quizzes

Question 1

how to find the manufacturing overhead

Answer 1

add up all the indirect costs
or it can be a percentage of direct labour should be given and with that you find the manufacturing overhead

Question 2

how to find the unit cost

Answer 2

this is the cost per unit so just add all the costs including applied overhead and divide by the number of units

Question 3

how do you find the balance of work in progress inventory

Answer 3

its the total cost of any job still in process, (look for the jobs with no units completed)

Question 4

how to determine if the manufacturing overhead was over or under applied

Answer 4

take the total MOH based on the rate given and subtract it from the actual MOH

Question 5

how to determine the break even point

Answer 5

take the price sold - variable costs and then divide the fixed costs by that

or divide the fixed cost by the CM

Question 6

what to do in a beak even question that asks if the break even will rise or fall depending on a investment that will raise the fixed costs and lower the variable costs

Answer 6

you calculate 2 scenarios, 1 where yoiu change nothing and one where you make the investment and then see what ones lower or wte the question asks

Question 7

how to find the contribution margin

Answer 7

total sales - variable expenses

Question 8

how to find the contribution margin ratio

Answer 8

contribution margin divided by total sales times 100

Question 9

how to find the break even with contribution margin ratio

Answer 9

divide to total fixed costs by the break even margin (use decimal form)

Question 10

how to find the net profit

Answer 10

sales revenue - total expenses

Question 11

Homer Inc. has one product with a selling price per unit of $400, the unit variable cost is $100, and the total monthly fixed costs are $750,000. How much is Homer contribution margin ratio?

Answer 11

minus the selling price per unit by the variable cost and then divide that by the selling price and then times by 100

Question 12

what does it mean if the contribution margin on a product is less than zero

Answer 12

the selling price is less than than the variable costs

Question 13

what account do the costs go to after the work in process inventory is complete

Answer 13

goes form the WIP to finished goods accouont

Question 14

what journal entry would you do for a sale

Answer 14

credit sales revenue and then debit cash

Question 15

how to find the weighted average contribution margin

Answer 15

first find the contribution margin by subtracting the variable cost from the selling price and then multiply that number by the sales mix percentage then add the sum of those to get the answer

Question 16

how would you find the weighted average contribution matrix

Answer 16

get the individual contribution margin and then divide that by the sales price and times by 100 to get the CM ratio do this for each of the items then after you multiply the cm ratio by the sales mix percentage to get the answer

Question 17

how to find the total break even units when dealing with a sales mix

Answer 17

divide the total fixed costs by the weighted average unit contribution margin

Question 18

how would you find the amoun of units are sold at break even for a specific product in the sales mix

Answer 18

you multiply the sales mix percentage by the totoal break even units