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Exam 6: Variable Costing and Segment Reporting: Tools for Management

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Question 131

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Helmers Corporation manufactures a single product. Variable costing net operating income last year was $86,000 and this year was $103,000. Last year, $32,000 in fixed manufacturing overhead costs were released from inventory under absorption costing. This year, $12,000 in fixed manufacturing overhead costs were deferred in inventory under absorption costing. -What was the absorption costing net operating income last year?

A) $106,000
B) $86,000
C) $54,000
D) $118,000

E) All of the above
F) B) and C)

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Question 132

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Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: During November, 35,000 units were manufactured and 8,000 units were in beginning inventory. Variable production costs have remained constant on a per unit basis over the past several months. -The value of the company's inventory on November 30 under absorption costing would be:

A) $54,000
B) $66,000
C) $78,000
D) $81,000

E) A) and B)
F) A) and C)

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Question 133

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Ober Corporation,which has only one product,has provided the following data concerning its most recent month of operations: Required: a.Prepare a contribution format income statement for the month using variable costing. b.Prepare an income statement for the month using absorption costing.

Wolanski Corporation has provided the following data for its most recent year of operations: -The net operating income (loss) under variable costing is closest to:

Moskowitz Corporation has provided the following data for its two most recent years of operation: -The net operating income (loss) under variable costing in Year 2 is closest to:

Neef Corporation has provided the following data for its two most recent years of operation: -The unit product cost under absorption costing in Year 1 is closest to:

Maher Corporation,which has only one product,has provided the following data concerning its most recent month of operations: Required: a.What is the unit product cost for the month under variable costing? b.What is the unit product cost for the month under absorption costing? c.Prepare a contribution format income statement for the month using variable costing. d.Prepare an income statement for the month using absorption costing. e.Reconcile the variable costing and absorption costing net operating incomes for the month.

WV Construction has two divisions: Remodeling and New Home Construction.Each division has an on-site supervisor who is paid a salary of $58,000 annually and one salaried estimator who is paid $52,000 annually.The corporate office has two office administrative assistants who are paid salaries of $38,000 and $31,000 annually.The president's salary is $127,000.How much of these salaries are common fixed expenses?

Variable manufacturing overhead costs are treated as product costs under both absorption and variable costing.

Wolanski Corporation has provided the following data for its most recent year of operations: -Which of the following statements is true?

Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: -What is the net operating income for the month under absorption costing?

A company has two divisions,each selling several products.If segment reports are prepared for each product,the division managers' salaries should be considered as common fixed costs of the products.

Wolanski Corporation has provided the following data for its most recent year of operations: -The net operating income (loss) under absorption costing is closest to:

Gabuat Corporation, which has only one product, has provided the following data concerning its most recent month of operations: -What is the total period cost for the month under variable costing?

Under absorption costing,a portion of fixed manufacturing overhead cost is released from inventory when production volume exceeds sales volume.

Ing Corporation, which has only one product, has provided the following data concerning its most recent month of operations: -What is the unit product cost for the month under variable costing?

Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: -What is the net operating income for the month under absorption costing?

Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations: -What is the net operating income for the month under variable costing?

Data for September concerning Greenberger Corporation's two major business segments--Fibers and Feedstocks--appear below: Common fixed expenses totaled $344,000 and were allocated as follows: $175,000 to the Fibers business segment and $169,000 to the Feedstocks business segment. Required: Prepare a segmented income statement in the contribution format for the company.Omit percentages; show only dollar amounts.

Corbel Corporation has two divisions: Division A and Division B.Last month,the company reported a contribution margin of $60,000 for Division A.Division B had a contribution margin ratio of 40% and its sales were $300,000.Net operating income for the company was $40,000 and traceable fixed expenses were $80,000.Corbel Corporation's common fixed expenses were: