ࡱ>    #` ;q bjbj\.\. AP >D>D_8|4$Tb<<(<<<===^^^^^^^ chre^=====^<<boYoYoY= <<^oY=^oYoY&<< 9݀UMd_,$b0Tb'eaVeeoY===^^YX===Tb====DLd}L  True/False Questions 1. One way to compute the total contribution margin is to add total fixed expenses to net operating income. Ans:True AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Medium 2. On a CVP graph for a profitable company, the total revenue line will be steeper than the total cost line. Ans:True AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:2 Level:Easy 3. In two companies making the same product and with the same total sales and total expenses, the contribution margin ratio will be lower in the company with a higher proportion of fixed expenses in its cost structure. Ans:False AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Medium 4. If the variable expense per unit increases, and all other factors remain constant, the contribution margin ratio will increase. Ans:False AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Medium 5. The impact on net operating income of any given dollar change in total sales can be estimated by multiplying the CM ratio by the dollar change in total sales. Ans:True AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy 6. A company with sales of $70,000 and variable expenses of $40,000 should spend $10,000 on increased advertising if the increased advertising will increase sales by $20,000. Ans:False AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium 7. The formula for the break-even point is the same as the formula to attain a given target profit for the special case where the target profit is zero. Ans:True AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:5;6 Level:Medium 8. An increase in total fixed expenses will not affect the break-even point so long as the contribution margin ratio remains unchanged. Ans:False AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium 9. All other things the same, a reduction in the variable expense per unit will cause the break-even point to rise. Ans:False AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium 10. The unit sales volume necessary to reach a target profit is determined by dividing the target profit by the contribution margin per unit. Ans:False AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Medium 11. All other things the same, the margin of safety in dollars at a given level of sales will tend to be lower for a capital-intensive company than for a labor-intensive company with high variable expenses. Ans:True AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Medium 12. The margin of safety in dollars equals the excess of budgeted (or actual) sales over the break-even volume of sales. Ans:True AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy 13. A company with high operating leverage will experience a lower reduction in net operating income in a period of declining sales than will a company with low operating leverage. Ans:False AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Medium 14. If Q is the quantity of a product sold, P is the price per unit, V is the variable expense per unit, and F is the total fixed expense, then the degree of operating leverage is equal to: [Q(P-V)] [Q(P-V)-F] Ans:True AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Hard 15. A shift in the sales mix from products with high contribution margin ratios toward products with low contribution margin ratios will raise the break-even point. Ans:True AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Medium Multiple Choice Questions 16. Contribution margin can be defined as: A) the amount of sales revenue necessary to cover variable expenses. B) sales revenue minus fixed expenses. C) the amount of sales revenue necessary to cover fixed and variable expenses. D) sales revenue minus variable expenses. Ans:D AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy 17. Which of the following statements is correct with regard to a CVP graph? A) A CVP graph shows the maximum possible profit. B) A CVP graph shows the break-even point as the intersection of the total sales revenue line and the total expense line. C) A CVP graph assumes that total expense varies in direct proportion to unit sales. D) A CVP graph shows the operating leverage as the gap between total sales revenue and total expense at the actual level of sales. Ans:B AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:2 Level:Easy 18. If both the fixed and variable expenses associated with a product decrease, what will be the effect on the contribution margin ratio and the break-even point, respectively? Contribution margin ratioBreak-even pointA)DecreaseIncreaseB)IncreaseDecreaseC)DecreaseDecreaseD)IncreaseIncrease Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;5 Level:Medium Source:CMA;adapted 19. Which of the following is true regarding the contribution margin ratio of a single product company? A) As fixed expenses decrease, the contribution margin ratio increases. B) The contribution margin ratio multiplied by the selling price per unit equals the contribution margin per unit. C) The contribution margin ratio will decline as unit sales decline. D) The contribution margin ratio equals the selling price per unit less the variable expense ratio. Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Medium 20. If a company is operating at the break-even point: A) its contribution margin will be equal to its variable expenses. B) its margin of safety will be equal to zero. C) its fixed expenses will be equal to its variable expenses. D) its selling price will be equal to its variable expense per unit. Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5;7 Level:Medium 21. At the break-even point: A) sales would be equal to contribution margin. B) contribution margin would be equal to fixed expenses. C) contribution margin would be equal to net operating income. D) sales would be equal to fixed expenses. Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium 22. The break-even point would be increased by: A) a decrease in total fixed expenses. B) a decrease in the ratio of variable expenses to sales. C) an increase in the contribution margin ratio. D) none of these. Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium 23. Which of the following strategies could be used to reduce the break-even point? Fixed expensesContribution marginA)IncreaseIncreaseB)DecreaseDecreaseC)DecreaseIncreaseD)IncreaseDecrease Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 24. Break-even analysis assumes that: A) Total revenue is constant. B) Unit variable expense is constant. C) Unit fixed expense is constant. D) Selling prices must fall in order to generate more revenue. Ans:B AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 25. Target profit analysis is used to answer which of the following questions? A) What sales volume is needed to cover all expenses? B) What sales volume is needed to cover fixed expenses? C) What sales volume is needed to earn a specific amount of net operating income? D) What sales volume is needed to avoid a loss? Ans:C AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 26. The margin of safety can be calculated by: A) Sales " (Fixed expenses/Contribution margin ratio). B) Sales " (Fixed expenses/Variable expense per unit). C) Sales " (Fixed expenses + Variable expenses). D) Sales " Net operating income. Ans:A AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Medium 27. If the degree of operating leverage is 4, then a one percent change in quantity sold should result in a four percent change in: A) unit contribution margin. B) revenue. C) variable expense. D) net operating income. Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Source:CMA;adapted 28. Which of the following is the correct calculation for the degree of operating leverage? A) net operating income divided by total expenses. B) net operating income divided by total contribution margin. C) total contribution margin divided by net operating income. D) variable expense divided by total contribution margin. Ans:C AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy 29. Which of the following is an assumption underlying standard CVP analysis? A) In multiproduct companies, the sales mix is constant. B) In manufacturing companies, inventories always change. C) The price of a product or service is expected to change as volume changes. D) Fixed expenses will change as volume increases. Ans:A AACSB:ReflectiveThinking AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy 30. Hopi Corporation expects the following operating results for next year: Sales $400,000Margin of safety $100,000Contribution margin ratio 75%Degree of operating leverage 4 What is Hopi expecting total fixed expenses to be next year? A) $75,000 B) $100,000 C) $200,000 D) $225,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1;3;8 Level:Hard Solution: Current sales - Breakeven sales = Margin of safety Substituting the given information into the above equation, we will have: $400,000 " Breakeven sales = $100,000 Breakeven sales = $300,000 Breakeven sales = Fixed expenses Contribution margin ratio Substituting the given information into the above equation, we will have: $300,000 = Fixed expenses 0.75 Fixed expenses = $225,000 31. Escareno Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (8,400 units) $764,400Variable expenses 445,200Contribution margin 319,200Fixed expenses 250,900Net operating income $68,300 If the company sells 8,200 units, its total contribution margin should be closest to: A) $301,000 B) $311,600 C) $319,200 D) $66,674 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Current contribution margin Current sales in units = Contribution margin per unit $319,200 8,400 = $38 contribution margin per unit If 8,200 units are sold, the total contribution margin will be 8,200 $38, or $311,600. 32. Rovinsky Corporation, a company that produces and sells a single product, has provided its contribution format income statement for November. Sales (5,700 units) $319,200Variable expenses 188,100Contribution margin 131,100Fixed expenses 106,500Net operating income $24,600 If the company sells 5,300 units, its net operating income should be closest to: A) $24,600 B) $2,200 C) $22,874 D) $15,400 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Current sales dollars Current sales in units = Sales price per unit $319,200 5,700 = $56 sales price per unit Current variable expenses Current sales in units = Variable expense per unit $188,100 5,700 = $33 variable expense per unit Sales (5,300 units $56) $296,800Variable expenses (5,300 units $33) 174,900Contribution margin 121,900Fixed expenses 106,500Net operating income $ 15,400 33. Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January. Sales (4,200 units) $155,400Variable expenses 100,800Contribution margin 54,600Fixed expenses 42,400Net operating income $12,200 If the company sells 4,600 units, its total contribution margin should be closest to: A) $54,600 B) $59,800 C) $69,400 D) $13,362 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Current contribution margin Current sales in units = Contribution margin per unit $54,600 4,200 = $13 contribution margin per unit If 4,600 units are sold, the total contribution margin will be 4,600 $13, or $59,800. 34. Decaprio Inc. produces and sells a single product. The company has provided its contribution format income statement for June. Sales (8,800 units) $528,000Variable expenses 290,400Contribution margin 237,600Fixed expenses 211,700Net operating income $25,900 If the company sells 9,200 units, its net operating income should be closest to: A) $27,077 B) $49,900 C) $36,700 D) $25,900 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Current sales dollars Current sales in units = Sales price per unit $528,000 8,800 = $60 sales price per unit Current variable expenses Current sales in units = Variable expense per unit $290,400 8,800 = $33 variable expense per unit Sales (9,200 units $60 ) $552,000Variable expenses (9,200 units $33) 303,600Contribution margin 248,400Fixed expenses 211,700Net operating income $36,700 35. The Bronco Birdfeed Company reported the following information: Sales (400 cases) $100,000Variable expenses 60,000Contribution margin 40,000Fixed expenses 35,000Net operating income $5,000 How much will the sale of one additional case add to Bronco's net operating income? A) $250.00 B) $100.00 C) $150.00 D) $12.50 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Current contribution margin Current sales in cases = Contribution margin per case $40,000 400 = $100 contribution margin per case If one additional case is sold, net operating income will increase by $100. 36. The margin of safety in the Flaherty Company is $24,000. If the company's sales are $120,000 and its variable expenses are $80,000, its fixed expenses must be: A) $8,000 B) $32,000 C) $24,000 D) $16,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;5;7 Level:Hard Solution: Current sales - Breakeven sales = Margin of safety Substituting the given information into the above equation, we will have: $120,000 - Breakeven sales = $24,000 Breakeven sales = $96,000 Sales - Variable expenses = Contribution margin $120,000 - $80,000 = $40,000 Contribution margin ratio = Contribution margin Sales Contribution margin ratio = $ 40,000 $120,000 Contribution margin ratio = 0.33333 Breakeven sales = Fixed costs Contribution margin ratio Substituting the given information into the above equation, we will have: $96,000 = Fixed costs 0.33333 Fixed costs = $32,000 37. Dodero Company produces a single product which sells for $100 per unit. Fixed expenses total $12,000 per month, and variable expenses are $60 per unit. The company's sales average 500 units per month. Which of the following statements is correct? A) The company's break-even point is $12,000 per month. B) The fixed expenses remain constant at $24 per unit for any activity level within the relevant range. C) The company's contribution margin ratio is 40%. D) Responses A, B, and C are all correct. Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;5 Level:Medium Solution: Answer A is not correct because: Sales = Variable expenses + Fixed expenses + Profit $100Q = $60Q + $12,000 + $0 $40Q = $12,000 Q = $12,000 $40 per unit = 300 units 300 units $100 selling price per unit = $30,000 breakeven sales in dollars Answer B is not correct because fixed costs change as activity level changes Answer C is correct because: Contribution margin per unit = Selling price per unit - Variable expenses per unit = $100 - $60 = $40 Contribution margin ratio = Contribution margin per unit Selling price per unit Contribution margin ratio = $40 $100 Contribution margin ratio = 40% 38. Holt Company's variable expenses are 70% of sales. At a $300,000 sales level, the degree of operating leverage is 10. If sales increase by $60,000, the degree of operating leverage will be: A) 12 B) 10 C) 6 D) 4 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;8 Level:Hard Solution: Sales $300,000Variable expenses ($300,000 70%) 210,000Contribution margin 90,000Fixed expenses  ? Net operating income $ ? Current degree of operating leverage = Current contribution margin Current net operating income 10 = $90,000 Current net operating income Current net operating income = $90,000 10 = $9,000 Contribution margin = Fixed expenses - Net operating income $90,000 = Fixed expenses - $9,000 Fixed expenses = $90,000 - $9,000 = $81,000 Sales ($300,000 + $60,000) $360,000Variable expenses ($360,000 70%) 252,000Contribution margin 108,000Fixed expenses  81,000 Net operating income $ 27,000 Degree of operating leverage = Contribution margin Net operating income = $108,000/$27,000 = 4.0 39. Gayne Corporation's contribution margin ratio is 12% and its fixed monthly expenses are $84,000. If the company's sales for a month are $738,000, what is the best estimate of the company's net operating income? Assume that the fixed monthly expenses do not change. A) $565,440 B) $654,000 C) $88,560 D) $4,560 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Sales $738,000Variable expenses ($738,000 88%) 649,440Contribution margin ($738,000 12%) 88,560Fixed expenses  84,000Net operating income $ 4,560 40. Jilk Inc.'s contribution margin ratio is 58% and its fixed monthly expenses are $36,000. