ACCT. 20200-FINAL EXAM-SPRING 2022 Name CLOSED BOOK (20 points) Identify the cost behavior determine if the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ACCT. 20200-FINAL EXAM-SPRING 2022 Name CLOSED BOOK (20 points) Identify the cost behavior determine if the costs are direct or indirect for a specific segment (identified in bold type and underlined) and identify the cost category of the costs listed below that are reported by a regional chain of gas stations. In addition to the fuel center, the operation also includes a(1) convenience store carrying a variety of food items (2)Subway sandwich shop (3) towing service (4) video game arcade. All of the segments are located in one building. NOTE:the first cost is completed as an example. Cost Behavior (i.e., Variable; Non-variable; Direct or Semi-variable) Indirect VARIABLE DIRECT Cost category (i.e., material, labor or overhead) MATERIAL (0) Gasoline sold by the fuel center. (1) Heating and air conditioning costs of the garage space used for the towing service. (2) Hourly wage paid to the sandwich preparers at the Subway sandwich shop. (3) Compensation of the convenience store manager who is paid a monthly salary. The net operating income of the convenience store is used to determine the convenience store manager's monthly bonus. (4) Cost of new software for BIG STEAL TRUCKING, a very popular video game, from the perspective of the video game arcade. (5) Salary paid to the manager of the towing service operation who is also the driver of the tow truck. (6) Cost of food sold at the convenience store. OVERHEAD (7) Salary of the CFO (Chief Financial Officer) of the regional chain as treated by the fuel center. ACCT. 20200-FINAL EXAM-SPRING 2022 Name CLOSED BOOK (20 points) Identify the cost behavior determine if the costs are direct or indirect for a specific segment (identified in bold type and underlined) and identify the cost category of the costs listed below that are reported by a regional chain of gas stations. In addition to the fuel center, the operation also includes a(1) convenience store carrying a variety of food items (2)Subway sandwich shop (3) towing service (4) video game arcade. All of the segments are located in one building. NOTE:the first cost is completed as an example. Cost Behavior (i.e., Variable; Non-variable; Direct or Semi-variable) Indirect VARIABLE DIRECT Cost category (i.e., material, labor or overhead) MATERIAL (0) Gasoline sold by the fuel center. (1) Heating and air conditioning costs of the garage space used for the towing service. (2) Hourly wage paid to the sandwich preparers at the Subway sandwich shop. (3) Compensation of the convenience store manager who is paid a monthly salary. The net operating income of the convenience store is used to determine the convenience store manager's monthly bonus. (4) Cost of new software for BIG STEAL TRUCKING, a very popular video game, from the perspective of the video game arcade. (5) Salary paid to the manager of the towing service operation who is also the driver of the tow truck. (6) Cost of food sold at the convenience store. OVERHEAD (7) Salary of the CFO (Chief Financial Officer) of the regional chain as treated by the fuel center.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Suppose there are 50 companies in a commercial building. Initially there is no automatic fire sprinkler system in the public area of the building. Each company has identical individual demand curve...
-
Marci Company reported the following balances related to common stock as of December 31, 2007: Common stock, $1 par, 100,000 shares issued and outstanding . . . . . . . . . $ 100,000 Paid-in capital...
-
Consider the design of a nozzle in which nitrogen gas flowing in a pipe at 500 kPa, 200C, and at a velocity of 10 m/s, is to be expanded to produce a velocity of 300 m/s. Determine the exit pressure...
-
Forms are provided in the Working Papers. Obtain the present value factors from the tables in the lesson illustrations. Your instructor will guide you through the following examples. 1. Calculate the...
-
Williams Products Inc. manufactures and sells a number of items, including school knapsacks. The company has been experiencing losses on the knapsacks for some time, as shown by the contribution...
-
2. For each statement below, identify if it better describes qualitative research or quantitative research. Qualitative Quantitative P-values help identify significant findings. Qualitative...
-
For the potential reaction : MgI2+Cl2, choose one of the letters that best describes it. A. magnesium will be reduced and chlorine will be oxidized. B. iodide will be reduced and chlorine will be...
-
Several resources can help you make an investment plan. Explain the difference between a financial institution, a qualified financial planner, software, and digital apps and how they help with making...
-
In general, there is one quarter of the chance that the economy will be in a recession. We observe that, on average, 80% of the one-year ahead recession is associated with a current inverted yield...
-
You will look at the impact of people being misinformed on climate change on society and public policy, as well as might be done to correct it. Address these questions using academic and news...
-
What is the difference between an agribusiness firm supplying great physical products versus supplying high levels of consumer satisfaction? Which approach is best? Explain. What are two criteria for...
-
How does the concept of negative feedback loops underpin the maintenance of physiological homeostasis, and what are some examples of key systems within the human body that rely on these mechanisms...
-
During the year ending 30, 06, 2020, Vintage Ltd, a resident Australian public company, provided you with the following information: The balance of Vintages franking account on 1 July 2019 was...
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
The following information from Jefferson Company's operations is available: Required a. Prepare a multiple-step income statement. Disregard earnings per share amounts. b. Prepare a single-step income...
-
Lincoln Corporation began the year with 50,000 shares of common stock outstanding. On May 1, an additional 18,000 shares of common stock were issued. On July 1, 20,000 shares of common stock were...
-
The following summarized data are related to Kennedy Corporation's operations: Required Prepare a multiple-step income statement for Kennedy Corporation. Include earnings per share disclosure at the...
Study smarter with the SolutionInn App