1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS Choc. Creme 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 2 POINTS 3 POINTS 4 POINTS 5 POINTS 4 POINTS 3 POINTS 4 POINTS 5 POINTS GlazedJelly Boston Creme Cruller

This is what a fixed cost graph looks like. 1 POINT

This is what a mixed cost graph looks like. 2 POINTS

These are the three most common cost behavior classifications 3 POINTS

What is fixed, mixed and variable

4 POINTS This is what happens to a fixed cost per unit as production increases – show graph

| \ (best I can do….)

________ costs vary in direct proportion to units produced. 5 POINTS

What is variable?

Electricity usage in a factory would be what type of cost behavior? 1 POINT

What is variable?

The production supervisor’s salary in a factory would be what type of cost behavior? 2 POINTS

What is fixed?

If Sales are $1,000,000, variable costs are $700,000, and fixed costs are $200,000, what is the contribution margin in dollars? 3 POINTS

What is $300,000?

If Sales are $1,000,000, variable costs are $700,000, and fixed costs are $200,000, what is the contribution margin ratio? 4 POINTS

What is 30%?

If Sales are $1,000,000, contribution margin ratio is 28%, what is the dollar amount of variable costs if fixed costs are $200,000? 5 POINTS

What is 720,000?

Sales-Variable costs = 1 POINT

What is contribution margin?

If fixed costs increase, breakeven will ______ 2 POINTS

increase

If variable costs decrease, breakeven will _____ 3 POINTS

decrease

4 POINTS If selling price decreases, breakeven will ______

Increase

Fixed costs are $45,000, sales price per unit is $10, variable cost per unit is $5. Breakeven is ______. 5 POINTS

What is 9,000 units?

This type of costing is where cost of goods sold includes DM, DL and variable FOH. 1 POINT

What is variable costing?

This type of costing is where cost of goods sold includes DM, DL and FOH. 2 POINTS

What is absorption costing?

A distribution of sales amongst various products is referred to as _____ mix. 3 POINTS

What is sales?

This is formula to calculate break even in sales with a target profit. 4 POINTS

(Fixed costs + Target profit)/Unit contribution margin

5 POINTS This method calculates fixed and variable cost using various production levels.

What is the hi-lo method?

1 POINT

2 POINTS

3 POINTS

4 POINTS

Render an opinion on the fairness of financial statements.

This is where management gives their opinion of the financial statements and can be completely biased. 5 POINTS

CATEGORY: Sales Mix MAKE YOUR WAGER!

ANSWER: Sales mix for product A and B is 70%/30%. Fixed costs are $500,000. Product A has a sales price of $200 and variable cost of $150, product B has a sales price of $150 and a variable cost of $100. What is the breakeven point in units for A and B?

QUESTION A= 7000 B = 3000