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In: Accounting

10. A manufacturing company that produces a single product has provided the following data concerning its...

10. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:

Selling price ........................................................... $100

Units in beginning inventory .......................... 0

Unit produced ...................................................... 5,500

Unit sold ................................................................. 5,400

Unit in ending inventory ................................... 100

Variable costs per unit:

Direct materials .............................................. $23

Direct labor ...................................................... $25

Variable manufacturing overhead ........... $ 2

Variable selling and administrative ......... $ 9

Fixed costs:

Fixed manufacturing overhead .................. $137,500

Fixed selling and administrative ................ $ 70,200

The total contribution margin for the month under variable costing is:

Select one:

a. $270,000

b. $135,000

c. $83,900

d. $221,400

11.

The Institute of Management Accountants' Statement of Ethical Professional Practice states that when faced with significant ethical issues, management accountants should first:

Select one:

a. submit an informative memorandum describing the ethical issue to an appropriate representative of the organization and resign if no action is taken as a result of the memorandum.

b. follow the established policies of the organization bearing on the resolution of such conflict.

c. clarify relevant concepts by confidential discussion with an objective advisor to obtain an understanding of possible courses of action.

d. discuss such problems with the immediate superior except when it appears that the superior is involved.

12.

The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT:

Select one:

a. A CFO must be a CPA or CMA.

b. Both the CEO and CFO must certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations.

c. Severe penalties are established for altering or destroying documents that may eventually be used in an official proceeding.

d. The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company's financial reports.

13.

A company has provided the following data:

Sales ................................... 3,000 units

Sales ................................... $70 per unit

Variable cost .................... $50 per unit

Fixed cost .......................... $25,000

If the dollar contribution margin per unit is increased by 10%, total fixed cost is decreased by 20%, and all other factors remain the same, net operating income will:

Select one:

a. increase by $61,000.

b. increase by $11,000.

c. increase by $3,500.

d. increase by $20,000.

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