Question 1 0 out of 0.2 points In its first year of business, Soles for Souls, Inc., produced 5,000 shoes and sold 4,000 during the year. Its cost for the year included: Question 2 0 out of 0.2 points Use the following information to calculate Honest Tea, Inc.’s, Inventory balance on its December 31 year-end balance sheet. Note: All purchases of inventory are on account. Cost of Goods Sold during the year $31,000 January 1 Inventory 10,000 Sales during the year 68,000 December 31 Accounts Receivable 22,000 Purchases of Inventory on Account during the year 41,000 December 31 Inventory = $______ Question 3 0 out of 0.2 points Assume you are a retail store that sells jeans. Identify each of your costs as variable, fixed, or mixed: Units sold 20 40 80 1. Depreciation Expense per unit $480 $240 $120 2. Total Rent $5,000 $5,000 $5,000 3. Total Cost of Shopping Bags $4 $8 $16 Question 4 0 out of 0.2 points Total Per unit Sales revenue (30,000 units) $750,000 25 Variable costs 450,00015 Contribution margin 300,000? Fixed costs 150,000 Operating income $150,000 What is the company’s breakeven point in sales units? Question 5 0 out of 0.2 points Sea the World Cruises sells 4,000 tickets on its deluxe yacht: Selling price per customer $5,000 Variable cost per customer $1,000 Annual fixed cost $500,000 What is the company’s breakeven point in units, i.e., customers? Round to the nearest whole unit. Question 6 0 out of 0.2 points If selling price per unit increases, while variable cost per unit and total fixed costs remain the same, the breakeven point will: Question 7 0 out of 0.2 points Bead It, Inc., produces and sells beads by the pound. Selling price per pound $13 Variable cost per pound $10 Annual fixed costs $200,000 What will the company’s breakeven point in units equal if Bead It were to replace some of its hourly employees with a machine? The labor costs will reduce the cost per pound by $2 but the depreciation on the machine will add $100,000 to the manufacturing costs. Round to the nearest whole pound. Question 8 0 out of 0.2 points Vicious Cycle, Inc., produces and sells 2,000 bikes. Selling price per unit $4,000 Variable cost per unit $800 Annual fixed cost $500,000 What is the company’s contribution margin per unit? (Round to the nearest cent.) Question 9 0 out of 0.2 points Planet of the Crepes, Inc., makes and sells crepes. It expects sales to equal $500,000, total variable costs to equal $350,000 and total fixed costs to equal $60,000.What is the contribution margin ratio? Question 10 0 out of 0.2 points Wok of Fame, Inc., makes and sells woks at a price of $5.00 per unit. Variable cost is $3.00 per unit. The company’s total fixed costs are $52,500.How much must total sales be if Wok of Fame wants to earn an operating income of $17,500? Question 11 0 out of 0.2 points If Curl Up & Dye, Inc., has an operating leverage of 2.5 and its sales decrease by 8%, calculate the percentage change in operating income rounding to the nearest tenth of a percent. Do not include the % or a negative sign in your answer. Question 12 0 out of 0.2 points Planet of the Crepes, Inc., is preparing its master budget for its first month of business. It expects to sell 2,000 crepes at $3 per crepes per month. It expects to collect 80% of the sales in the month of the sale and 20% in the following month. Calculate the amount of budgeted sales for its first month. Question 13 0 out of 0.2 points Leaning Tower of Pizza, Inc., is preparing its master budget for its first year of business. It expects to sell 6,000 pizzas at $7 per pizza per month. It expects to collect 90% of the sales in the month of the sale and 10% in the following month. Calculate its Accounts Receivable balance at the end of its first year. Question 14 0 out of 0.2 points You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 260 hours in your first month and 80 hours in your second month of bu…
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