UT Knoxville ACCT 200 - Exam 3 Practice Test (11 pages)

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Exam 3 Practice Test



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Exam 3 Practice Test

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Pages:
11
School:
University of Tennessee
Course:
Acct 200 - Foundations of Accounting
Foundations of Accounting Documents

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A200 Practice Exam 3 Ch 4 10 11 12 Version A 100 Points possible Student Name Last 4 digits of ID Number Class Section Number Instructor s Name 1 Most business decisions focus on a narrow range of activity called the a b c d optimal range of production tactical operating range of production relevant range of production strategic range of production The following applies to questions 2 and 3 Behn Corporation uses the total cost concept of cost plus product pricing Below is cost information for the production and sale of 50 000 units of its single product Behn s owners want a profit equal to a 15 rate of return on invested assets of 650 000 Fixed factory overhead cost Fixed selling and administrative costs Variable direct materials cost per unit Variable direct labor cost per unit Variable factory overhead cost per unit Variable selling and administrative cost per unit 280 000 70 000 4 90 6 50 2 75 2 10 2 Behn s investors desire a total profit of a 50 000 b 297 500 c 650 000 d 97 500 3 The selling price for Behn s product is a 25 20 per unit b 16 25 per unit c 23 25 per unit d 19 75 per unit 4 Fuller Corporation is a merchandiser in the consumer goods industry Fuller s gross profit percentage in 2008 is 44 If the industry s average gross profit percentage is 40 what can we say about Fuller Corporation at the gross profit level a b c d it had more receivables than the average company in the industry it was more profitable than the average company in the industry it incurred more expenses than the average company in the industry it was less profitable than the average company in the industry 5 Winger Corporation overapplied factory overhead costs to work in process by 400 Which of the following will Winger record to correct this error a A 400 increase to work in process b A 400 increase to cost of goods sold c A 400 decrease to cost of goods sold d A 400 decrease to factory overhead e Both b and d 6 Harris Company s sales are 950 000 Its variable costs are 62 of sales



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