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $103,000? A) $23,740 B) $59,740 C) $67,000 D) $7,260 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Sales $103,000Variable expenses ($103,000 42%)  43,260Contribution margin ($103,000 58%) 59,740Fixed expenses  36,000Net operating income $23,740 41. Creswell Corporation's fixed monthly expenses are $29,000 and its contribution margin ratio is 56%. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $95,000? A) $12,800 B) $24,200 C) $53,200 D) $66,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Sales $95,000Variable expenses ($95,000 44%) 41,800Contribution margin ($95,000 56%) 53,200Fixed expenses 29,000Net operating income $24,200 42. Wilson Company prepared the following preliminary budget assuming no advertising expenditures: Selling price $10 per unitUnit sales 100,000Variable expenses $600,000Fixed expenses $300,000 Based on a market study, the company estimated that it could increase the unit selling price by 15% and increase the unit sales volume by 10% if $100,000 were spent on advertising. Assuming that these changes are incorporated in its budget, what should be the budgeted net operating income? A) $175,000 B) $190,000 C) $205,000 D) $365,000 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Source:CPA;adapted Solution: Sales (110,000 units $11.50) $1,265,000Variable expenses (110,000 units $6*)  660,000Contribution margin 605,000Fixed expenses ($300,000 + $100,000)  400,000Net operating income $ 205,000 * Current variable expenses Current sales in units = Variable expense per unit $600,000 100,000 = $6 variable expense per unit 43. Data concerning Kardas Corporation's single product appear below: Per UnitPercent of SalesSelling price $140100%Variable expenses 2820%Contribution margin $11280% The company is currently selling 8,000 units per month. Fixed expenses are $719,000 per month. The marketing manager believes that a $20,000 increase in the monthly advertising budget would result in a 180 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $160 B) increase of $20,160 C) decrease of $20,000 D) increase of $160 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 8,000 units8,180 unitsSales (8,000 units, 8,180 units $140) $1,120,000$1,145,200Variable expenses ($1,120,000, $1,145,200 20%)  224,000 229,040Contribution margin 896,000916,160Fixed expenses  719,000 739,000Net operating income $ 177,000$ 177,160 Increase in net operating income: $177,160 - $177,000 = $160 44. Kuzio Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $130100%Variable expenses 7860%Contribution margin $5240% The company is currently selling 6,000 units per month. Fixed expenses are $263,000 per month. The marketing manager believes that a $5,000 increase in the monthly advertising budget would result in a 140 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $2,280 B) increase of $7,280 C) decrease of $5,000 D) decrease of $2,280 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 6,000 units6,140 unitsSales (6,000 units, 6,140 units $130) $780,000$798,200Variable expenses ($780,000, $798,200 60%)  468,000 478,920Contribution margin 312,000319,280Fixed expenses  263,000 268,000Net operating income $ 49,000$ 51,280 Increase in net operating income: $51,280 - $49,000 = $2,280 45. Data concerning Dorazio Corporation's single product appear below: Per UnitPercent of SalesSelling price $160100%Variable expenses 4830%Contribution margin $11270% Fixed expenses are $87,000 per month. The company is currently selling 1,000 units per month. Management is considering using a new component that would increase the unit variable cost by $28. Since the new component would increase the features of the company's product, the marketing manager predicts that monthly sales would increase by 400 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $5,600 B) increase of $33,600 C) decrease of $5,600 D) decrease of $33,600 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 1,000 units1,400 unitsSales (1,000 units, 1,400 units $160) $160,000$224,000Variable expenses (1,000 units $48, 1,400 units $76)  48,000 106,400Contribution margin 112,000117,600Fixed expenses  87,000 87,000Net operating income $ 25,000$ 30,600 Increase in net operating income: $30,600 - $25,000 = $5,600 46. Chovanec Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $170100%Variable expenses 6840%Contribution margin $10260% Fixed expenses are $521,000 per month. The company is currently selling 7,000 units per month. Management is considering using a new component that would increase the unit variable cost by $6. Since the new component would increase the features of the company's product, the marketing manager predicts that monthly sales would increase by 500 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $48,000 B) decrease of $6,000 C) increase of $48,000 D) increase of $6,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 7,000 units7,500 unitsSales (7,000 units, 7,500 units $170) $1,190,000$1,275,000Variable expenses (7,000 units $68, 7,500 units $74)  476,000 555,000Contribution margin 714,000720,000Fixed expenses  521,000 521,000Net operating income $ 193,000$ 199,000 Increase in net operating income: $199,000 - $193,000 = $6,000 47. Data concerning Pellegren Corporation's single product appear below: Per UnitPercent of SalesSelling price $200100%Variable expenses 4020%Contribution margin $16080% Fixed expenses are $531,000 per month. The company is currently selling 4,000 units per month. The marketing manager would like to cut the selling price by $14 and increase the advertising budget by $35,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 500 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $18,000 B) increase of $38,000 C) decrease of $38,000 D) increase of $58,000 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 4,000 units4,500 unitsSales (4,000 units $200, 4,500 units $186) $800,000$837,000Variable expenses (4,000 units $40, 4,500 units $40)  160,000 180,000Contribution margin 640,000657,000Fixed expenses  531,000 566,000Net operating income $109,000$ 91,000 Decrease in net operating income: $109,000 - $91,000 = $18,000 48. Cobble Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $160100%Variable expenses 4830%Contribution margin $11270% Fixed expenses are $499,000 per month. The company is currently selling 5,000 units per month. The marketing manager would like to cut the selling price by $13 and increase the advertising budget by $33,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 900 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $56,100 B) decrease of $8,900 C) increase of $99,300 D) decrease of $56,100 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 5,000 units5,900 unitsSales (5,000 units $160, 5,900 units $147) $800,000$867,300Variable expenses (5,000 units $48, 5,900 units $48)  240,000 283,200Contribution margin 560,000584,100Fixed expenses  499,000 532,000Net operating income $ 61,000$ 52,100 Decrease in net operating income: $61,000 - $52,100 = $8,900 49. Data concerning Bazin Corporation's single product appear below: Per UnitPercent of SalesSelling price $100100%Variable expenses 2020%Contribution margin $8080% Fixed expenses are $384,000 per month. The company is currently selling 6,000 units per month. The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $9 per unit. In exchange, the sales staff would accept a decrease in their salaries of $46,000 per month. (This is the company's savings for the entire sales staff.) The marketing manager predicts that introducing this sales incentive would increase monthly sales by 500 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $27,500 B) decrease of $64,500 C) increase of $41,500 D) increase of $507,500 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 6,000 units6,500 unitsSales (6,000 units $100, 6,500 units $100) $600,000$650,000Variable expenses (6,000 units $20, 6,500 units $29)  120,000 188,500Contribution margin 480,000461,500Fixed expenses  384,000 338,000Net operating income $ 96,000$123,500 Increase in net operating income: $123,500 - $96,000 = $27,500 50. Sannella Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $220100%Variable expenses 6630%Contribution margin $15470% Fixed expenses are $991,000 per month. The company is currently selling 8,000 units per month. The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $11 per unit. In exchange, the sales staff would accept a decrease in their salaries of $74,000 per month. (This is the company's savings for the entire sales staff.) The marketing manager predicts that introducing this sales incentive would increase monthly sales by 200 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $1,246,600 B) increase of $14,600 C) decrease of $133,400 D) increase of $71,800 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 8,000 units8,200 unitsSales (8,000 units $220, 8,200 units $220) $1,760,000$1,804,000Variable expenses (8,000 units $66, 8,200 units $77)  528,000 631,400Contribution margin 1,232,0001,172,600Fixed expenses  991,000 917,000Net operating income $ 241,000$ 255,600 Increase in net operating income: $255,600 - $241,000 = $14,600 51. Cherry Street Market reported the following information for the sales of their only product, cherries sold by the pint: TotalPer UnitSales $31,500$4.50Variable expenses 9,4501.35Contribution margin 22,050$3.15Fixed expenses 13,000Net operating income $9,050 Cherry Street would like to increase their selling price by 50 cents per unit, and feel that this will decrease sales volume by 10%. Should Cherry Street increase the price, and what will the effect be on net operating income? A) Yes; $3,500 increase B) Yes; $945 increase C) No; no change D) No; $945 decrease Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: Current sales (dollars) = Current per unit price Current sales (units) $31,500 = $4.50 Current sales (units) 7,000 = Current sales (units) 7,000 units6,300 unitsSales (7,000 units $4.50, 6,300 units $5.00) $31,500$31,500Variable expenses (7,000 units $1.35, 6,300 units $1.35)  9,450 8,505Contribution margin 22,05022,995Fixed expenses  13,000 13,000Net operating income $ 9,050$ 9,995 Increase in net operating income: $9,995 - $9,050 = $945 52. A company makes a single product that it sells for $16 per unit. Fixed costs are $76,800 per month and the product has a contribution margin ratio of 40%. If the company's actual sales are $224,000, its margin of safety is: A) $32,000 B) $96,000 C) $128,000 D) $192,000 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5;7 Level:Medium Source:CIMA;adapted Solution: Break-even in total sales dollars = Fixed expenses/CM ratio = $76,800/0.400 = $192,000 Margin of safety in dollars = Sales - Break-even sales = $224,000 - $192,000 = $32,000 53. The following data are available for the Phelps Company for a recent month: Product AProduct BProduct CTotalSales $150,000$130,000$90,000$370,000Variable expenses 91,000104,00027,000222,000Contribution margin $59,000$26,000$63,000148,000Fixed expenses 55,000Net operating income $93,000 The break-even sales for the month for the company are: A) $91,667 B) $203,000 C) $148,000 D) $137,500 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5;9 Level:Medium Solution: Product AProduct BProduct CTotalSales $150,000$130,000$90,000$370,000Variable expenses 91,000104,00027,000222,000Contribution margin $59,000$26,000$63,000148,000Fixed expenses 55,000Net operating income $93,000 Overall CM ratio = Total contribution margin/Total sales = $148,000/$370,000 = 0.40 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $55,000/0.40 = $137,500 54. Hartl Corporation is a single product firm with the following selling price and cost structure for next year: Selling price per unit $1.80Contribution margin ratio 40%Total fixed expenses for the year $218,700 How many units will Hartl have to sell next year in order to break-even? A) 121,500 B) 202,500 C) 303,750 D) 546,750 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium Solution: Variable cost per unit = $1.80 (1 - 40%) Variable cost per unit = $1.08 Sales = Variable expenses + Fixed expenses + Profit $1.80Q = $1.08Q + $218,700 + $0 $0.72Q = $218,700 Q = $218,700 $0.72 per unit = 303,750 units 55. Borich Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $150.00Variable expense per unit $73.50Fixed expense per month $308,295 The break-even in monthly unit sales is closest to: A) 2,055 B) 4,030 C) 4,194 D) 3,426 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $150.00Q = $73.50Q + $308,295 + $0 $76.50Q = $308,295 Q = $308,295 $76.50 per unit = 4,030 units 56. Data concerning Buchenau Corporation's single product appear below: Selling price per unit $150.00Variable expense per unit $34.50Fixed expense per month $466,620 The break-even in monthly unit sales is closest to: A) 3,111 B) 6,892 C) 4,040 D) 13,525 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $150.00Q = $34.50Q + $466,620 + $0 $115.50Q = $466,620 Q = $466,620 $115.50 per unit = 4,040 units 57. Hevesy Inc. produces and sells a single product. The selling price of the product is $200.00 per unit and its variable cost is $80.00 per unit. The fixed expense is $300,000 per month. The break-even in monthly unit sales is closest to: A) 2,500 B) 1,500 C) 3,750 D) 2,583 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $200.00Q = $80.00Q + $300,000 + $0 $120.00Q = $300,000 Q = $300,000 $120.00 per unit = 2,500 units 58. Wenstrom Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $130.00Variable expense per unit $41.60Fixed expense per month $109,616 The break-even in monthly dollar sales is closest to: A) $342,550 B) $204,455 C) $109,616 D) $161,200 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $130.00Q = $41.60Q + $109,616 + $0 $88.40Q = $109,616 Q = $109,616 $88.40 per unit = 1,240 units 1,240 units $130.00 selling price = $161,200 59. Data concerning Follick Corporation's single product appear below: Selling price per unit $110.00Variable expense per unit $30.80Fixed expense per month $321,552 The break-even in monthly dollar sales is closest to: A) $1,148,400 B) $638,851 C) $321,552 D) $446,600 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $110.00Q = $30.80Q + $321,552 + $0 $79.20Q = $321,552 Q = $321,552 $79.20 per unit = 4,060 units 4,060 units $110.00 selling price = $446,600 60. Wimpy Inc. produces and sells a single product. The selling price of the product is $150.00 per unit and its variable cost is $58.50 per unit. The fixed expense is $366,915 per month. The break-even in monthly dollar sales is closest to: A) $601,500 B) $366,915 C) $636,408 D) $940,808 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $150.00Q = $58.50Q + $366,915 + $0 $91.50Q = $366,915 Q = $366,915 $91.50 per unit = 4,010 units 4,010 units $150.00 selling price = $601,500 61. The Saginaw Ice Company had sales of $400,000, with variable expenses of $162,000 and fixed expenses of $98,000. Which of the following is closest to Saginaw's break-even point? A) $260,000 B) $165,000 C) $140,000 D) $238,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: TotalPercent of SalesSales $400,000100.0%Variable expenses 162,00040.5%Contribution margin and contribution margin ratio $238,00059.5% Break-even in total sales dollars = Fixed expenses/CM ratio = $98,000/0.595 = $164,705.88 62. Product Y sells for $15 per unit, and has related variable expenses of $9 per unit. Fixed expenses total $300,000 per year. How many units of Product Y must be sold each year to yield an annual profit of $90,000: A) 50,000 units B) 65,000 units C) 15,000 units D) 43,333 units Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $15Q = $9Q + $300,000 + $90,000 $6Q = $390,000 Q = $390,000 $6 per unit = 65,000 units 63. Caneer Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $240.00Variable expense per unit $81.60Fixed expense per month $997,920 The unit sales to attain the company's monthly target profit of $44,000 is closest to: A) 7,896 B) 12,769 C) 6,578 D) 4,341 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $240.00Q = $81.60Q + $997,920 + $44,000 $158.40Q = $1,041,920 Q = $1,041,920 $158.40 per unit = 6,578 units (rounded) 64. Data concerning Bedwell Enterprises Corporation's single product appear below: Selling price per unit $160.00Variable expense per unit $65.60Fixed expense per month $387,040 The unit sales to attain the company's monthly target profit of $17,000 is closest to: A) 6,159 B) 4,280 C) 2,525 D) 4,321 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $160.00Q = $65.60Q + $387,040 + $17,000 $94.40Q = $404,040 Q = $404,040 $94.40 per unit = 4,280 units (rounded) 65. Hettrick International Corporation's only product sells for $120.00 per unit and its variable expense is $52.80. The company's monthly fixed expense is $396,480 per month. The unit sales to attain the company's monthly target profit of $13,000 is closest to: A) 7,755 B) 6,093 C) 5,753 D) 3,412 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $120.00Q = $52.80Q + $396,480 + $13,000 $67.20Q = $409,480 Q = $409,480 $67.20 per unit = 6,093 units (rounded) 66. Logsdon Corporation produces and sells a single product whose contribution margin ratio is 63%. The company's monthly fixed expense is $720,720 and the company's monthly target profit is $28,000. The dollar sales to attain that target profit is closest to: A) $471,694 B) $454,054 C) $1,188,444 D) $1,144,000 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($720,720 + $28,000)/0.63 = $1,188,444 (rounded) 67. The contribution margin ratio of Mountain Corporation's only product is 52%. The company's monthly fixed expense is $296,400 and the company's monthly target profit is $7,000. The dollar sales to attain that target profit is closest to: A) $570,000 B) $157,768 C) $583,462 D) $154,128 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($296,400 + $7,000)/0.52 = $583,462 (rounded) 68. Majid Corporation sells a product for $240 per unit. The product's current sales are 41,300 units and its break-even sales are 36,757 units. What is the margin of safety in dollars? A) $8,821,680 B) $6,608,000 C) $9,912,000 D) $1,090,320 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $240 per unit 36,757 = $8,821,680 Current sales = $240 per unit 41,300 = $9,912,000 Margin of safety in dollars = Sales - Break-even sales = $9,912,000 - $8,821,680 = $1,090,320 69. Mcmurtry Corporation sells a product for $170 per unit. The product's current sales are 10,000 units and its break-even sales are 8,100 units. The margin of safety as a percentage of sales is closest to: A) 23% B) 81% C) 19% D) 77% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $170 per unit 8,100 = $1,377,000 Current sales = $170 per unit 10,000 = $1,700,000 Margin of safety in dollars = Sales - Break-even sales = $1,700,000 - $1,377,000 = $323,000 Margin of safety as a percentage of sales = Margin of safety in dollars Current sales = $323,000 $1,700,000 = 19% 70. Cubie Corporation has provided the following data concerning its only product: Selling price $100 per unitCurrent sales 10,600 unitsBreak-even sales 9,540 units What is the margin of safety in dollars? A) $1,060,000 B) $106,000 C) $954,000 D) $706,667 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $100 per unit 9,540 = $954,000 Current sales = $100 per unit 10,600 = $1,060,000 Margin of safety in dollars = Sales - Break-even sales = $1,060,000 - $954,000 = $106,000 71. Ensley Corporation has provided the following data concerning its only product: Selling price $200 per unitCurrent sales 30,300 unitsBreak-even sales 21,816 units The margin of safety as a percentage of sales is closest to: A) 61% B) 28% C) 72% D) 39% Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $200 per unit 30,300 = $6,060,000 Current sales = $200 per unit 21,816 = $4,363,200 Margin of safety in dollars = Sales - Break-even sales = $6,060,000 - $4,363,200 = $1,696,800 Margin of safety as a percentage of sales = Margin of safety in dollars Current sales = $1,696,800 $4,363,200 = 39% (rounded) 72. The following is Noble Company's contribution format income statement last month: Sales (12,000 units) $600,000Variable expenses 375,000Contribution margin 225,000Fixed expenses 150,000Net operating income $75,000 What is the company's margin of safety percentage to the nearest whole percent? A) 42% B) 38% C) 33% D) 25% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Medium Solution: Sales = Sales price Units sold $600,000 = 12,000 Sales price $50 = Sales price Variable expenses = Per-unit cost Units sold $375,000 = 12,000 Per-unit cost $31.25 = Per-unit cost Break-even sales: Sales = Variable expenses + Fixed expenses + Profit $50.00Q = $31.25Q + $150,000 + $0 $18.75Q = $150,000 Q = 8,000 units Margin of safety in dollars: Break-even sales = $50 per unit 8,000 = $400,000 Current sales = $50 per unit 12,000 = $600,000 Margin of safety in dollars = Sales - Break-even sales = $600,000 - $400,000 = $200,000 Margin of safety as a percentage of sales = Margin of safety in dollars Current sales = $200,000 $600,000 = 33% (rounded) 73. Ostler Company's net operating income last year was $10,000 and its contribution margin was $50,000. Using the operating leverage concept, if the company's sales increase next year by 8 percent, net operating income can be expected to increase by: A) 20% B) 16% C) 160% D) 40% Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin Net operating income Degree of operating leverage = $50,000 $10,000 = 5 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 8% 5 = 40% 74. The February contribution format income statement of Mcabier Corporation appears below: Degree of operating leverage = Contribution margin/Net operating income = $251,100/$41,300 = 6.08 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 19% 6.08 = 115.52% Sales $211,200Variable expenses 96,000Contribution margin 115,200Fixed expenses 84,100Net operating income $31,100 The degree of operating leverage is closest to: A) 0.27 B) 6.79 C) 3.70 D) 0.15 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $115,200/$31,100 = 3.70 75. Serfass Corporation's contribution format income statement for July appears below: Sales $260,000Variable expenses 176,000Contribution margin 84,000Fixed expenses 71,800Net operating income $12,200 The degree of operating leverage is closest to: A) 0.05 B) 0.15 C) 21.31 D) 6.89 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $84,000/$12,200 = 6.89 76. Rushenberg Corporation's operating leverage is 10.8. If the company's sales increase by 14%, its net operating income should increase by about: A) 151.2% B) 14.0% C) 77.1% D) 10.8% Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 14% 10.8 = 151.2% 77. Bendel Inc. has an operating leverage of 7.3. If the company's sales increase by 3%, its net operating income should increase by about: A) 243.3% B) 7.3% C) 21.9% D) 3.0% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 3% 7.3 = 21.9% 78. E.D. Manufacturing, Inc. produces and sells ice skates. The current net operating income is $40,000, with a degree of operating leverage of 3. If sales increase by 10%, how much total net operating income should be expected? A) $12.000 B) $52,000 C) $44,000 D) None of the above. Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 10% 3 = 30% Current net operating income Percent increase = Increase in net operating income $40,000 30% = $12,000 Increase in net operating income Current net operating income + Increase in net operating income = Expected net operating income = $40,000 + $12,000 = $52,000 79. Mcdale Inc. produces and sells two products. Data concerning those products for the most recent month appear below: Product I49VProduct Z50USales $15,000$14,000Variable expenses $3,300$2,790 The fixed expenses of the entire company were $18,460. The break-even point for the entire company is closest to: A) $23,367 B) $10,540 C) $24,550 D) $18,460 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy Solution: Multi B/E Solution: Product I49VProduct Z50UTotalSales $15,000$14,000$29,000Variable expenses  3,300 2,790 6,090Contribution margin $11,700$11,21022,910Fixed expenses 18,460Net operating income $ 4,450 Overall CM ratio = Total contribution margin/Total sales = $22,910/$29,000 = 0.79 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $18,460/0.79 = $23,367 (rounded) 80. Roddam Corporation produces and sells two products. Data concerning those products for the most recent month appear below: Product K09EProduct G17BSales $28,000$38,000Variable expenses $11,200$8,600 The fixed expenses of the entire company were $41,970. If the sales mix were to shift toward Product K09E with total sales remaining constant, the overall break-even point for the entire company: A) would increase. B) could increase or decrease. C) would not change. D) would decrease. Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy 81. Newham Corporation produces and sells two products. In the most recent month, Product R10L had sales of $28,000 and variable expenses of $6,440. Product X96N had sales of $22,000 and variable expenses of $7,560. And the fixed expenses of the entire company were $32,710. The break-even point for the entire company is closest to: A) $32,710 B) $45,431 C) $46,710 D) $17,290 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy Solution: Multi B/E Solution: Product R10LProduct X96NTotalSales $28,000$22,000$50,000Variable expenses 6,440 7,56014,000Contribution margin $21,560$14,44036,000Fixed expenses 32,710Net operating income $ 3,290 Overall CM ratio = Total contribution margin/Total sales = $36,000/$50,000 = 0.72 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $32,710/0.72 = $45,431 (rounded) 82. Flesch Corporation produces and sells two products. In the most recent month, Product C90B had sales of $24,000 and variable expenses of $6,480. Product Y45E had sales of $29,000 and variable expenses of $11,010. And the fixed expenses of the entire company were $32,280. If the sales mix were to shift toward Product C90B with total sales remaining constant, the overall break-even point for the entire company: A) would decrease. B) would increase. C) could increase or decrease. D) would not change. Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy 83. Zachary's Bike Shop sells two products. Sales and contribution margin ratios for the two products follow: Product AProduct BSales in dollars $10,000$40,000Contribution margin ratio 25%75% Given these data, the contribution margin ratio for the company as a whole would be: A) 25% B) 50% C) 65% D) It is impossible to determine from the given data. Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Medium Solution: Multi B/E Solution: Product AProduct BTotalSales $10,000$40,000$50,000Contribution margin (Sales CM ratio) $2,500$30,000$32,500 Overall CM ratio = Total contribution margin/Total sales = $32,500/$50,000 = 0.65 Use the following to answer questions 84-86: A cement manufacturer has supplied the following data: Tons of cement produced and sold 680,000Sales revenue $2,788,000Variable manufacturing expense $1,156,000Fixed manufacturing expense $760,000Variable selling and administrative expense $272,000Fixed selling and administrative expense $294,000Net operating income $306,000 84. What is the company's unit contribution margin? A) $0.45 B) $2.10 C) $2.00 D) $4.10 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Contribution margin = Sales - Variable expenses Contribution margin = $2,788,000 - ($1,156,000 + $272,000) Contribution margin = $1,360,000 Unit contribution margin = Contribution margin Tons of cement Unit contribution margin = $1,360,000 680,000 Unit contribution margin = $2.00 85. The company's contribution margin ratio is closest to: A) 39.0% B) 51.2% C) 11.0% D) 48.8% Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Contribution margin = Sales - Variable expenses Contribution margin = $2,788,000 - ($1,156,000 + $272,000) Contribution margin = $1,360,000 Contribution margin ratio = Contribution margin Sales Contribution margin ratio = $1,360,000 $2,788,000 Contribution margin ratio = 48.8% 86. If the company increases its unit sales volume by 4% without increasing its fixed expenses, then total net operating income should be closest to: A) $12,240 B) $318,240 C) $360,400 D) $311,973 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Medium Solution: New contribution margin ($1,360,000 1.04) $1,414,400Fixed expenses ($760,000 + $294,000)  1,054,000Net operating income $ 360,400 Use the following to answer questions 87-89: Righway Corporation has supplied the following data: Sales per period 1,000 unitsSelling price $50 per unitVariable manufacturing cost $20 per unitSelling expenses $10,000 plus 5% of salesAdministration expenses $5,000 plus 15% of sales 87. The total contribution margin per period is: A) $22,500 B) $27,500 C) $30,000 D) $20,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Medium Solution: Sales (1,000 units $50) $50,000Variable expenses*  30,000Contribution margin $20,000 *Variable manufacturing cost (1,000 units $20) $20,000Selling expenses ($50,000 5%)  2,500Administration expenses ($50,000 15%)  7,500Total variable expenses $30,000 88. The break-even point per period is (round to nearest unit): A) 750 units B) 545 units C) 500 units D) 667 units Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium Solution: Sales = Variable expenses + Fixed expenses + Profit $50Q = $30Q* + $15,000 + $0 $20Q = $15,000 Q = $15,000 $20 per unit = 750 units *Variable expense per unit = $20 + (5% $50) + (15% $50) = $30 89. If the selling price is changed to $55 per unit, the break-even point will be (round to nearest unit): A) 667 units B) 545 units C) 625 units D) 500 units Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4;5 Level:Medium Solution: Sales = Variable expenses + Fixed expenses + Profit $55Q = $31Q* + $15,000 + $0 $24Q = $15,000 Q = $15,000 $24 per unit = 625 units *Variable expense per unit = $20 + (5% $55) + (15% $55) = $31 Use the following to answer questions 90-92: Biskra Corporation is a single product firm that expects the following operating results next year: In TotalPer UnitSales $288,000$0.80Variable expenses $172,800$0.48Fixed expenses $72,000$0.20 90. Every unit that Biskra sells next year after the break-even point will increase net operating income by: A) $0.12 B) $0.20 C) $0.32 D) $0.60 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1;5 Level:Easy Solution: Sales per unit - Variable expenses per unit = Contribution margin per unit = $0.80 - $0.48 = $0.32 91. What would Biskra's total sales dollars have to be next year to generate $180,000 of net operating income? A) $450,000 B) $630,000 C) $588,000 D) $787,500 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: CM ratio = (Sales - Variable expenses) Sales = ($288,000 - $172,800) $288,000 = 40% Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($72,000 + $180,000)/0.40 = $630,000 92. What is Biskra's margin of safety percentage? A) 15% B) 24% C) 37.5% D) 40% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Break-even sales: Sales = Variable expenses + Fixed expenses + Profit $0.80Q = $0.48Q* + $72,000 + $0 $0.32Q = $72,000 Q = $72,000 $0.32 per unit = 225,000 units Margin of safety in dollars: Break-even sales = $0.80 per unit 360,000 = $288,000 Current sales = $0.80 per unit 225,000 = $180,000 Margin of safety in dollars = Sales " Break-even sales = $288,000 " $180,000 = $108,000 Margin of safety as a percentage of sales = Margin of safety in dollars Current sales = $108,000 $288,000 = 37.5% Use the following to answer questions 93-95: A manufacturer of premium wire strippers has supplied the following data: Units produced and sold 580,000Sales revenue $4,176,000Variable manufacturing expense $2,871,000Fixed manufacturing expense $778,000Variable selling and administrative expense $348,000Fixed selling and administrative expense $104,000Net operating income $75,000 93. The company's margin of safety in units is closest to: A) 234,222 B) 564,242 C) 45,455 D) 457,500 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Medium Solution: Break-even sales in units: Sales = Variable expenses + Fixed expenses + Profit $7.20Q* = $5.55Q** + $882,000 + $0 $1.65Q = $882,000 Q = $882,000 $1.65 per unit = 534,545 units Margin of safety in units: Margin of safety in units = Sales in units " Break-even sales in units = 580,000 " 534,545 = 45,455 units *$4,176,000 580,000 units = $7.20 per unit**Manufacturing expense ($2,871,000 580,000 units) $4.95Selling and administrative expense ($348,000 580,000 units)  0.60Total variable expenses per unit $5.55 94. The company's unit contribution margin is closest to: A) $2.25 B) $5.55 C) $1.65 D) $6.60 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales $4,176,000Variable expenses  3,219,000Contribution margin $ 957,000 $957,000 580,000 units = $1.65 95. The company's degree of operating leverage is closest to: A) 55.68 B) 3.65 C) 7.73 D) 12.76 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Medium Solution: Sales $4,176,000Variable expenses  3,219,000Contribution margin $ 957,000Degree of operating leverage = Contribution margin/Net operating income = $957,000/$75,000 = 12.76 Use the following to answer questions 96-97: Keomuangtai Corporation produces and sells a single product. The company has provided its contribution format income statement for October. Sales (4,600 units) $266,800Variable expenses 179,400Contribution margin 87,400Fixed expenses 62,200Net operating income $25,200 96. If the company sells 4,500 units, its total contribution margin should be closest to: A) $85,500 B) $24,652 C) $87,400 D) $81,600 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales price per unit = $266,800 4,600 units = $58 Variable expense per unit = $179,400 4,600 units = $39 Sales (4,500 units) $261,000Variable expenses 175,500Contribution margin $85,500 97. If the company sells 4,200 units, its net operating income should be closest to: A) $17,600 B) $23,009 C) $25,200 D) $2,000 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales price per unit = $266,800 4,600 units = $58 Variable expense per unit = $179,400 4,600 units = $39 Sales (4,200 units) $243,600Variable expenses 163,800Contribution margin 79,800Fixed expenses 62,200Net operating income $17,600 Use the following to answer questions 98-99: Souza Inc, which produces and sells a single product, has provided its contribution format income statement for October. Sales (4,000 units) $88,000Variable expenses 40,000Contribution margin 48,000Fixed expenses 41,700Net operating income $6,300 98. If the company sells 3,600 units, its total contribution margin should be closest to: A) $39,200 B) $5,670 C) $43,200 D) $48,000 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales price per unit = $88,000 4,000 units = $22 Variable expense per unit = $40,000 4,000 units = $10 Sales (3,600 units) $79,200Variable expenses 36,000Contribution margin $43,200 99. If the company sells 3,500 units, its net operating income should be closest to: A) $5,513 B) $6,300 C) $300 D) -$4,700 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales price per unit = $88,000 4,000 units = $22 Variable expense per unit = $40,000 4,000 units = $10 Sales (3,500 units) $77,000Variable expenses 35,000Contribution margin 42,000Fixed expenses 41,700Net operating income $300 Use the following to answer questions 100-101: Wight Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (9,600 units) $336,000Variable expenses 144,000Contribution margin 192,000Fixed expenses 137,000Net operating income $55,000 100. If the company sells 9,100 units, its total contribution margin should be closest to: A) $174,500 B) $192,000 C) $52,135 D) $182,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales price per unit = $336,000 9,600 units = $35 Variable expense per unit = $144,000 9,600 units = $15 Sales (9,100 units) $318,500Variable expenses 136,500Contribution margin $182,000 101. If the company sells 9,700 units, its net operating income should be closest to: A) $57,000 B) $55,000 C) $55,573 D) $58,500 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1 Level:Easy Solution: Sales price per unit = $336,000 9,600 units = $35 Variable expense per unit = $144,000 9,600 units = $15 Sales (9,700 units) $339,500Variable expenses  145,500Contribution margin 194,000Fixed expenses  137,000Net operating income $ 57,000 Use the following to answer questions 102-103: The following information relates to Francisca Company: Degree of operating leverage 2.5Profit margin percentage 24%Margin of safety percentage 40%Contribution margin ratio 60% 102. If Francisca's sales increase by 20%, by what percentage will its net operating income increase? A) 4.8% B) 8% C) 12% D) 50% Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Medium Solution: Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 20% 2.5 = 50% 103. Francisca wants to give its sales staff a $60,000 increase in salary but still wants to make the same net operating income. If Francisca gives this increase, by how much would sales at Francisca have to increase in order for the company to maintain its current net operating income level? A) $60,000 B) $100,000 C) $150,000 D) $250,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;4 Level:Medium Solution: Increase in sales dollars = Additional fixed expenses Contribution margin ratio = $60,000 0.60 = $100,000 Use the following to answer questions 104-108: The following data relate to a company that produces and sells a travel guide that is updated monthly: Fixed costs:Copy editing $6,000Art work $2,000Typesetting $72,000Variable costs:Printing and binding $3.20 per copyBookstore discounts $4.00 per copySalespersons commissions $0.50 per copyAuthors royalties $2.00 per copy Each book sells for $20.00. The company sold 8,000 books in June and 10,000 books in July. 104. The unit contribution margin per book is: A) $10.30 B) $14.30 C) $10.80 D) $8.30 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Unit contribution margin = Unit sales price - Variable expense per unit = $20.00 - ($3.20 + $4.00 + $0.50 + $2.00) = $10.30 105. The contribution margin ratio for the book is: A) 71.5% B) 54.0% C) 51.5% D) 51.9% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Medium Solution: Unit contribution margin = Unit sales price - Variable expense per unit = $20.00 - ($3.20 + $4.00 + $0.50 + $2.00) = $10.30 Contribution margin ratio = Contribution margin Sales Contribution margin ratio = $10.30 $20.00 Contribution margin ratio = 51.5% 106. The break-even point in units is: A) 8,247 books B) 7,767 books C) 7,407 books D) 6,504 books Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium Solution: Variable expense per unit = $3.20 + $4.00 + $0.50 + $2.00 = $9.70 Sales = Variable expenses + Fixed expenses + Profit $20.00Q = $9.70Q + $80,000 + $0 $10.30Q = $80,000 Q = $80,000 $10.30 per unit = 7,767 units (rounded) 107. The degree of operating leverage for July is: A) the same as that for June B) higher than that for June C) lower than that for June D) not determinable Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Hard Solution: For June: Variable expense per unit = $3.20 + $4.00 + $0.50 + $2.00 = $9.70 Sales (8,000 units) $160,000Variable expenses  77,600Contribution margin 82,400Fixed expenses  80,000Net operating income $ 2,400Degree of operating leverage = Contribution margin/Net operating income = $82,400/$2,400 = 34.33 For July: Variable expense per unit = $3.20 + $4.00 + $0.50 + $2.00 = $9.70 Sales (10,000 units) $200,000Variable expenses  97,000Contribution margin 103,000Fixed expenses  80,000Net operating income $ 23,000Degree of operating leverage = Contribution margin/Net operating income = $103,000/$23,000 = 4.48 As sales increase past the breakeven point, the degree of operating leverage will decrease. 108. The degree of operating leverage for July is closest to: A) 4.48 B) 3.48 C) 4.22 D) 8.70 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Medium Solution: Variable expense per unit = $3.20 + $4.00 + $0.50 + $2.00 = $9.70 Sales (10,000 units) $200,000Variable expenses  97,000Contribution margin 103,000Fixed expenses  80,000Net operating income $ 23,000Degree of operating leverage = Contribution margin/Net operating income = $103,000/$23,000 = 4.48 Use the following to answer questions 109-111: A manufacturer of cedar shingles has supplied the following data: Bundles of cedar shakes produced and sold 360,000Sales revenue $2,412,000Variable manufacturing expense $1,170,000Fixed manufacturing expense $714,000Variable selling and administrative expense $414,000Fixed selling and administrative expense $82,000Net operating income $32,000 109. The company's break-even in unit sales is closest to: A) 118,806 B) 206,957 C) 346,087 D) 14,775 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium Solution: Sales price per unit = $2,412,000 360,000 units = $6.70 Variable expense per unit = ($1,170,000 + $414,000) 360,000 units = $4.40 Sales = Variable expenses + Fixed expenses + Profit $6.70Q = $4.40Q + $796,000 + $0 $2.30Q = $796,000 Q = $796,000 $2.30 per unit = 346,087 units (rounded) 110. The company's contribution margin ratio is closest to: A) 72.6% B) 65.7% C) 34.3% D) 27.4% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Contribution margin = Sales - Variable expenses Contribution margin = $2,412,000 - $1,584,000 = $828,000 Contribution margin ratio = Contribution margin Sales Contribution margin ratio = $828,000 $2,412,000 Contribution margin ratio = 34.3% 111. The company's degree of operating leverage is closest to: A) 11.25 B) 25.88 C) 1.99 D) 75.38 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Medium Solution: Sales $2,412,000Variable expenses  1,584,000Contribution margin 828,000Fixed expenses  796,000Net operating income $ 32,000Degree of operating leverage = Contribution margin/Net operating income = $828,000/$32,000 = 25.88 Use the following to answer questions 112-113: Carr Inc. produces small motors that sell for $15 each. Cost data on the motors are provided below: Sales in units per year 7,000Variable production cost $5.00 per unitVariable selling expense $2.00 per unitVariable administrative expense $1.50 per unitFixed expenses per year:Building rent $10,000Equipment depreciation 4,000Selling expense 8,000Administrative expense 15,000Total fixed expenses $37,000 112. The contribution margin ratio is (round to nearest tenth of a percent): A) 56.7% B) 43.3% C) 66.7% D) 53.3% Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Unit contribution margin = $15.00 - ($5.00 + $2.00 + $1.50) = $6.50 Contribution margin ratio = Contribution margin Sales Contribution margin ratio = $6.50 $15.00 Contribution margin ratio = 43.3% 113. If the selling price is increased by 10 percent, what will be the new break-even point in units (round to the nearest unit)? A) 3,895 units B) 4,625 units C) 3,700 units D) 3,217 units Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Variable expense per unit = $5.00 + $2.00 + $1.50 = $8.50 Sales = Variable expenses + Fixed expenses + Profit $16.50Q = $8.50Q + $37,000 + $0 $8.00Q = $37,000 Q = $37,000 $8.00 per unit = 4,625 units Use the following to answer questions 114-115: (CPA, adapted) The Maxwell Company manufactures and sells a single product. Budgeted data follow: Forecasted annual sales volume 120,000 unitsSelling price per unit $25.00Variable expenses per unit:Raw materials $11.00Direct labor 5.00Manufacturing overhead 2.50Selling expenses 1.30Total variable expenses per unit $19.80Annual fixed expenses:Manufacturing overhead $192,000Selling and administrative 276,000Total fixed expenses $468,000 114. Maxwell's break-even point in units is: A) 76,667 B) 90,000 C) 130,000 D) 72,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Source:CPA;adapted Solution: Sales = Variable expenses + Fixed expenses + Profit $25.00Q = $19.80Q + $468,000 + $0 $5.20Q = $468,000 Q = $468,000 $5.20 per unit = 90,000 units 115. If Maxwell Company's direct labor costs increase 8 percent, what selling price per unit of product must it charge to maintain the same contribution margin ratio? A) $25.51 B) $27.00 C) $25.40 D) $26.64 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;5 Level:Hard Source:CPA;adapted Solution: Current contribution margin per unit = Selling price per unit " Total variable expenses per unit = $25.00 " $19.80 = $5.20 Current contribution margin ratio = Contribution margin Selling price per unit $5.20 $25.00 = 20.8% Direct labor per unit 0.08 = Increase in variable expense $5.00 0.08 = $0.40 New total variable expenses per unit = $19.80 + $0.40 = $20.20 0.208 = (Selling price " $20.20) Selling price 0.208 Selling price = Selling price " $20.20 $20.20 = Selling price " 0.208 Selling price $20.20 = 0.792 Selling price Selling price = $25.51 Use the following to answer questions 116-117: The following data was provided by Green Corporation: Product AProduct BProduct CSales in dollars $80,000$120,000$100,000Contribution margin ratio 30%45%27% 116. The contribution margin ratio for the company as a whole is: A) 34% B) 65% C) 35% D) 66.7% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy Solution: Product AProduct BProduct CTotalSales $80,000$120,000$100,000$300,000Contribution margin (Sales Contribution margin ratio) $24,000$54,000$27,000105,000 Overall CM ratio = Total contribution margin/Total sales = $105,000/$300,000 = 35% 117. If total units sold remain unchanged, but the sales mix shifts more heavily toward Product B, one would expect the overall contribution margin ratio to: A) increase B) decrease C) remain unchanged D) none of these Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy Use the following to answer questions 118-120: Next year, Mudd Face Cosmetics, a single product company, expects to sell 9,000 jars of miracle glaze. Mudd Face is budgeting the following operating results for next year: Sales $450,000Variable expenses 135,000Contribution margin 315,000Fixed expenses 252,000Net operating income $63,000 118. How many jars of glaze would Mudd Face have to sell next year in order to break-even? A) 2,700 B) 5,040 C) 6,750 D) 7,200 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Medium Solution: TotalPercent of SalesSales $450,000100.0%Variable expenses 135,00030.0%Contribution margin and contribution margin ratio $315,00070.0% Break-even in total sales dollars = Fixed expenses/CM ratio = $252,000/0.700 = $360,000 Selling price per unit = $450,000 9,000 jars = $50 per jar Break-even in units = Break-even sales dollars Selling price per unit = $360,000 $50 = 7,200 jars 119. What would Mudd Face's total sales dollars have to be next year in order to increase its projected net operating income by 25%? A) $465,750 B) $472,500 C) $499,500 D) $562,500 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4;6 Level:Medium Solution: Contribution margin ratio = $315,000 $450,000 = 70% Desired net operating income = ($63,000 1.25) = $78,750 Sales dollars needed to earn $78,750 = (Fixed expenses + Target net operating income) Contribution margin ratio = ($252,000 + $78,750) 0.70 = $472,500 120. If sales next year at Mudd Face are 10% higher than expected, its net operating income should be: A) $4,410 higher than expected. B) $6,300 higher than expected. C) $31,500 higher than expected. D) $44,100 higher than expected. Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: Degree of operating leverage = Contribution margin Net operating income = $315,000 $63,000 = 5 Therefore, increase in net operating income will be 5 10%, or 50%, higher. Current net operating income 50% = $63,000 50% = $31,500 increase Use the following to answer questions 121-122: Mrs. Rafter has supplied the following data for her small business: Selling price $10 per unitVariable expenses $6 per unitRent $400 per weekSalaries $600 per weekOther fixed expenses $200 per week 121. If 500 units are sold in a week, the net operating income (loss) would be: A) $1,800 B) $(2,000) C) $2,000 D) $800 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: Sales $5,000Variable expenses  3,000Contribution margin 2,000Fixed expenses  1,200Net operating income $ 800 122. If sales commissions $(1.00 per unit) are discontinued in favor of a $300 increase in salaries, the break-even point in units would: A) increase B) decrease C) remain the same D) none of these Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4;5 Level:Medium Use the following to answer questions 123-126: Next year, Rad Shirt Company expects to sell 32,000 shirts. Rad is budgeting the following operating results for next year: Sales $800,000Variable expenses 288,000Contribution margin 512,000Fixed expenses 192,000Net operating income $320,000 123. What is Rad's margin of safety for next year? A) $480,000 B) $500,000 C) $512,000 D) $608,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Medium Solution: TotalPercent of SalesSales $800,000100.0%Variable expenses 288,00036%Contribution margin and contribution margin ratio $512,00064% Break-even in total sales dollars = Fixed expenses/CM ratio = $192,000/0.64 = $300,000 Margin of safety in dollars = Sales " Break-even sales = $800,000 " $300,000 = $500,000 124. What is Rad's degree of operating leverage for next year? A) 1.50 B) 1.56 C) 1.60 D) 2.50 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $512,000/$320,000 = 1.60 125. How many shirts would Rad have to sell next year in order to generate $480,000 of net operating income? A) 38,400 B) 48,000 C) 60,000 D) 42,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Medium Solution: Sales price = $800,000 32,000 units = $25 Variable expense per unit = $288,000 32,000 units = $9 Sales = Variable expenses + Fixed expenses + Target profit $25Q = $9Q + $192,000 + $480,000 $16Q = $672,000 Q = $672,000 $16 per unit = 42,000 units 126. Rad is considering increasing its advertising by $48,000 next year. By how much would sales have to increase in order for Rad to still generate a $320,000 net operating income? A) $48,000 B) $75,000 C) $76,800 D) $120,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Hard Solution: CurrentProposedSales $800,000Variable expenses 288,000Contribution margin 512,000$560,000*Fixed expenses 192,000 240,000Net operating income $320,000$320,000*Work backwards to obtain the number. Sales price = $800,000 32,000 units = $25 Variable expense per unit = $288,000 32,000 units = $9 Contribution margin per unit = $25 " $9 = $16 $560,000 $16 = 35,000 units 35,000 " 32,000 = 3,000 unit increase 3,000 $25 = $75,000 increase in sales Use the following to answer questions 127-130: Houpe Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $140100%Variable expenses 4230%Contribution margin $9870% Fixed expenses are $490,000 per month. The company is currently selling 6,000 units per month. Consider each of the following questions independently. 127. This question is to be considered independently of all other questions relating to Houpe Corporation. Refer to the original data when answering this question. The marketing manager believes that a $14,000 increase in the monthly advertising budget would result in a 150 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $700 B) increase of $14,700 C) decrease of $14,000 D) decrease of $700 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 6,000 units6,150 unitsSales (6,000 units $140, 6,150 units $140) $840,000$861,000Variable expenses (6,000 units $42, 6,150 units $42)  252,000 258,300Contribution margin 588,000602,700Fixed expenses  490,000 504,000Net operating income $ 98,000$ 98,700 Increase in net operating income: $98,700 " $98,000 = $700 128. This question is to be considered independently of all other questions relating to Houpe Corporation. Refer to the original data when answering this question. Management is considering using a new component that would increase the unit variable cost by $5. Since the new component would increase the features of the company's product, the marketing manager predicts that monthly sales would increase by 300 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $2,100 B) decrease of $27,900 C) increase of $2,100 D) increase of $27,900 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 6,000 units6,300 unitsSales (6,000 units $140, 6,300 units $140) $840,000$882,000Variable expenses (6,000 units $42, 6,300 units $47)  252,000 296,100Contribution margin 588,000585,900Fixed expenses  490,000 490,000Net operating income $ 98,000$ 95,900 Decrease in net operating income: $98,000 " $95,900 = $2,100 129. This question is to be considered independently of all other questions relating to Houpe Corporation. Refer to the original data when answering this question. The marketing manager would like to cut the selling price by $7 and increase the advertising budget by $28,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 500 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $17,500 B) increase of $17,500 C) decrease of $24,500 D) increase of $38,500 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: 6,000 units6,500 unitsSales (6,000 units $140, 6,500 units $133) $840,000$864,500Variable expenses (6,000 units $42, 6,500 units $42)  252,000 273,000Contribution margin 588,000591,500Fixed expenses  490,000 518,000Net operating income $ 98,000$ 73,500 Decrease in net operating income: $98,000 " $73,500 = $24,500 130. This question is to be considered independently of all other questions relating to Houpe Corporation. Refer to the original data when answering this question. The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $11 per unit. In exchange, the sales staff would accept a decrease in their salaries of $58,000 per month. (This is the company's savings for the entire sales staff.) The marketing manager predicts that introducing this sales incentive would increase monthly sales by 100 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $700 B) increase of $56,900 C) decrease of $115,300 D) increase of $588,700 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: 6,000 units6,100 unitsSales (6,000 units $140, 6,100 units $140) $840,000$854,000Variable expenses (6,000 units $42, 6,100 units $53)  252,000 323,300Contribution margin 588,000530,700Fixed expenses  490,000 432,000Net operating income $ 98,000$ 98,700 Increase in net operating income: $98,700 " $98,000 = $700 Use the following to answer questions 131-134: Data concerning Lemelin Corporation's single product appear below: Per UnitPercent of SalesSelling price $230100%Variable expenses 11550%Contribution margin $11550% The company is currently selling 7,000 units per month. Fixed expenses are $581,000 per month. Consider each of the following questions independently. 131. This question is to be considered independently of all other questions relating to Lemelin Corporation. Refer to the original data when answering this question. Management is considering using a new component that would increase the unit variable cost by $3. Since the new component would increase the features of the company's product, the marketing manager predicts that monthly sales would increase by 200 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $22,400 B) decrease of $1,400 C) increase of $22,400 D) increase of $1,400 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 7,000 units7,200 unitsSales (7,000 units $230, 7,200 units $230) $1,610,000$1,656,000Variable expenses (7,000 units $115, 7,200 units $118)  805,000 849,600Contribution margin 805,000806,400Fixed expenses  581,000 581,000Net operating income $ 224,000$ 225,400 Increase in net operating income: $225,400 " $224,000 = $1,400 132. This question is to be considered independently of all other questions relating to Lemelin Corporation. Refer to the original data when answering this question. The marketing manager believes that a $11,000 increase in the monthly advertising budget would result in a 100 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $11,000 B) increase of $11,500 C) decrease of $500 D) increase of $500 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 7,000 units7,100 unitsSales (7,000 units $230, 7,100 units $230) $1,610,000$1,633,000Variable expenses (7,000 units $115, 7,100 units $115)  805,000 816,500Contribution margin 805,000816,500Fixed expenses  581,000 592,000Net operating income $ 224,000$ 224,500 Increase in net operating income: $224,500 " $224,000 = $500 133. This question is to be considered independently of all other questions relating to Lemelin Corporation. Refer to the original data when answering this question. The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $20 per unit. In exchange, the sales staff would accept a decrease in their salaries of $113,000 per month. (This is the company's savings for the entire sales staff.) The marketing manager predicts that introducing this sales incentive would increase monthly sales by 300 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $224,500 B) increase of $107,000 C) increase of $1,500 D) increase of $806,500 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: 7,000 units7,300 unitsSales (7,000 units $230, 7,300 units $230) $1,610,000$1,679,000Variable expenses (7,000 units $115, 7,300 units $135)  805,000 985,500Contribution margin 805,000693,500Fixed expenses  581,000 468,000Net operating income $ 224,000$ 225,500 Increase in net operating income: $225,500 " $224,000 = $1,500 134. This question is to be considered independently of all other questions relating to Lemelin Corporation. Refer to the original data when answering this question. The marketing manager would like to cut the selling price by $18 and increase the advertising budget by $37,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 1,600 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $118,200 B) increase of $302,200 C) decrease of $118,200 D) decrease of $7,800 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: 7,000 units8,600 unitsSales (7,000 units $230, 8,600 units $212) $1,610,000$1,823,200Variable expenses (7,000 units $115, 8,600 units $115)  805,000 989,000Contribution margin 805,000834,200Fixed expenses  581,000 618,000Net operating income $ 224,000$ 216,200 Decrease in net operating income: $224,000 " $216,200 = $7,800 Use the following to answer questions 135-138: Thornbrough Corporation produces and sells a single product with the following characteristics: Per UnitPercent of SalesSelling price $220100%Variable expenses 4420%Contribution margin $17680% The company is currently selling 7,000 units per month. Fixed expenses are $901,000 per month. Consider each of the following questions independently. 