ACCT QUIZ 4

| June 3, 2016

Question
Question 1 (1 point)
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A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n):

Question 1 options:

profit center.

cost center.

revenue center.

investment center.

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Question 2 (1 point)
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The most useful measure for evaluating a manager’s performance in controlling revenues and costs in a profit center is:

Question 2 options:

controllable margin.

contribution net income.

contribution gross profit.

contribution margin.

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Question 3 (1 point)
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Marley Corporation desires to earn target net income of $180,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $720,000, the number of units that the company must sell to earn its target net income is:

Question 3 options:

90,000.

60,000.

150,000.

120,000.

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Question 4 (1 point)
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Oscar 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 10,000 units (½ complete)
Ending Work in Process 12,500 units (? complete)
Started into Production 75,000 units
Question 4 options:

85,000.

62,500.

72,500.

75,000.

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Question 5 (1 point)
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Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:

Estimated annual overhead cost $1,200,000
Actual annual overhead cost $1,150,000
Estimated machine hours 300,000
Actual machine hours 280,000
Question 5 options:

$1,200,000 applied and $30,000 overapplied.

$1,120,000 applied and $30,000 underapplied.

$1,150,000 applied and neither under- nor overapplied.

$1,120,000 applied and $30,000 overapplied.

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Question 6 (1 point)
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The following data has been collected for use in analyzing the behavior of maintenance costs of Sterling Corporation:

Month Maintenance Costs Machine Hours
January $121,000 20,000
February 125,000 23,000
March 128,000 24,000
April 159,000 34,000
May 168,000 36,000
June 178,000 38,000
July 181,000 40,000
Using the high-low method to separate the maintenance costs into their variable and fixed cost components, these components are:

Question 6 options:

$5 per hour plus $30,000.

$5 per hour plus $20,000.

$4 per hour plus $41,000.

$3 per hour plus $61,000.

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Question 7 (1 point)
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Given the following data for Carlson Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:

Direct materials used $120,000 Beginning work in process $20,000
Direct labor 50,000 Ending work in process 10,000
Manufacturing overhead 150,000 Beginning finished goods 25,000
Operating expenses 175,000 Ending finished goods 15,000
Question 7 options:

(A) (B)
$320,000 $310,000

(A) (B)
$310,000 $330,000

(A) (B)
$330,000 $340,000

(A) (B)
$320,000 $330,000
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Question 8 (1 point)
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The production cost report shows both quantities and costs. Costs are reported in three sections: (1) costs accounted for, (2) unit costs, and (3) costs charged to department. The sections are listed in the following order:

Question 8 options:

(2), (3), (1).

(2), (1), (3).

(1), (3), (2).

(1), (2), (3).

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Question 9 (1 point)
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The starting point of a master budget is the preparation of the:

Question 9 options:

production budget.

budgeted balance sheet.

cash budget.

sales budget.

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Question 10 (1 point)
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The most useful measure for evaluating the performance of the manager of an investment center is:

Question 10 options:

controllable margin.

contribution margin.

income from operations.

return on investment.

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Question 11 (1 point)
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The cost classification scheme most relevant to responsibility accounting is:

Question 11 options:

fixed vs. variable.

controllable vs. uncontrollable.

semivariable vs. mixed.

direct vs. indirect.

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Question 12 (1 point)
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Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at:

Question 12 options:

$738,000.

$508,500.

$1,023,000.

$886,500.

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Question 13 (1 point)
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Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Production in units for the third quarter should be budgeted at:

Question 13 options:

36,000.

43,500.

34,500.

45,750.

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Question 14 (1 point)
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Kemp Company incurs the following costs in producing 50,000 units of product:

Direct materials $200,000
Direct labor 100,000
Variable manufacturing overhead 200,000
Fixed manufacturing overhead 600,000
An outside supplier has offered to supply the 50,000 units at $14.00 each. All of Kemp’s related variable costs, but only $400,000 of the fixed costs would be eliminated if the offer is accepted. Acceptance will result in a:

Question 14 options:

loss of $400,000.

savings of $200,000.

loss of $200,000.

savings of $400,000.

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Question 15 (1 point)
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To be classified as a short-term investment, an investment must meet the following criteria:

Question 15 options:

Readily Marketable No Loss On Disposal Intent to Convert within
One Year or Operating
Cycle, whichever is longer
No No Yes

Readily Marketable No Loss On Disposal Intent to Convert within
One Year or Operating
Cycle, whichever is longer
Yes No Yes

Readily Marketable No Loss On Disposal Intent to Convert within
One Year or Operating
Cycle, whichever is longer
Yes Yes Yes

Readily Marketable No Loss On Disposal Intent to Convert within
One Year or Operating
Cycle, whichever is longer
No Yes No
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Question 16 (1 point)
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Lyndon Company has a production process where two products result from a joint processing procedure; both can be sold immediately or processed further. Given the following additional per unit information, determine which of the products should be processed further.

Product Allocated
Joint Cost Selling
Price Additional
Processing Cost New
Selling Price
A $50 $100 $90 $200
B $30 $50 $25 $80
Question 16 options:

Only A.

Both A and B.

Only B.

Neither A nor B.

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Question 17 (1 point)
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A flexible budget:

Question 17 options:

typically uses an activity index different from that used in developing the predetermined overhead rate.

is also called a static budget.

can be prepared for sales or production budgets, but not for an operating expense budget.

can be considered a series of related static budgets.

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Question 18 (1 point)
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Leah Company’s equipment account increased $400,000 during the period; the related accumulated depreciation increased $30,000. New equipment was purchased at a cost of $700,000 and used equipment was sold at a loss of $20,000. Depreciation expense was $100,000. Proceeds from the sale of the used equipment were:

Question 18 options:

$210,000.

$250,000.

$280,000.

$320,000.

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Question 19 (1 point)
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Which of the following would not be included in the operating activities section of a statement of cash flows?

Question 19 options:

Cash outflows to governments for taxes.

Cash inflows from returns on equity securities (i.e., dividends).

Cash inflows from returns on loans (i.e., interest).

Cash outflows to reacquire treasury stock.

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Question 20 (1 point)
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The concept of significant influence must be satisfied before which accounting method can be used by an investor?

Question 20 options:

Consolidated financial statements.

All of these answers are correct.

Cost.

Equity.

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Question 21 (1 point)
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Which of the following pairs of terms in the area of financial statement analysis are synonymous?

Question 21 options:

Vertical — Ratio

Ratio — Trend

Horizontal — Trend

Horizontal — Ratio

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Question 22 (1 point)
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Which of the following statements is true?

Question 22 options:

Trading securities are debt securities that the investor has the intent to hold to maturity.

Trading securities are reported at cost in the balance sheet.

Trading securities are securities that are not intended to be sold in the future.

Trading securities are securities bought and held primarily for sale in the near term.

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Question 23 (1 point)
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Dividends received are credited to what account under the equity method and cost method, respectively?

Question 23 options:

Equity Method Cost Method
Stock Investments Dividend Revenue

Equity Method Cost Method
Dividend Revenue Dividend Revenue

Equity Method Cost Method
Stock Investments Stock Investments

Equity Method Cost Method
Dividend Revenue Stock Investments
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Question 24 (1 point)
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In accounting for available-for-sale securities, the Unrealized Loss on Available-for-Securities account should be classified as a:

Question 24 options:

loss on the income statement.

contra asset on the balance sheet.

liability on the balance sheet.

deduction in the stockholders’ equity section of the balance sheet.

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Question 25 (1 point)
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Reporting investments at fair value is applicable to:

Question 25 options:

trading securities only.

both available-for-sale and trading securities.

available-for-sale securities only.

held-to-maturity securities.

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Question 26 (1 point)
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Sailor Corporation has the following stock outstanding:

6% Preferred, $100 par $1,000,000
Common Stock, $50 par 2,000,000
No dividends were paid the previous 2 years. If Sailor declares $250,000 of dividends in the current year, how much will common stockholders receive if the preferred stock is cumulative?

Question 26 options:

$60,000.

$70,000.

$180,000.

$190,000.

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Question 27 (1 point)
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The statement of cash flows is a(n):

Question 27 options:

required basic financial statement.

required supplemental financial statement.

optional basic financial statement.

optional supplementary statement.

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Question 28 (1 point)
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The directors of Bennett Corp. are trying to decide whether they should issue par or no par stock. They are considering three alternatives for their new stock, which they are assuming will be issued at $8 per share. The alternatives are: (A) $5 par value, (B) no par with a $1 stated value, and (C) no par, no stated value. If 60,000 shares are issued, what amount will be credited to the common stock account in each of these cases?

Question 28 options:

(A) (B) (C)
$480,000 $480,000 $480,000

(A) (B) (C)
$60,000 $300,000 $480,000

(A) (B) (C)
$300,000 $60,000 $480,000

(A) (B) (C)
$60,000 $480,000 $480,000
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Question 29 (1 point)
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Victor Corp. reacquired, but did not retire, 20,000 shares of its $2 par common stock at a cost of $13 per share on April 30, 2014. The stock was originally issued at $11 per share. On January 10, 2015, the 20,000 shares were sold at $16 per share. The sales entry should include a credit to Paid-in Capital from Treasury Stock for:

Question 29 options:

$280,000.

$180,000.

$100,000.

$60,000.

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Question 30 (1 point)
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What is the effect on total paid-in capital of a stock dividend and a stock split, respectively?

Question 30 options:

Stock Dividend Stock Split
Decrease No effect

Stock Dividend Stock Split
Decrease Decrease

Stock Dividend Stock Split
No effect No effect

Stock Dividend Stock Split
Increase No effect
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Question 31 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 31 unsaved” title=”Question 31 unsaved”>Which of the following is reported in the retained earnings statement as an adjustment to the beginning balance?Question 31 options:

Extraordinary items.

Discontinued operations.

Other revenues and expenses.

Prior period adjustments.
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Question 32 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 32 unsaved” title=”Question 32 unsaved”>Which of the following should be classified as an extraordinary item?Question 32 options:

Effects of major casualties not infrequent in the area.

Write-off of a significant amount of receivables.

Losses due to a bitter, lengthy labor strike.

Loss from the expropriation of facilities by a foreign government.
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Question 33 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 33 unsaved” title=”Question 33 unsaved”>Bonds that mature in installments are called:Question 33 options:

callable bonds.

serial bonds.

registered bonds.

term bonds.
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Question 34 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 34 unsaved” title=”Question 34 unsaved”>A Discount on Bonds Payable account:Question 34 options:

is an adjunct account to Bonds Payable.

will cause interest expense to be less than cash interest payable.

is increased over the life of the bond until it equals the bond’s face value.

is a contra account to Bonds Payable.
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Question 35 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 35 unsaved” title=”Question 35 unsaved”>Dina Corp. had 500,000 shares of common stock outstanding throughout the year. Dina reported net income of $2,400,000 and declared preferred stock dividends of $400,000 during the year. Dina should present earnings per share of:Question 35 options:

$0.80.

$4.00.

$4.80.

$6.00.
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Question 36 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 36 unsaved” title=”Question 36 unsaved”>In order to be considered extraordinary, an item must be:Question 36 options:

infrequent and unusual.

unusual and uninsured.

uninsured and infrequent.

infrequent and uninsured.
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Question 37 (1 point)
.umuc.edu/d2l/img/0/QuestionCollection.Main.infQuestionUnsaved.gif?v=10.3.0.791-144″ alt=”Question 37 unsaved” title=”Question 37 unsaved”>If the market rate of interest is lower than the stated rate, bonds will sell at an amount:Question 37 options:

equal to face value.

not determinable from the given information.

higher than face value.

lower than face value.
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Question 38 (1 point)
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Which of the following combinations presents correct examples of liquidity, profitability, and solvency ratios, respectively?

