choose the best answer (mcqs) just choose the no need of any explanation:1) The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales$400,000 Materials cost$96,000 Variable conversion cost used$48,000 Fixed manufacturing cost$72,000 Indirect operating costs (fixed)$80,000 The variable costing operating income is: A$120,000 B$104,000 C$140,000 D$128,000 2) Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:Total machine-hours30,000Total fixed manufacturing overhead cost$ 252,000Variable manufacturing overhead per machine-hour$ 2.10 Recently, Job T687 was completed with the following characteristics:Number of units in the job10Total machine-hours30Direct materials$ 675Direct labor cost$ 1,050If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: A$305.60 B$285.60 C$241.50 D$81.603) Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics:Number of units in the job10Total direct labor-hours50Direct materials$ 920Direct labor cost$ 1,400The predetermined overhead rate is closest to: A$2.80 per direct labor-hour B$8.30 per direct labor-hour C$2.70 per direct labor-hour D$5.50 per direct labor-hour

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Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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choose the best answer (mcqs) just choose the no need of any explanation:

1) The following information is available for Barnes Company for the fiscal year ended December 31:


Beginning finished goods inventory in units		0
Units produced		4,800
Units sold		4,000
Sales	$	400,000
Materials cost	$	96,000
Variable conversion cost used	$	48,000
Fixed manufacturing cost	$	72,000
Indirect operating costs (fixed)	$	80,000

The variable costing operating income is:

	A	$120,000
	B	$104,000
	C	$140,000
	D	$128,000

2) Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:

Total machine-hours	30,000
Total fixed manufacturing overhead cost	$ 252,000
Variable manufacturing overhead per machine-hour	$ 2.10

Recently, Job T687 was completed with the following characteristics:

Number of units in the job	10
Total machine-hours	30
Direct materials	$ 675
Direct labor cost	$ 1,050

If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to:

	A	$305.60
	B	$285.60
	C	$241.50
	D	$81.60

3) Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics:

Number of units in the job	10
Total direct labor-hours	50
Direct materials	$ 920
Direct labor cost	$ 1,400

The predetermined overhead rate is closest to:

	A	$2.80 per direct labor-hour
	B	$8.30 per direct labor-hour
	C	$2.70 per direct labor-hour
	D	$5.50 per direct labor-hour

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