135. This question is to be considered independently of all other questions relating to Thornbrough Corporation. Refer to the original data when answering this question. Management is considering using a new component that would increase the unit variable cost by $11. Since the new component would increase the features of the company's product, the marketing manager predicts that monthly sales would increase by 500 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $82,500 B) decrease of $5,500 C) decrease of $82,500 D) increase of $5,500 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 7,000 units7,500 unitsSales (7,000 units $220, 7,500 units $220) $1,540,000$1,650,000Variable expenses (7,000 units $44, 7,500 units $55)  308,000 412,500Contribution margin 1,232,0001,237,500Fixed expenses  901,000 901,000Net operating income $ 331,000$ 336,500 Increase in net operating income: $336,500 " $331,000 = $5,500 136. This question is to be considered independently of all other questions relating to Thornbrough Corporation. Refer to the original data when answering this question. The marketing manager believes that a $28,000 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $28,000 B) increase of $33,440 C) increase of $5,440 D) decrease of $5,440 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy Solution: 7,000 units7,190 unitsSales (7,000 units $220, 7,190 units $220) $1,540,000$1,581,800Variable expenses (7,000 units $44, 7,190 units $44)  308,000 316,360Contribution margin 1,232,0001,265,440Fixed expenses  901,000 929,000Net operating income $ 331,000$ 336,440 Increase in net operating income: $336,440 " $331,000 = $5,440 137. This question is to be considered independently of all other questions relating to Thornbrough Corporation. Refer to the original data when answering this question. The marketing manager would like to cut the selling price by $18 and increase the advertising budget by $53,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 1,000 units. What should be the overall effect on the company's monthly net operating income of this change? A) decrease of $105,000 B) increase of $149,000 C) increase of $105,000 D) decrease of $21,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: 7,000 units8,000 unitsSales (7,000 units $220, 8,000 units $202) $1,540,000$1,616,000Variable expenses (7,000 units $44, 8,000 units $44)  308,000 352,000Contribution margin 1,232,0001,264,000Fixed expenses  901,000 954,000Net operating income $ 331,000$ 310,000 Decrease in net operating income: $331,000 " $310,000 = $21,000 138. This question is to be considered independently of all other questions relating to Thornbrough Corporation. Refer to the original data when answering this question. The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $11 per unit. In exchange, the sales staff would accept a decrease in their salaries of $65,000 per month. (This is the company's savings for the entire sales staff.) The marketing manager predicts that introducing this sales incentive would increase monthly sales by 300 units. What should be the overall effect on the company's monthly net operating income of this change? A) increase of $1,269,500 B) increase of $37,500 C) increase of $61,700 D) decrease of $92,500 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Medium Solution: 7,000 units7,300 unitsSales (7,000 units $220, 7,300 units $220) $1,540,000$1,606,000Variable expenses (7,000 units $44, 7,300 units $55)  308,000 401,500Contribution margin 1,232,0001,204,500Fixed expenses  901,000 836,000Net operating income $ 331,000$ 368,500 Increase in net operating income: $368,500 " $331,000 = $37,500 Use the following to answer questions 139-140: Tricia Corporation is a single product firm that sells its product for $2.50 per unit. Variable expense per unit at Tricia is $1.00. Tricia expects fixed expenses to total $18,000 for next year. 139. How many units would Tricia have to sell next year in order to break-even? A) 7,200 B) 12,000 C) 30,000 D) 45,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $2.50Q = $1.00Q + $18,000 + $0 $1.50Q = $18,000 Q = $18,000 $1.50 per unit = 12,000 units 140. What would Tricia's total sales dollars have to be next year in order to generate $45,000 of net operating income? A) $30,000 B) $42,000 C) $75,000 D) $105,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Contribution margin = Sales price - Variable expense per unit Contribution margin = $2.50 - $1.00 = $1.50 CM ratio = $1.50 $2.50 = 0.60 Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($18,000 + $45,000)/0.60 = $105,000 Use the following to answer questions 141-142: Zanetti Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $110.00Variable expense per unit $34.10Fixed expense per month $132,066 141. The break-even in monthly unit sales is closest to: A) 3,873 B) 1,740 C) 1,201 D) 2,271 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $110.00Q = $34.10Q + $132,066 + $0 $75.90Q = $132,066 Q = $132,066 $75.90 per unit = 1,740 units 142. The break-even in monthly dollar sales is closest to: A) $191,400 B) $249,810 C) $426,030 D) $132,110 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Per UnitPercent of SalesSales $110.00100.0%Variable expenses  34.1031.0%Contribution margin and contribution margin ratio $ 75.9069.0% Break-even in total sales dollars = Fixed expenses/CM ratio = $132,066/0.69 = $191,400 Use the following to answer questions 143-144: Data concerning Sinisi Corporation's single product appear below: Selling price per unit $200.00Variable expense per unit $58.00Fixed expense per month $407,540 143. The break-even in monthly unit sales is closest to: A) 2,038 B) 7,027 C) 2,870 D) 3,978 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $200Q = $58Q + $407,540 + $0 $142Q = $407,540 Q = $407,540 $142 per unit = 2,870 units 144. The break-even in monthly dollar sales is closest to: A) $407,600 B) $1,405,400 C) $574,000 D) $795,600 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Per UnitPercent of SalesSales $200100.0%Variable expenses  5829.0%Contribution margin and contribution margin ratio $14271.0% Break-even in total sales dollars = Fixed expenses/CM ratio = $407,540/0.71 = $574,000 Use the following to answer questions 145-146: Heathman Inc. produces and sells a single product. The selling price of the product is $230.00 per unit and its variable cost is $89.70 per unit. The fixed expense is $308,660 per month. 145. The break-even in monthly unit sales is closest to: A) 2,328 B) 1,342 C) 3,441 D) 2,200 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Profit $230.00Q = $89.70Q + $308,660 + $0 $140.30Q = $308,660 Q = $308,660 $140.30 per unit = 2,200 units 146. The break-even in monthly dollar sales is closest to: A) $791,436 B) $535,365 C) $506,000 D) $308,660 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy Solution: Per UnitPercent of SalesSales $230.00100.0%Variable expenses  89.7039.0%Contribution margin and contribution margin ratio $140.3061.0% Break-even in total sales dollars = Fixed expenses/CM ratio = $308,660/0.61 = $506,000 Use the following to answer questions 147-148: Maziarz Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $220.00Variable expense per unit $72.60Fixed expense per month $548,328 147. Assume the company's monthly target profit is $14,000. The unit sales to attain that target profit is closest to: A) 7,746 B) 2,556 C) 4,706 D) 3,815 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $220.00Q = $72.60Q + $548,328 + $14,000 $147.40Q = $562,328 Q = $562,328 $147.40 per unit = 3,815 units (rounded) 148. Assume the company's monthly target profit is $16,000. The dollar sales to attain that target profit is closest to: A) $564,328 B) $1,710,085 C) $1,038,898 D) $842,281 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Contribution margin per unit = Sales price - Variable expense per unit Contribution margin per unit = $220.00 - $72.60 = $147.40 CM ratio = $147.40 $220.00 = 0.67 Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($548,328 + $16,000)/0.67 = $842,281 (rounded) Use the following to answer questions 149-150: Data concerning Strite Corporation's single product appear below: Selling price per unit $150.00Variable expense per unit $42.00Fixed expense per month $421,200 149. Assume the company's monthly target profit is $17,000. The unit sales to attain that target profit is closest to: A) 5,804 B) 2,921 C) 4,057 D) 10,433 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $150Q = $42Q + $421,200 + $17,000 $108Q = $438,200 Q = $438,200 $108 per unit = 4,057 units (rounded) 150. Assume the company's monthly target profit is $8,000. The dollar sales to attain that target profit is closest to: A) $596,111 B) $1,532,857 C) $852,723 D) $429,200 Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Contribution margin per unit = Sales price - Variable expense per unit Contribution margin per unit = $150.00 - $42.00 = $108.00 CM ratio = $108.00 $150.00 = 0.72 Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($421,200 + $8,000)/0.72 = $596,111 (rounded) Use the following to answer questions 151-152: Speckman Enterprises, Inc., produces and sells a single product whose selling price is $200.00 per unit and whose variable expense is $68.00 per unit. The company's monthly fixed expense is $514,800. 151. Assume the company's monthly target profit is $11,000. The unit sales to attain that target profit is closest to: A) 2,629 B) 3,983 C) 4,781 D) 7,732 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Sales = Variable expenses + Fixed expenses + Target profit $200.00Q = $68.00Q + $514,800 + $11,000 $132.00Q = $525,800 Q = $525,800 $132 per unit = 3,983 units (rounded) 152. Assume the company's monthly target profit is $12,000. The dollar sales to attain that target profit is closest to: A) $1,549,412 B) $798,182 C) $526,800 D) $958,131 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy Solution: Contribution margin per unit = Sales price - Variable expense per unit Contribution margin per unit = $200.00 - $68.00 = $132.00 CM ratio = $132.00 $200.00 = 0.66 Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($514,800 + $12,000)/0.66 = $798,182 (rounded) Use the following to answer questions 153-154: Jerrel Corporation sells a product for $230 per unit. The product's current sales are 24,000 units and its break-even sales are 17,280 units. 153. What is the margin of safety in dollars? A) $5,520,000 B) $1,545,600 C) $3,974,400 D) $3,680,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $230 per unit 17,280 units = $3,974,400 Current sales = $230 per unit 24,000 units = $5,520,000 Margin of safety in dollars = Sales " Break-even sales = $5,520,000 " $3,974,400 = $1,545,600 154. The margin of safety as a percentage of sales is closest to: A) 61% B) 28% C) 72% D) 39% Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $230 per unit 17,280 units = $3,974,400 Current sales = $230 per unit 24,000 units = $5,520,000 Margin of safety in dollars = Sales " Break-even sales = $5,520,000 " $3,974,400 = $1,545,600 Margin of safety as a percentage of sales = Margin of safety in dollars Current sales = $1,545,600 $5,520,000 = 28% Use the following to answer questions 155-156: Maruska Corporation has provided the following data concerning its only product: Selling price $180 per unitCurrent sales 29,800 unitsBreak-even sales 25,032 units 155. What is the margin of safety in dollars? A) $4,505,760 B) $858,240 C) $3,576,000 D) $5,364,000 Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $180 per unit 25,032 = $4,505,760 Current sales = $180 per unit 29,800 = $5,364,000 Margin of safety in dollars = Sales " Break-even sales = $5,364,000 " $4,505,760 = $858,240 156. The margin of safety as a percentage of sales is closest to: A) 19% B) 16% C) 84% D) 81% Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy Solution: Margin of safety in dollars: Break-even sales = $180 per unit 25,032 = $4,505,760 Current sales = $180 per unit 29,800 = $5,364,000 Margin of safety in dollars = Sales " Break-even sales = $5,364,000 " $4,505,760 = $858,240 Margin of safety as a percentage of sales = Margin of safety in dollars Current sales = $858,240 $5,364,000 = 16% Use the following to answer questions 157-158: Bois Corporation has provided its contribution format income statement for January. Sales $426,400Variable expenses 260,000Contribution margin 166,400Fixed expenses 120,900Net operating income $45,500 157. The degree of operating leverage is closest to: A) 0.11 B) 9.37 C) 0.27 D) 3.66 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $166,400/$45,500 = 3.66 158. If the company's sales increase by 7%, its net operating income should increase by about: A) 26% B) 7% C) 66% D) 11% Ans:A AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $166,400/$45,500 = 3.66 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 7% 3.66 = 26% Use the following to answer questions 159-160: The July contribution format income statement of Doxtater Corporation appears below: Sales $564,400Variable expenses 312,800Contribution margin 251,600Fixed expenses 193,800Net operating income $57,800 159. The degree of operating leverage is closest to: A) 0.23 B) 0.10 C) 4.35 D) 9.76 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $251,600/$57,800 = 4.35 160. If the company's sales increase by 19%, its net operating income should increase by about: A) 10% B) 19% C) 83% D) 186% Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy Solution: Degree of operating leverage = Contribution margin/Net operating income = $251,600/$57,800 = 4.35 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 19% 4.35 = 83% Use the following to answer questions 161-162: Taylor, Inc. produces only two products, Acdom and Belnom. These account for 60% and 40% of the total sales dollars of Taylor, respectively. The unit variable expense as a percentage of the selling price is 60% for Acdom and 85% for Belnom. Total fixed expenses are $150,000. There are no other costs. 161. What is Taylor's break-even point in sales dollars? A) $150,000 B) $214,286 C) $300,000 D) $500,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Hard Solution: Each product s contribution margin rate is (1 " variable expense percentage) Acdom = 1 " 0.6 = 0.4 Belnom = 1 " 0.85 = 0.15 To calculate the weighted average contribution margin, multiply each products contribution margin ratio by its percentage of total sales dollars: (60% 0.4%) + (40% 0.15%) = 0.24% + 0.06% = 0.30% To calculate the break-even point in sales dollars: Fixed expenses Weighted average contribution margin ratio = $150,000 0.30 = $500,000 162. Assuming that the total fixed expenses of Taylor increase by 30% and the sales mix remains constant, what amount of sales dollars would be necessary to generate a net operating income of $9,000? A) $204,000 B) $464,000 C) $659,000 D) $680,000 Ans:D AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Hard Solution: Each products contribution margin rate is (1 " variable expense percentage) Acdom = 1 " 0.6 = 0.4 Belnom = 1 " 0.85 = 0.15 To calculate the weighted average contribution margin, multiply each product s contribution margin ratio by its percentage of total sales dollars: (60% 0.4%) + (40% 0.15%) = 0.24 + 0.06 = 0.30 New fixed expenses = ($150,000 1.30) = $195,000 Sales dollars needed = (Fixed expenses + Target net operating income) Weighted average contribution margin ratio = ($195,000 + $9,000) 0.30 = $680,000 Use the following to answer questions 163-164: Dietrick Corporation produces and sells two products. Data concerning those products for the most recent month appear below: Product B32LProduct K84BSales $46,000$27,000Variable expenses $13,800$14,670 Fixed expenses for the entire company were $42,550. 163. The break-even point for the entire company is closest to: A) $42,550 B) $71,020 C) $69,754 D) $30,450 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy Solution: Product B32LProduct K84BTotalSales $46,000$27,000$73,000Variable expenses 13,800 14,670 28,470Contribution margin $32,200$12,33044,530Fixed expenses 42,550Net operating income $ 1,980 Overall CM ratio = Total contribution margin/Total sales = $44,530/$73,000 = 0.61 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $42,550/0.61 = $69,754 (rounded) 164. If the sales mix were to shift toward Product B32L with total sales remaining constant, the overall break-even point for the entire company: A) could increase or decrease. B) would decrease. C) would not change. D) would increase. Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Medium Use the following to answer questions 165-166: Ingrum Corporation produces and sells two products. In the most recent month, Product R38T had sales of $20,000 and variable expenses of $7,400. Product X08S had sales of $39,000 and variable expenses of $6,170. And the fixed expenses of the entire company were $41,160. 165. The break-even point for the entire company is closest to: A) $41,160 B) $17,840 C) $53,455 D) $54,730 Ans:C AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy Solution: Product R38TProduct X08STotalSales $20,000$39,000$59,000Variable expenses  7,400 6,17013,570Contribution margin $12,600$32,83045,430Fixed expenses 41,160Net operating income $4,270 Overall CM ratio = Total contribution margin/Total sales = $45,430/$59,000 = 0.77 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $41,160/0.77 = $53,455 (rounded) 166. If the sales mix were to shift toward Product R38T with total sales remaining constant, the overall break-even point for the entire company: A) would not change. B) would increase. C) would decrease. D) could increase or decrease. Ans:B AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Medium Essay Questions 167. The following is Arkadia Corporation's contribution format income statement for last month: Sales $1,200,000Variable expenses 800,000Contribution margin 400,000Fixed expenses 300,000Net operating income $100,000 The company has no beginning or ending inventories and produced and sold 20,000 units during the month. Required: What is the company's contribution margin ratio? What is the company's break-even in units? If sales increase by 100 units, by how much should net operating income increase? How many units would the company have to sell to attain target profits of $125,000? What is the company's margin of safety in dollars? What is the company's degree of operating leverage? Ans: Contribution margin ratio: CM ratio = Contribution margin Sales = $400,000 $1,200,000 = 0.333 Break-even units: Selling price ($1,200,000 20,000 units) = $60 per unit Variable expenses ($800,000 20,000 units) = $40 per unit Sales = Variable expenses + Fixed expenses + Profit $60Q = $40Q + $300,000 + $0 $20Q = $300,000 Q = $300,000 $20 per unit = 15,000 units Increase in net operating income from additional sales of 100 units: Selling price $60 per unitVariable expenses $40 per unitUnit contribution margin $20 per unitAdditional sales  100 unitsIncrease in net operating income $2,000 Sales to attain target profit: Sales = Variable expenses + Fixed expenses + Profit $60Q = $40Q + $300,000 + $125,000 $20Q = $425,000 Q = $425,000 $20 per unit = 21,250 units Margin of safety in dollars: Break-even sales = $60 per unit 15,000 units = $900,000 Margin of safety in dollars = Sales " Break-even sales = $1,200,000 " $900,000 = $300,000 Degree of operating leverage = Contribution margin Net operating income = $400,000 $100,000 = 4.0 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:1;3;5;6;7;8 Level:Easy 168. The Garry Corporation's most recent contribution format income statement is shown below: TotalPer unitSales (15,000 units) $225,000$15Variable expenses 135,0009Contribution margin  90,000$6Fixed expenses 35,000Net operating income $55,000 Required: Prepare a new contribution format income statement under each of the following conditions (consider each case independently): The sales volume increases by 10% and the price decreases by $0.50 per unit. The selling price decreases $1.00 per unit, fixed expenses increase by $15,000, and the sales volume decreases by 5%. The selling price increases by 25%, variable expense increases by $0.75 per unit, and the sales volume decreases by 15%. The selling price increases by $1.50 per unit, variable cost increases by $1.00 per unit, fixed expenses decrease by $15,000, and sales volume decreases by 12%. Ans: a.TotalPer unitVolume 16,500 unitsSales $239,250$14.50Variable expenses 148,5009.00Contribution margin 90,750$5.50Fixed expenses 35,000Net operating income $55,750 b.TotalPer unitVolume 14,250 unitsSales $199,500$14.00Variable expenses 128,2509.00Contribution margin 71,250$5.00Fixed expenses 50,000Net operating income $21,250 c.TotalPer unitVolume 12,750 unitsSales $239,063$18.75Variable expenses 124,3139.75Contribution margin 114,750$9.00Fixed expenses 35,000Net operating income $79,750 d.TotalPer unitVolume 13,200 unitsSales $217,800$16.50Variable expenses 132,00010.00Contribution margin 85,800$6.50Fixed expenses 20,000Net operating income $65,800 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Measurement LO:1;4 Level:Easy 169. McConkey Corporation produces and sells a single product. The company's contribution format income statement for July appears below: Sales (5,500 units) $357,500Variable expenses 236,500Contribution margin 121,000Fixed expenses 102,200Net operating income $18,800 Required: Redo the company's contribution format income statement assuming that the company sells 5,800 units. Ans: Sales (5,800 units) $377,000Variable expenses 249,400Contribution margin 127,600Fixed expenses 102,200Net operating income $25,400 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Measurement LO:1 Level:Easy 170. Giannini Inc., which produces and sells a single product, has provided the following contribution format income statement for March: Sales (5,900 units) $477,900Variable expenses 206,500Contribution margin 271,400Fixed expenses 190,800Net operating income $80,600 Required: Redo the company's contribution format income statement assuming that the company sells 5,500 units. Ans: Sales (5,500 units) $445,500Variable expenses 192,500Contribution margin 253,000Fixed expenses 190,800Net operating income $62,200 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Measurement LO:1 Level:Easy 171. Mechem Corporation produces and sells a single product. In April, the company sold 2,100 units. Its total sales were $205,800, its total variable expenses were $107,100, and its total fixed expenses were $82,400. Required: Construct the company's contribution format income statement for April in good form. Redo the company's contribution format income statement assuming that the company sells 2,200 units. Ans: a.Sales (2,100 units) $205,800Variable expenses 107,100Contribution margin 98,700Fixed expenses 82,400Net operating income $16,300 b.Sales (2,200 units) $215,600Variable expenses 112,200Contribution margin 103,400Fixed expenses 82,400Net operating income $21,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Measurement LO:1 Level:Easy 172. In July, Meers Corporation sold 3,700 units of its only product. Its total sales were $107,300, its total variable expenses were $66,600, and its total fixed expenses were $34,800. Required: Construct the company's contribution format income statement for July in good form. Redo the company's contribution format income statement assuming that the company sells 3,400 units. Ans: a.Sales (3,700 units) $107,300Variable expenses 66,600Contribution margin 40,700Fixed expenses 34,800Net operating income $5,900 b.Sales (3,400 units) $98,600Variable expenses 61,200Contribution margin 37,400Fixed expenses 34,800Net operating income $2,600 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Measurement LO:1 Level:Easy 173. Spencer Company's most recent monthly contribution format income statement is given below: Sales $60,000Variable expenses 45,000Contribution margin 15,000Fixed expenses 18,000Net operating loss ($3,000) The company sells its only product for $10 per unit. There were no beginning or ending inventories. Required: What are total sales in dollars at the break-even point? What are total variable expenses at the break-even point? What is the company's contribution margin ratio? If unit sales were increased by 10% and fixed expenses were reduced by $2,000, what would be the company's expected net operating income? (Prepare a new income statement.) Ans: The contribution margin ratio is $15,000 $60,000 = 25%. Therefore, the break-even in sales dollars is $18,000 25% = $72,000. The variable cost ratio is $45,000 $60,000 = 75%. Therefore, the variable expenses at the break-even point are $72,000 75% = $54,000. 25% See part (a) above. d.Sales ($60,000 1.1) $66,000Variable expenses ($45,000 1.1) 49,500Contribution margin 16,500Fixed expenses ($18,000 " $2,000) 16,000Net operating income $500 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3;4;5 Level:Medium 174. Sarratt Corporation's contribution margin ratio is 62% and its fixed monthly expenses are $91,000. Assume that the company's sales for May are expected to be $193,000. Required: Estimate the company's net operating income for May. Assume that the fixed monthly expenses do not change. Show your work! Ans: Sales $193,000Contribution margin ratio 62%Contribution margin (sales contribution margin ratio) $119,660Fixed expenses 91,000Net operating income $28,660 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy 175. The management of Merklin Corporation expects sales in May to be $105,000. The company's contribution margin ratio is 70% and its fixed monthly expenses are $48,000. Required: Estimate the company's net operating income for May. Assume that the fixed monthly expenses do not change. Show your work! Ans: Sales $105,000Contribution margin ratio 70%Contribution margin (sales contribution margin ratio) $73,500Fixed expenses 48,000Net operating income $25,500 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy 176. Huitron Inc. expects its sales in September to be $143,000. The company's contribution margin ratio is 65% and its fixed monthly expenses are $62,000. Required: Estimate the company's net operating income for September. Assume that the fixed monthly expenses do not change. Show your work! Ans: Sales $143,000Contribution margin ratio 65%Contribution margin (sales contribution margin ratio) $92,950Fixed expenses 62,000Net operating income $30,950 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:3 Level:Easy 177. Belli-Pitt, Inc, produces a single product. The results of the company's operations for a typical month are summarized in contribution format as follows: Sales $540,000Variable expenses 360,000Contribution margin 180,000Fixed expenses 120,000Net operating income $60,000 The company produced and sold 120,000 kilograms of product during the month. There were no beginning or ending inventories. Required: Given the present situation, compute The break-even sales in kilograms. The break-even sales in dollars. The sales in kilograms that would be required to produce net operating income of $90,000. The margin of safety in dollars. An important part of processing is performed by a machine that is currently being leased for $20,000 per month. Belli-Pitt has been offered an arrangement whereby it would pay $0.10 royalty per kilogram processed by the machine rather than the monthly lease. Should the company choose the lease or the royalty plan? Under the royalty plan compute break-even point in kilograms. Under the royalty plan compute break-even point in dollars. Under the royalty plan determine the sales in kilograms that would be required to produce net operating income of $90,000. Ans: a.Per kg.Sales $4.50100.0%Variable expense 3.0066.7%Contribution margin $1.5033.3% Sales = Variable expenses + Fixed expenses + Target profit $4.50Q = $3.00Q + $120,000 + $0 $1.50Q = $120,000 Q = $120,000 $1.50 per unit = 80,000 units 80,000 units $4.50 per unit = $360,000 Sales = Variable expenses + Fixed expenses + Target profit $4.50Q = $3.00Q + $120,000 + $90,000 $1.50Q = $210,000 Q = $210,000 $1.50 per unit = 140,000 units Margin of safety = Sales " Sales at breakeven = $540,000 " $360,000 = $180,000 b. 1.As IsProposedPer UnitAmountPer UnitAmountSales $540,000$4.50$540,000$4.50Variable expense 360,0003.00372,0003.10Contribution margin 180,0001.50168,0001.40Fixed expense 120,0001.00100,0000.83Net operating income $60,000$0.50$68,000$0.57 Since net operating income increases by $8,000 the royalty is a good plan, provided sales remains at the same level. Sales = Variable expenses + Fixed expenses + Target profit $4.50Q = $3.10Q + $100,000 + $0 $1.40Q = $100,000 Q = $100,000 $1.40 per unit = 71,429 units 71,429 units $4.50 unit = $321,429 Sales = Variable expenses + Fixed expenses + Target profit $4.50Q = $3.10Q + $100,000 + $90,000 $1.40Q = $190,000 Q = $190,000 $1.40 per unit = 135,714 units AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4;5;6 Level:Medium 178. Shelhorse Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $140100%Variable expenses 5640%Contribution margin $8460% Fixed expenses are $275,000 per month. The company is currently selling 4,000 units per month. Required: The marketing manager believes that a $13,000 increase in the monthly advertising budget would result in a 150 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? Show your work! Ans: Increase in total contribution margin ($84 per unit 150 units) $12,600Less incremental fixed expenses 13,000Change in net operating income ($400) AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 179. Data concerning Cavaluzzi Corporation's single product appear below: Per UnitPercent of SalesSelling price $110100%Variable expenses 4440%Contribution margin $6660% Fixed expenses are $440,000 per month. The company is currently selling 8,000 units per month. Required: The marketing manager believes that a $8,000 increase in the monthly advertising budget would result in a 150 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change? Show your work! Ans: Increase in total contribution margin ($66 per unit 150 units) $9,900Less incremental fixed expenses 8,000Change in net operating income $1,900 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 180. Naumann Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $100100%Variable expenses 3030%Contribution margin $7070% Fixed expenses are $234,000 per month. The company is currently selling 4,000 units per month. Required: Management is considering using a new component that would increase the unit variable cost by $7. Since the new component would improve the companys product, the marketing manager predicts that monthly sales would increase by 500 units. What should be the overall effect on the companys monthly net operating income of this change if fixed expenses are unaffected? Show your work! Ans: New variable cost per unit ($30 + $7) $37New contribution margin per unit ($100 " $37) $63New unit monthly sales (4,000 units + 500 units) 4,500New total contribution margin: 4,500 units $63 per unit $283,500Current total contribution margin: 4,000 units $70 per unit 280,000Change in total contribution margin and in net operating income $3,500 Since fixed expenses are not affected by this change, the change in net operating income will be equal to the change in total contribution margin. AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 181. Data concerning Milian Corporation's single product appear below: Per UnitPercent of SalesSelling price $130100%Variable expenses 3930%Contribution margin $9170% Fixed expenses are $66,000 per month. The company is currently selling 1,000 units per