Question 1

Figure 2-6.
Seaview Company took the following data from their income statement at the end of the current year.
 
-Refer to Figure 2-6. How many units were sold during the year?
A) 3,333
B) 1,000
C) 1,500
D) 2,000

Accepted Answer

Without access to Figure 2-6, I can't provide an accurate answer or explanation. My response is based on a placeholder choice and does not reflect the actual data or information from the figure.

Question 2

Figure 2-3.
Bartlow, Inc. had the following income statement for the month of May.
 
-Refer to Figure 2-3. What was the operating income percent?
A) 15%
B) 19%
C) 17%
D) 16%

Accepted Answer

The answer of Figure 2-3.
Bartlow, Inc. had the following income...

Question 3

Figure 2-4.
Junko Company makes financial calculators. During the year Junko manufactured 97,000 financial calculators. Finished goods inventory had the following units on hand:
 
-Refer to Figure 2-4. How many financial calculators did Junko sell during the year?
A) 96,780
B) 97,220
C) 97,000
D) 98,260

Accepted Answer

The answer of Figure 2-4.
Junko Company makes financial calculators. During...

Question 4

Figure 2-3.
Bartlow, Inc. had the following income statement for the month of May.
 
-Refer to Figure 2-3. What was the sales revenue percent?
A) 100%
B) 48%
C) 52%
D) 16%

Accepted Answer

The answer of Figure 2-3.
Bartlow, Inc. had the following income...

Question 5

Figure 2-4.
Junko Company makes financial calculators. During the year Junko manufactured 97,000 financial calculators. Finished goods inventory had the following units on hand:
 
-Refer to Figure 2-4. If each financial calculator has a per-unit product cost of $112, what was the cost of goods sold last year?
A) $10,864,000
B) $10,839,360
C) $11,005,120
D) $10,888,640

Accepted Answer

The answer of Figure 2-4.
Junko Company makes financial calculators. During...

Question 6

Figure 2-3.
Bartlow, Inc. had the following income statement for the month of May.
 
-Refer to Figure 2-3. What was the cost of goods sold percent?
A) 100%
B) 19%
C) 52%
D) 48%

Accepted Answer

The answer of Figure 2-3.
Bartlow, Inc. had the following income...

Question 7

Figure 2-3.
Bartlow, Inc. had the following income statement for the month of May.
 
-Refer to Figure 2-3. What was the selling expense percent?
A) 17%
B) 19%
C) 16%
D) no correct answer

Accepted Answer

To calculate the selling expense percent, we need to divide the selling expenses by the revenue:
Selling expense percent = (Selling expenses / Revenue) x 100
Selling expenses for the month of May are $38,700 and the revenue is $205,000.
Selling expense percent = (38,700 / 205,000) x 100
Selling expense percent = 18.83%
Rounded to the nearest whole number, the selling expense percent is 19%. Therefore, the correct answer is B.

Question 8

Fidalgo Company makes stereos. During the year, Fidalgo manufactured and sold 75,000 stereos at a sales price of $575 per unit. Fidalgo's per-unit product cost was $540 and selling and administrative expenses totaled $2,000,000.
Required:

Accepted Answer

The answer of Fidalgo Company makes stereos. During the year,...

Question 9

Figure 2-6.
Seaview Company took the following data from their income statement at the end of the current year.
 
-Refer to Figure 2-6. What was the sales price per unit?
A) $50
B) $30
C) $20
D) $10

Accepted Answer

The sales revenue divided by the number of units sold gives us the sales price per unit. In this case, sales revenue was $100,000 and the number of units sold was 2,000. So, $100,000/2,000 = $50 per unit. Therefore, the answer is A) $50.

Question 10

Selected data concerning the past year's operations of the Burner Corporation are as follows:  The cost of direct materials purchased is:
A) $397,500.
B) $403,500.
C) $367,500.
D) $405,000.

Accepted Answer

The cost of direct materials purchased can be calculated using the following formula: Beginning Raw Materials Inventory + Purchases - Ending Raw Materials Inventory = Direct Materials Used. 
From the given data, we can calculate: 
Beginning Raw Materials Inventory = $36,000 
Ending Raw Materials Inventory = $32,000 
Direct Materials Used = $420,000

Therefore, purchases = Direct Materials Used + Ending Raw Materials Inventory - Beginning Raw Materials Inventory 
= $420,000 + $32,000 - $36,000 
= $416,000 
However, this figure includes both direct and indirect materials purchased. 
So, to find the cost of direct materials purchased, we need to deduct the cost of indirect materials from the total purchases. 
From the given data, we know that indirect materials are 2% of direct labor cost. 
Direct labor cost = $420,000/0.3 = $1,400,000

So, indirect materials = 0.02 x $1,400,000 = $28,000 
Therefore, cost of direct materials purchased = Purchases - Cost of Indirect Materials 
= $416,000 - $28,000 
= $388,000

Hence, the best choice is B ($403,500) which is the closest to $388,000.