Question 38 options:

Liquidity Profitability Solvency
Receivables turnover Return on operating assets Times interest earned

Liquidity Profitability Solvency
Current ratio Inventory turnover Debt to equity

Liquidity Profitability Solvency
Inventory turnover Inventory turnover Times interested earned

Liquidity Profitability Solvency
Quick ratio Payout ratio Return on operating assets
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Question 39 (16 points)
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Match the term that best represents the definition or statement given below. No term should be used more than once, and not all terms will be used.

Question 39 options:

Events and transactions that are unusual in nature and infrequent in occurrence.

The net income earned by each share of outstanding common stock.

Standards based on optimum levels of performance under perfect operating conditions.

An accounting method in which the investment in stock is initially recorded at cost and cash dividends are credited to Dividend Revenue.

The differences between actual costs and standard costs.

The amount of revenue remaining after deducting variable costs.

The disposal of a significant segment of a business.

Costs that a manager has the authority to incur within a given period of time.

The correction of an error in previously issued financial statements.

The portion of retained earnings that is currently unavailable for dividend declarations.

Measures the ability of the company to survive over a long period of time.

A pro rata distribution of the corporation’s own stock to stockholders.

The difference between actual overhead and budgeted overhead at actual production level.

Measures of the short-term ability of an enterprise to pay its maturing obligations and to meet unexpected needs for cash.

Debt securities that the investor has the intent and ability to hold to maturity.

Costs that vary in total directly and proportionately with changes in the activity level.

1.
Accounts receivable

2.
Book value per share

3.
Capital lease

4.
Contribution margin

5.
Contribution margin ratio

6.
Controllable costs

7.
Cost accounting

8.
Cost method

9.
Discontinued operations

10.
Earnings per share

11.
Equity method

12.
Extraordinary items

13.
Fixed costs

14.
Held-to-maturity securities

15.
Horizontal analysis

16.
Ideal standards

17.
Liquidity ratios

18.
Noncontrollable costs

19.
Normal standards

20.
Operating lease

21.
Overhead budget variance

22.
Overhead volume variance

23.
Parent company

24.
Period costs

25.
Prior period adjustment

26.
Product costs

27.
Retained earnings appropriation

28.
Solvency ratios

29.
Stock dividend

30.
Stock split

31.
Variable costs

32.
Variances

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Question 40 (1 point)
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Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials price variance?

Use “U” or “F” to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is $100,000 unfavorable, you should enter $100,000 U.

Question 40 options:

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Question 41 (1 point)
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Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials usage variance?

Use “U” or “F” to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is $100,000 unfavorable, you should enter $100,000 U.

Question 41 options:

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Question 42 (1 point)
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Matthew Corporation manufactures paper shredding equipment and uses a process costing system. 2,000 units were in process at the beginning of the period, 60% complete. 20,000 units were started into production during the period; 1,000 were in process at the end of the period, 60% complete. What are the equivalent units for conversion costs?

Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter10,000.

Question 42 options:

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Question 43 (1 point)
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Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. What is the breakeven point in dollars?

Do not show your work or include any additional text with your answer. For example, if your answer is $10,000, you should enter$10,000.

Question 43 options:

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Question 44 (1 point)
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Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. How many sales units are necessary to attain the desired income?

Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter10,000.

Question 44 options:

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Question 45 (1 point)
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Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. What is the margin of safety ratio for current operations?

Express your answer as a percentage, and do not show your work or include any additional text with your answer. For example, if your answer is 60%, you should enter 60%.

Question 45 options:

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