DEVRY 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:( TCO 1) Which of the following is an example of a manufacturing overhead cost?
6. Question:( TCO 1) Which of the following is a period cost?
7. Question:( TCO 1) If the balance in the Finished Goods Inventory account increased by $ 30,000 during the period and the cost of goods manufactured was $ 220,000, how much is cost of goods sold?