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Question : 11) The total variable cost curve ________ because ________ as : 1241159

Economics

 

11) The total variable cost curve ________ because ________ as output increases.

A) slopes upward; variable cost increases

B) slopes upward; marginal cost increases

C) slopes downward; variable cost increases

D) slopes downward; marginal cost increases

E) is horizontal; fixed cost does not change

 

12) Marginal cost equals

A) total cost minus total variable cost.

B) total fixed cost divided by total output.

C) total variable cost divided by total output.

D) the change in total cost that results from a one-unit increase in output.

E) the change in fixed cost that results from a one-unit increase in output.

 

13) The change in cost that results from a one-unit increase in output is called the

A) average fixed cost.

B) per-unit variable cost.

C) per-unit total cost.

D) marginal cost.

E) average cost change.

 

14) As a typical firm increases its output, its marginal cost

A) is constant.

B) decreases at first and then increases.

C) increases at first and then decreases.

D) decreases.

E) is negative at first and then positive.

15) When marginal cost is positive, total cost is ________ as output increases.

A) increasing

B) decreasing

C) constant

D) negative

E) undefined

 

16) If total fixed cost increases, which of the following will NOT change?

A) total cost

B) average fixed cost

C) marginal cost

D) average total cost

E) ALL costs increase when total fixed cost increases.

 

17) Scott owns a law-enforcement training operation in Boise, Idaho. He employs three trainers. The last trainer Scott hired increased Scott’s total cost by $466 per week even though the trainer brought in only one new client. Hence Scott’s

A) total variable cost equals $466.

B) marginal cost of the last client equals $466.

C) marginal cost of the last worker equals $233.

D) total variable cost equals $233.

E) total fixed cost of the last client equals $466.

 

OUTPUT

Total Cost

Fixed Cost

Variable Cost

Average Variable Cost

Average

Total Cost

0

  $100

$100

 

 

 

1

$140

$100

$40

$40

$140

2

$160

$100

$60

$30

$80

3

$200

$100

$100

     $33.33

$67

4

$240

$100

$140

$35

$60

5

$330

$100

$230

$46

$66

 

18) The table above gives the cost schedule for The X Firm. The data show that The X Firm’s ________ curve is ________.

A) ATC; U-shaped because the firm fixed costs are spread over larger amounts of output and the firm experiences decreasing marginal returns

B) AFC; U-shaped because the firm spreads its fixed costs over larger and large amounts of output

C) AVC; always declining because costs are divided across ever-increasing amounts of output

D) MC; U-shaped because explicit costs exceed implicit costs

E) ATC; U-shaped because output increases as costs increase

 

 

Labor (workers)

Output (bikes)

Total fixed costs (dollars)

Total variable cost (dollars)

Total cost (dollars)

0

0

200

 

 

1

20

 

100

 

2

50

 

 

 

3

60

 

 

 

4

64

 

 

 

 

19) The table above gives costs at Jan’s Bike Shop. Unfortunately, Jan’s record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?

A) $100

B) $200

C) $300

D) $400

E) $500

20) The table above gives costs at Jan’s Bike Shop. Unfortunately, Jan’s record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total fixed cost of producing 64 bikes?

A) $200

B) $300

C) $400

D) $500

E) $600

 

21) The table above gives costs at Jan’s Bike Shop. Unfortunately, Jan’s record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?

A) $200

B) $300

C) $400

D) $500

E) None of the above answers are correct.

 

 

 

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July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

default image
July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

default image
July 1, 2023
    

 

91. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: 

A. Weighted average inventory method.

B. First-in, first-out method.

C. Last-in, first-out method.

D. Specific identification method.

E. Retail inventory method.

92. A company had the following purchases during the current year:

  

On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? 

A. $3,500.

B. $3,800.

C. $3,960.

D. $3,280.

E. $3,640.

93. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 

A. $304

B. $296

C. $288

D. $280

E. $276

94. Axme Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale? 

A. $148.00.

B. $150.50.

C. $158.40.

D. $210.00.

E. $330.00.

95. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? 

A. $120.

B. $124.

C. $128.

D. $130.

E. $140.

96. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, it purchased 10 units at $13 per unit. On August 12 it purchased 20 units at $14 per unit. On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? 

A. $140.

B. $160.

C. $210.

D. $380.

E. $590.

97. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold? 

A. $395.

B. $410.

C. $450.

D. $510.

E. $520.

98. A company sells a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows:

  

If the ending inventory is reported at $276, what inventory method was used? 

A. LIFO method.

B. FIFO method.

C. Weighted average method.

D. Specific identification method.

E. Retail inventory method.

99. Axme uses a weighted average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $15 per unit.

August 29, 20 units were sold.

August 31, 14 units were purchased at $16 per unit.

What is the per-unit value of ending inventory on August 31? 

A. $12.00.

B. $13.80.

C. $15.42.

D. $16.00.

E. $17.74.

F. * $345/25 units = $13.80/unit

100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

  

The cost of the ending inventory is 

A. $200.

B. $220.

C. $380.

D. $275.

E. $300.

 

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