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In MTC Corporation’s First Month of Operations, the Company Produced

Question 157

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In MTC Corporation’s first month of operations, the company produced 500 units and sold 400 units. Its accounting information system reported the following information related to those units:
In MTC Corporation’s first month of operations, the company produced 500 units and sold 400 units. Its accounting information system reported the following information related to those units: Match the lettered items with the appropriate numbered item. Each numbered item may have more than one correct answer. Each lettered item may be used once, more than once, or not at all.
Match the lettered items with the appropriate numbered item. Each numbered item may have more than one correct answer. Each lettered item may be used once, more than once, or not at all.

Premises:
Cost of ending inventory under absorption costing
Method that conforms with generally accepted accounting principles
Method in which inventory costs are not expensed until units are sold
Cost subtracted from revenue under throughput costing
Operating incomereported under variable costing
Ending inventory under throughput costing
Method that reports the highest operating income this period
Method that reports the lowest operating income this period
Throughput contribution
Total contribution margin under variable costing
Responses:
Throughput costing
Variable costing
$3,500
$10,400
$700
$2,800
$2,500
Absorption costing
$7,600
$17,200

Correct Answer:

Cost of ending inventory under absorption costing
Method that conforms with generally accepted accounting principles
Method in which inventory costs are not expensed until units are sold
Cost subtracted from revenue under throughput costing
Operating incomereported under variable costing
Ending inventory under throughput costing
Method that reports the highest operating income this period
Method that reports the lowest operating income this period
Throughput contribution
Total contribution margin under variable costing
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