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c. Prepare an income statement for last year using variable costing (i.e.,
contribution margin income statement).

d. Calculate the total value of the ending inventory using variable
costing.
Answer
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ACCT 346 Week 4 Midterm 1
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1. Question :
(TCO 1) Managerial accounting stresses accounting concepts and
procedures that are relevant to preparing reports for
2. Question :
TCO 1) Which of the following statements regarding fixed costs is true?
3. Question :
(TCO 1) You own a car and are trying to decide whether or not to trade
it in and buy a new car. Which of the following costs is an opportunity
cost in this situation?
4. Question :
(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month
in which 1,600 steak dinners will be produced and sold: materials,
$4,080; hourly labor (variable), $5,200; rent (fixed), $1,700;
depreciation, $800; and other fixed costs, $600. Each steak dinner sells
for $14.00 each. How much is the budgeted variable cost per unit?
5. Question :