. Total cost = $0 + $45/unit d. Total cost = $9,900 + $36/unit Which of the following is a true statement about process cost systems? a. In process cost systems, costs are accumulated but not assigned. b. A process cost system has one work in process account for each process. c. In process cost systems, costs are summarized on job cost sheets. d. Unit costs are not computed in process cost systems. 4. 5.When manufacturing overhead costs are assigned to production in a process cost system, they are debited to a. the Finished Goods Inventory account. b. Cost of Goods Sold. C. a Manufacturing Overhead account. d. a Work in Process account. 6.Cunningham, Inc. sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $120,000. What sales are needed by Cunningham to break even? a. $160,000. b. $300,000. c. $360,000. d. $480,000.

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6 604020 per unit At breakeven contributionfixed cost ... View the full answer