ACCT 346 Week 4 Midterm 1
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There were no units in beginning inventory .
Required : a . Prepare an income statement for last year using absorption ( full ) costing .
b . Calculate the total value of the ending inventory using absorption ( full ) costing .
c . Prepare an income statement for last year using variable costing ( i . e ., contribution margin income statement ).
d . Calculate the total value of the ending inventory using variable costing . Answer : ================================================
ACCT 346 Week 4 Midterm 1
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1 . Question : ( TCO 1 ) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for 2 . Question : TCO 1 ) Which of the following statements regarding fixed costs is true ? 3 . Question : ( TCO 1 ) You own a car and are trying to decide whether or not to trade it in and buy a new car . Which of the following costs is an opportunity cost in this situation ? 4 . Question : ( TCO 1 ) Shula ’ s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold :