I need these 10 multiple choice answers please.

1.

Which of the following is not a characteristic of managerial accounting?

A.	Reports are used primarily by insiders rather than by persons outside of the business entity.

B.	Its purpose is to assist managers in planning and controlling business operations.

C.	Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.

D.	Information may be tailored to assist in specific managerial decisions.

2.

In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to:

A.	Focus upon the entire organization as the accounting entity.

B.	Focus upon future accounting periods.

C.	Make use of estimated amounts.

D.	Be tailored to the specific needs of an individual decision maker.

3.

Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $100,000 Direct labor $75,000 Electricity used in the Factory $25,000 Factory foreperson salary $3,750 Maintenance of factory machinery $2,000 Alton Company's total product costs:

A.

$175,000.

B.

$30,750.

C.

$205,750.

D.

$28,750.

4.

Objectives of a cost accounting system What are the major objectives of a cost accounting system in a manufacturing company?

Sue's Soup Products uses a process costing system with two processing departments: the Mixing and Cooking Department and the Canning Department. Work in process inventories are reduced to zero each month. In March, the Mixing and Cooking Department incurred manufacturing costs of $63,000 to mix 42,000 gallons of soup. The Canning Department incurred manufacturing costs of $9,000. A total of 170,000 cans of soup were transferred to the finished goods warehouse during the month.

5.

Refer to the information above. The journal entry to record the transfer of soup out of the Mixing and Cooking Department during March would include:

A.	A debit to Work in Process Inventory, Mixing and Cooking Department of $63,000.

B.	A credit to Work in Process Inventory, Canning Department of $72,000.

C.	A debit to Finished Goods Inventory of $72,000.

D.	A credit to Work in Process Inventory, Mixing and Cooking Department of $63,000.

6.

Refer to the information above. The journal entry to record the transfer of soup out of the Canning Department during March would include:

A.	A credit to Work in Process Inventory, Canning Department of $9,000.

B.	A credit to Work in Process Inventory, Canning Department of $63,000.

C.	A debit to Finished Goods Inventory of $72,000.

D.	A credit to Finished Goods Inventory, Mixing and Cooking Department of $72,000.

7.

Refer to the information above. The unit cost per gallon of soup transferred to the Canning Department during March was:

A.

$1.50.

B.

$1.62.

C.

$1.71.

D.	$1.83.

Summit Products, Inc. is interested in producing and selling an improved widget. Market research indicates that customers would be willing to pay $90 for such a widget and that 50,000 units could be sold each year at this price. The current cost to produce the widget is estimated to be $65.

8. Refer to the information above. If Summit Products requires a 25% return on sales to undertake production, what is the target cost for the new widget?

A.

$65.00.

B.

$67.50.

C.

$80.00.

D.	Some other amount.

9. Refer to the information above. Summit has learned that a competitor plans to introduce a similar widget at a price of $80. In response, Summit may reduce its selling price to $80. If Summit requires a 25% return on sales, what is the target cost for the new widget?

A.

$80.00.

B.

$60.00.

C.

$23.75.

D.

$20.00.

10. Refer to the information above. At a price of $80, Summit's market research indicates that it can sell 60,000 units per year. Assuming Summit can reach its new target cost, how will Summit's profit at the $80 price compare to what it would have earned in the absence of the competitor's product?

A.	Profit will be $75,000 higher.

B.	Profit will be $75,000 lower.

C.	Profit will be unaffected if Summit can reach the revised target cost.

D.	None of these.