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Final Exam Volume 2: Chapters 13-26 Name
Accounting Principles, 9e Instructor
Weygandt, Kieso, & Kimmel Section # Date
|Part | I | II | III | IV | V | Total |
|Points | 80 | 27 | 18 | 14 | 21 | 160 |
|Score | | | | | | |
PART I — MULTIPLE CHOICE (80 points)
Instructions: Designate the best answer for each of the following questions.
____ 1. A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n)
a. cost center.
b. revenue center.
c. profit center.
d. investment center.
____ 2. The most useful measure for evaluating a manager's performance in controlling revenues and costs in a profit center is
a. contribution margin.
b. contribution net income.
c. contribution gross profit.
d. controllable margin.
____ 3. Hinton Corporation desires to earn target net income of $90,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $360,000, the number of units that the company must sell to earn its target net income is
a. 30,000.
b. 75,000.
c. 45,000.
d. 60,000.
____ 4. Lynch Corporation uses a process cost accounting system. Given the following data, compute the number of units transferred out during the current period.
Beginning Work in Process 20,000 units (1/2 complete)
Ending Work in Process 25,000 units (1/3 complete)
Started into Production 150,000 units
a. 125,000
b. 141,667
c. 145,000
d. 150,000
____ 5. Vinson Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or...