Question :
76.Affinity makes a single product, pool pumps. Information for 2014 : 1302750
76.Affinity makes a single product, pool pumps. Information for 2014 appears below (Assume the same unit costs in all years):
Sales in units5,800
Production in units6,200
Beginning inventory1,500
Variable production cost per unit$46.00
Variable selling cost per unit$6.00
Fixed production cost per year$31,000
Fixed selling and administrative cost per year$24,000
Selling price per unit$75.00
How much is the full cost per unit of inventory?
A.$46.00
B.$51.00
C.$57.00
D.$52.00
77.Affinity makes a single product, pool pumps. Information for 2014 appears below (Assume the same unit costs in all years):
Sales in units5,800
Production in units6,200
Beginning inventory1,500
Variable production cost per unit$46.00
Variable selling cost per unit$6.00
Fixed production cost per year$31,000
Fixed selling and administrative cost per year$24,000
Selling price per unit$75.00
How much is net income for the year under variable costing?
A.$78,400
B.$87,600
C.$80,400
D. None of these answer choices are correct.
78.Affinity makes a single product, pool pumps. Information for 2014 appears below (Assume the same unit costs in all years):
Sales in units5,800
Production in units6,200
Beginning inventory1,500
Variable production cost per unit$46.00
Variable selling cost per unit$6.00
Fixed production cost per year$31,000
Fixed selling and administrative cost per year$24,000
Selling price per unit$75.00
How much is net income for the year under full costing?
A.$78,400
B.$80,400
C.$87,600
D.None of these answer choices are correct.
79.Affinity makes a single product, pool pumps. Information for 2014 appears below (Assume the same unit costs in all years):
Sales in units5,800
Production in units6,200
Beginning inventory1,500
Variable production cost per unit$46.00
Variable selling cost per unit$6.00
Fixed production cost per year$31,000
Fixed selling and administrative cost per year$24,000
Selling price per unit$75.00
Under which method will net income be larger?
A.Variable costing
B.Full costing
C.Net income under both the variable and full costing methods will be the same.
D.The answer cannot be determined from the information provided.
80.Affinity makes a single product, pool pumps. Information for 2014 appears below (Assume the same unit costs in all years):
Sales in units5,800
Production in units6,200
Beginning inventory1,500
Variable production cost per unit$46.00
Variable selling cost per unit$6.00
Fixed production cost per year$31,000
Fixed selling and administrative cost per year$24,000
Selling price per unit$75.00
How much will be reported for inventory on the balance sheet if variable costing is used?
A.$87,400
B.$96,900
C.$108,300
D.$118,400
81.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed Costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. How much is the cost of ending inventory under variable costing?
A.$550,000
B.$650,000
C.$730,000
D.$1,450,000
82.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed Costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. How much is the cost of ending inventory under full costing?
A.$730,000
B.$550,000
C.$650,000
D.$938,000
83.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed Costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. How much is net income under variable costing?
A.$740,000
B.$848,000
C.$560,000
D.$2,000,000
84.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed Costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. How much is net income under full costing?
A.$560,000
B.$380,000
C.$340,000
D.$740,000
85.Leesburg Bags produces backpacks. The costs and prices for the backpacks follow (Assume the same unit costs in all years):
Selling price$23.00 per backpack
Variable costs:
Production$11.00 per backpack
Selling$2.00 per backpack
Fixed Costs:
Production$900,000 per year
Selling and administrative$540,000 per year
Leesburg Bags produced 250,000 backpacks for the year and sold 200,000. There was no beginning inventory, and costs throughout the year were stable. How much higher or lower will variable costing be than full costing income?
A.$180,000 higher
B.$320,000 higher
C.$320,000 lower
D.$180,000 lower