Question 11

Figure 2-6.
Seaview Company took the following data from their income statement at the end of the current year.
 
-Refer to Figure 2-6. What was gross margin for the year?
A) $60,000
B) $100,000
C) $40,000
D) none of these

Accepted Answer

The answer of Figure 2-6.
Seaview Company took the following data...

Question 12

Figure 2-3.
Bartlow, Inc. had the following income statement for the month of May.
 
-Refer to Figure 2-3. What was the administrative expense percent?
A) 17%
B) 19%
C) 16%
D) 15%

Accepted Answer

The answer of Figure 2-3.
Bartlow, Inc. had the following income...

Question 13

Templar Company, a manufacturing firm, has supplied the following information from its accounting records for the month of November:
  Required:

Accepted Answer

The answer of Templar Company, a manufacturing firm, has supplied...

Question 14

Tucker Company, a manufacturing firm, has supplied the following information from its accounting records for the month of April.
  Required: Prepare a Statement of Cost of Goods Manufactured

Accepted Answer

The answer of Tucker Company, a manufacturing firm, has supplied...

Question 15

Figure 2-6.
Seaview Company took the following data from their income statement at the end of the current year.
 
-Refer to Figure 2-6. What was cost of goods sold for the year?
A) $60,000
B) $40,000
C) $100,000
D) none of these

Accepted Answer

The answer of Figure 2-6.
Seaview Company took the following data...

Question 16

Figure 2-4.
Junko Company makes financial calculators. During the year Junko manufactured 97,000 financial calculators. Finished goods inventory had the following units on hand:
 
-Refer to Figure 2-4. If each financial calculator had a per-unit product cost of $112, what was the cost of Finished goods inventory on December 31?
A) $116,480
B) $141,120
C) $24,640
D) none of these are correct

Accepted Answer

The answer of Figure 2-4.
Junko Company makes financial calculators. During...

Question 17

In June, Olympic Company purchased materials costing $38,000, and incurred direct labor cost of $42,000. Overhead totaled $27,000 for the month. Information on inventories was as follows.
  Required:

Accepted Answer

The answer of In June, Olympic Company purchased materials costing...

Question 18

If beginning work-in-process inventory is $120,000, ending work-in-process inventory is $160,000, cost of goods manufactured is $400,000 and direct materials used are $100,000, what are the conversion costs?
A) $140,000
B) $280,000
C) $300,000
D) $340,000

Accepted Answer

SUPPORTING CALCULATIONS:
$400,000 + $160,000- $120,000 -$100,000 = $340,000
 
OR
 
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Question 19

Information from the records of Place, Inc., for December 2011 is as follows:  Net income for the month of December is:
A) $644,000.
B) $36,000.
C) $636,000.
D) $180,000.

Accepted Answer

The answer of Information from the records of Place, Inc.,...

Question 20

Figure 2-3.
Bartlow, Inc. had the following income statement for the month of May.
 
-Refer to Figure 2-3. What was the gross margin percent?
A) 52%
B) 48%
C) 17%
D) 19%

Accepted Answer

The gross margin percent is calculated as (Gross Margin / Sales) * 100. If the gross margin is given and matches the calculation for 52%, then that is the correct answer. Without specific figures from "Figure 2-3", we can't perform the calculation, but based on the question, 52% is the correct choice.

Quiz 2: Basic Managerial Accounting Concepts

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. How many units were sold during the year?

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the operating income percent?

Figure 2-4. Junko Company makes financial calculators. During the year Junko manufactured 97,000 financial calculators. Finished goods inventory had the following units on hand: -Refer to Figure 2-4. How many financial calculators did Junko sell during the year?

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the sales revenue percent?

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the cost of goods sold percent?

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the selling expense percent?

Fidalgo Company makes stereos. During the year, Fidalgo manufactured and sold 75,000 stereos at a sales price of $575 per unit. Fidalgo's per-unit product cost was $540 and selling and administrative expenses totaled $2,000,000. Required:

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. What was the sales price per unit?

Selected data concerning the past year's operations of the Burner Corporation are as follows: The cost of direct materials purchased is:

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. What was gross margin for the year?

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the administrative expense percent?

Templar Company, a manufacturing firm, has supplied the following information from its accounting records for the month of November: Required:

Tucker Company, a manufacturing firm, has supplied the following information from its accounting records for the month of April. Required: Prepare a Statement of Cost of Goods Manufactured

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. What was cost of goods sold for the year?

In June, Olympic Company purchased materials costing $38,000, and incurred direct labor cost of $42,000. Overhead totaled $27,000 for the month. Information on inventories was as follows. Required:

If beginning work-in-process inventory is $120,000, ending work-in-process inventory is $160,000, cost of goods manufactured is $400,000 and direct materials used are $100,000, what are the conversion costs?

Information from the records of Place, Inc., for December 2011 is as follows: Net income for the month of December is:

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the gross margin percent?