ACCT 102 Final Exam - 89194

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uestion 1: Product costs: Question 2: Use the following information and the indirect method to calculate the net cash provided or used by operating activities: Question 3: Actual fixed overhead for Kapok Company during March was $92,780. The flexible budget for fixed overhead this period is $89,000 based on a production level of 5,000 units. If the company actually produced 4,200 units what is the fixed overhead volume variance for March? Question 4: A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses decreased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities. Question 5: Chance, Inc. sold 3,000 units of its product at a price of $72 per unit. Total variable cost per unit is $51, consisting of $32 in variable production cost and $19 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing. Question 6: A company has fixed costs of $90,000. Its contribution margin ratio is 30% and the product sells for $75 per unit. What is the company's break-even point in dollar sales? Question 7: A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Question 8: The three major cost components of a manufactured product are: Question 9: The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as: Question 10: Which of the following journal entries correctly records the current month's activity where $125,000 of raw material was purchased for cash, and $75,000 of direct material and $30,000 of indirect materials were used in the production process? Question 11: Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Question 12: When using the indirect method to calculate and report net cash provided or used by operating activities, which of the following is subtracted from net income? Question 13: Six months ago, a company purchased an investment in stock for $65,000. This investment is considered available-for-sale. The current market value of the stock is $68,500. The company should record a: Question 14: A company manufactures and sells a product for $120 per unit. The company's fixed costs are $68,760, and its variable costs are $90 per unit. The company's break-even point in units is: Question 15: Bradford Company budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units. Question 16: Montaigne Corp. has the following information about its standards and production activity in November: Question 17: A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: Question 18: Preferred stock is often issued: Question 19: A company reports the following information for the current year which is its first year of operations. Question 20: A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $60,000. The entry to record this exchange is: Question 21: The following data are available for a company's manufacturing activities: Question 22: Employee morale, timeliness of delivery, and the reactions of customers are examples of nonfinancial factors which should be considered when making a managerial decision. Question 23: Accounting standards: Question 24: A company declared a $0.50 per share cash dividend. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. Question 25: A decrease in the fair market value of a security that has not yet been realized through an actual sale of the security is called a(n): Question 26: Estimated overhead and direct labor costs for the year were $112,500 and $125,000, respectively. During the year, actual overhead was $107,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include: Question 27: At acquisition, debt securities are: Question 28: Vision Tester, Inc., a manufacturer of optical glass, began operations on February 1 of the current year. During this time, the company produced 900,000 units and sold 800,000 units at a sales price of $12 per unit. Cost information for this year is shown below. Question 29: Long-term investments can include:
Solution Description

Question 1: Product costs:

Question 2: Use the following information and the indirect method to calculate the net cash provided or used by operating activities:

Question 3: Actual fixed overhead for Kapok Company during March was $92,780. The flexible budget for fixed overhead this period is $89,000 based on a production l

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