ACC/561 ACC 561 Week 5 Wilyplus Brief Exercise 18-8 Brief Exercise 18-10 Brief Exercise 18-11 Brief Exercise 19-16 Exercise 19-17 Brief Exercise 21-1 Brief Exercise 21-4

Description / Instructions: Complete the following in WileyPLUS: *Brief Exercise 18-8 *Brief Exercise 18-10 *Brief Exercise 18-11 *Brief Exercise 19-16 *Exercise 19-17 *Brief Exercise 21-1 *Brief Exercise 21-4

Question 1

Meriden Company has a unit selling price of $530, variable costs per unit of $318, and fixed costs of $134,408.

Compute the break-even point in units using the mathematical equation.

Question 2

For Turgo Company, variable costs are 61% of sales, and fixed costs are $190,000. Management’s net income goal is $46,574.

Compute the required sales in dollars needed to achieve management’s target net income of $46,574.

Question 3

For Kozy Company, actual sales are $1,234,000 and break-even sales are $777,420.

Compute the margin of safety in dollars and the margin of safety ratio.

Question 4

Montana Company produces basketballs. It incurred the following costs during the year.

What are the total product costs for the company under variable costing?

Question 5

Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.

Polk Company sells the fishing lures for $27.50. During 2012, the company sold 80,000 lures and produced 94,400 lures.

(a)

Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)

(b)

Prepare a variable costing income statement for 2012

(c)

Assuming the company uses absorption costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)

(d) Prepare an absorption costing income statement for 2012

Question 6

For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $316,200 budget; $338,400 actual.

Prepare a static budget report for the quarter

Question 7

Gundy Company expects to produce 1,212,720 units of Product XX in 2012. Monthly production is expected to range from 76,140 to 124,700 units. Budgeted variable manufacturing costs per unit are: direct materials $3, direct labor $8, and overhead $9. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2.

Prepare a flexible manufacturing budget for the relevant range value using 24,280 unit increments. (List variable costs before fixed costs.)