month. Required: Management is considering using a new component that would increase the unit variable cost by $15. Since the new component would improve the company's product, the marketing manager predicts that monthly sales would increase by 200 units. What should be the overall effect on the company's monthly net operating income of this change if fixed expenses are unaffected? Show your work! Ans: New variable cost per unit ($39 + $15) $54New contribution margin per unit ($130 " $54) $76New unit monthly sales (1,000 units + 200 units) 1,200New total contribution margin: 1,200 units $76 per unit $91,200Current total contribution margin: 1,000 units $91 per unit 91,000Change in total contribution margin and in net operating income $200 Since fixed expenses are not affected by this change, the change in net operating income will be equal to the change in total contribution margin. AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 182. Bethard Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $120100%Variable expenses 2420%Contribution margin $9680% Fixed expenses are $354,000 per month. The company is currently selling 5,000 units per month. Required: The marketing manager would like to cut the selling price by $8 and increase the advertising budget by $23,000 per month. The marketing manager predicts that these two changes would increase monthly sales by 600 units. What should be the overall effect on the company's monthly net operating income of this change? Show your work! Ans: New selling price ($120 " $8) $112New contribution margin ($112 " $24) $88New unit monthly sales (5,000 units + 600 units) 5,600New total contribution margin: 5,600 units $88 per unit $492,800Present total contribution margin: 5,000 units $96 per unit 480,000Change in total contribution margin 12,800Less increase in advertising budget 23,000Change in net operating income ($10,200) AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 183. Data concerning Neuner Corporation's single product appear below: Per UnitPercent of SalesSelling price $220100%Variable expenses 8840%Contribution margin $13260% Fixed expenses are $425,000 per month. The company is currently selling 4,000 units per month. Required: The marketing manager would like to cut the selling price by $11 and increase the advertising budget by $23,700 per month. The marketing manager predicts that these two changes would increase monthly sales by 400 units. What should be the overall effect on the company's monthly net operating income of this change? Show your work! Ans: New selling price ($220 " $11) $209New contribution margin ($209 " $88) $121New unit monthly sales (4,000 units + 400 units) 4,400New total contribution margin: 4,400 units $121 per unit $532,400Present total contribution margin: 4,000 units $132 per unit 528,000Change in total contribution margin 4,400Less increase in advertising budget 23,700Change in net operating income ($19,300) AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 184. Hamiel Corporation produces and sells a single product. Data concerning that product appear below: Per UnitPercent of SalesSelling price $240100%Variable expenses 16870%Contribution margin $7230% Fixed expenses are $301,000 per month. The company is currently selling 5,000 units per month. Required: The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $16 per unit. In exchange, the sales staff would accept an overall decrease in their salaries of $68,000 per month. The marketing manager predicts that introducing this sales incentive would increase monthly sales by 200 units. What should be the overall effect on the company's monthly net operating income of this change? Show your work! Ans: New contribution margin ($72 " $16) $56New unit monthly sales (5,000 units + 200 units) 5,200New total contribution margin: 5,200 units $56 per unit $291,200Present total contribution margin: 5,000 units $72 per unit 360,000Change in total contribution margin (68,800)Plus savings in salespersons salaries 68,000Change in net operating income ($800) AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 185. Data concerning Wislocki Corporation's single product appear below: Per UnitPercent of SalesSelling price $130100%Variable expenses 2620%Contribution margin $10480% Fixed expenses are $466,000 per month. The company is currently selling 6,000 units per month. Required: The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $11 per unit. In exchange, the sales staff would accept an overall decrease in their salaries of $55,000 per month. The marketing manager predicts that introducing this sales incentive would increase monthly sales by 100 units. What should be the overall effect on the company's monthly net operating income of this change? Show your work! Ans: New contribution margin ($104 " $11) $93New unit monthly sales (6,000 units + 100 units) 6,100New total contribution margin: 6,100 units $93 per unit $567,300Present total contribution margin: 6,000 units $104 per unit 624,000Change in total contribution margin (56,700)Plus savings in salespersons salaries 55,000Change in net operating income ($1,700) AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:4 Level:Easy 186. Merlin Enterprises manufactures a cellular telephone. The company's partial contribution format income statement for the most recent year is below. TotalPer UnitRatioSales $300,000$60Variable expenses 55%Contribution margin Fixed expenses 108,000Net operating income  Required: Complete the contribution income statement above. Determine the breakeven sales and units using either the equation or the contribution approach. Determine the sales necessary to earn a profit of $54,000. Determine the margin of safety percentage for the year above. Ans: Variable expenses = 0.55 $300,000 = $165,000 Variable expenses per unit = 0.55 $60 = $33 TotalPer UnitRatioSales $300,000$60100%Variable expenses 165,0003355%Contribution margin 135,000$2745%Fixed expenses 108,000Net operating income $27,000 Break-even in unit sales = $108,000/$27 per unit = 4,000 units Break-even in dollar sales = $108,000/0.45 = $240,000 Dollar sales to attain target profit = ($108,000 + $54,000)/0.45 = $360,000 Margin of safety = $300,000 " $240,000 = $60,000 Margin of safety percentage = $60,000/$300,000 = 20% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5;6;7 Level:Easy 187. Frisch Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $170.00Variable expense per unit $83.30Fixed expense per month $138,720 Required: Determine the monthly break-even in either unit or total dollar sales. Show your work! Ans: Per UnitPercent of SalesSelling price per unit $170.00100%Variable expense per unit 83.3049%Contribution margin per unit and contribution margin ratio $86.7051% Break-even in unit sales = Fixed expenses/Unit contribution margin = $138,720/$86.70 = 1,600 Break-even in total sales dollars = Fixed expenses/CM ratio = $138,720/0.51 = $272,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 188. Hamernik, Inc., produces and sells a single product whose selling price is $240.00 per unit and whose variable expense is $72.00 per unit. The company's fixed expense is $372,960 per month. Required: Determine the monthly break-even in either unit or total dollar sales. Show your work! Ans: Per UnitPercent of SalesSelling price per unit $240.00100%Variable expense per unit 72.0030%Contribution margin per unit and contribution margin ratio $168.0070% Break-even in unit sales = Fixed expenses/Unit contribution margin = $372,960/$168 = 2,220 Break-even in total sales dollars = Fixed expenses/CM ratio = $372,960/0.70 = $532,800 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 189. Yamakawa Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $200.00Variable expense per unit $64.00Fixed expense per month $670,480 Required: Determine the monthly break-even in unit sales. Show your work! Ans: Selling price per unit $200.00Variable expense per unit 64.00Contribution margin per unit $136.00 Break-even in unit sales = Fixed expenses/Unit contribution margin = $670,480/$136 = 4,930 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 190. Liz, Inc., produces and sells a single product. The product sells for $130.00 per unit and its variable expense is $48.10 per unit. The company's monthly fixed expense is $223,587. Required: Determine the monthly break-even in unit sales. Show your work! Ans: Selling price per unit $130.00Variable expense per unit 48.10Contribution margin per unit $81.90 Break-even in unit sales = Fixed expenses/Unit contribution margin = $223,587/$81.90 = 2,730 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 191. Cleghorn Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $160.00Variable expense per unit $70.40Fixed expense per month $153,216 Required: Determine the monthly break-even in total dollar sales. Show your work! 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1$7$8$H$^`^gd0*ggd0*gukd$$IflF  t    44 la<p+i.i/iGiOiPi-ukd~$$IflF \ t    44 la<p$$Ifa$gd^l $ ($If^`(gd^l$Ifgd^l v01$7$8$H$^`0PiQilisitiuiiiAukdO$$IflF \ t    44 la<p$$Ifa$gd^l $ ($If^`(gd^l$Ifgd^liiiiiiiiuuuuaa 1$7$8$H$^` v01$7$8$H$^`0ukd $$IflF \ t    44 la<pii @ @ @ 3@ Q2  ($If^`(gd^lukd$$IflF:# tj     44 la<p$$Ifa$gd^l!$  ($If^`(a$gd^lPer UnitPercent of SalesSelling price per unit $160.00100%Variable expense per unit 70.4044%Contribution margin per unit and contribution margin ratio $89.6056% Break-even in total sales dollars = Fixed expenses/CM ratio = $153,216/0.56 = $273,600 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 192. Malensek International, Inc., produces and sells a single product. The product sells for $240.00 per unit and its variable expense is $55.20 per unit. The company's monthly fixed expense is $249,480. Required: Determine the monthly break-even in total dollar sales. Show your work! Ans: Per UnitPercent of SalesSelling price per unit $240.00100%Variable expense per unit 55.2023%Contribution margin per unit and contribution margin ratio $184.8077% Break-even in total sales dollars = Fixed expenses/CM ratio = $249,480/0.77 = $324,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:5 Level:Easy 193. Brihon Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $230.00Variable expense per unit $103.50Fixed expense per month $518,650 Required: Assume the company's monthly target profit is $12,650. Determine the unit sales to attain that target profit. Show your work! Assume the company's monthly target profit is $63,250. Determine the dollar sales to attain that target profit. Show your work! Ans: Per UnitPercent of SalesSelling price per unit $230.00100%Variable expense per unit 103.5045%Contribution margin per unit and CM ratio $126.5055% Unit sales to attain target profit = (Fixed expenses + Target profit)/Unit contribution margin = ($518,650 + $12,650)/$126.50 = 4,200 Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($518,650 + $63,250)/0.55 = $1,058,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 194. Rachal Corporation produces and sells a single product whose selling price is $150.00 per unit and whose variable expense is $57.00 per unit. The company's monthly fixed expense is $381,300. Required: Assume the company's monthly target profit is $9,300. Determine the unit sales to attain that target profit. Show your work! Assume the company's monthly target profit is $18,600. Determine the dollar sales to attain that target profit. Show your work! Ans: Per UnitPercent of SalesSelling price per unit $150.00100%Variable expense per unit 57.0038%Contribution margin per unit and CM ratio $93.0062% Unit sales to attain target profit = (Fixed expenses + Target profit)/Unit contribution margin = ($381,300 + $9,300)/$93.00 = 4,200 Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($381,300 + $18,600)/0.62 = $645,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 195. Hawver Corporation produces and sells a single product. Data concerning that product appear below: Selling price per unit $180.00Variable expense per unit $81.00Fixed expense per month $594,000 Required: Assume the company's monthly target profit is $19,800. Determine the unit sales to attain that target profit. Show your work! Ans: Selling price per unit $180.00Variable expense per unit 81.00Contribution margin per unit $99.00 Unit sales to attain target profit = (Fixed expenses + Target profit)/Unit contribution margin = ($594,000 + $19,800)/$99.00 = 6,200 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 196. The selling price of Old Corporation's only product is $180.00 per unit and its variable expense is $37.80 per unit. The company's monthly fixed expense is $483,480. Required: Assume the company's monthly target profit is $56,880. Determine the unit sales to attain that target profit. Show your work! Ans: Selling price per unit $180.00Variable expense per unit 37.80Contribution margin per unit $142.20 Unit sales to attain target profit = (Fixed expenses + Target profit)/Unit contribution margin = ($483,480 + $56,880)/$142.20 = 3,800 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 197. Bussy Corporation produces and sells a single product whose contribution margin ratio is 54%. The company's monthly fixed expense is $561,600 and the company's monthly target profit is $34,560. Required: Determine the dollar sales to attain the company's target profit. Show your work! Ans: Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($561,600 + $34,560)/0.54 = $1,104,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 198. The contribution margin ratio of Kuck Corporation's only product is 75%. The company's monthly fixed expense is $585,000 and the company's monthly target profit is $11,250. Required: Determine the dollar sales to attain the company's target profit. Show your work! Ans: Total sales dollars to attain target profit = (Fixed expenses + Target profit)/CM ratio = ($585,000 + $11,250)/0.75 = $795,000 AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:6 Level:Easy 199. Knezevich Corporation makes a product that sells for $230 per unit. The product's current sales are 36,900 units and its break-even sales are 32,103 units. Required: Compute the margin of safety in both dollars and as a percentage of sales. Ans: Sales (at the current volume of 36,900 units) (a) $8,487,000Break-even sales (at 32,103 units) 7,383,690Margin of safety (in dollars) (b) $1,103,310Margin of safety as a percentage of sales, (b) (a) 13% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy 200. Dickus Corporation's only product sells for $100 per unit. Its current sales are 35,600 units and its break-even sales are 29,192 units. Required: Compute the margin of safety in both dollars and as a percentage of sales. Ans: Sales (at the current volume of 35,600 units) (a) $3,560,000Break-even sales (at 29,192 units) 2,919,200Margin of safety (in dollars) (b) $640,800Margin of safety as a percentage of sales, (b) (a) 18% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy 201. Haslem Inc. has provided the following data concerning its only product: Selling price $100 per unitCurrent sales 37,300 unitsBreak-even sales 26,483 units Required: Compute the margin of safety in both dollars and as a percentage of sales. Ans: Sales (at the current volume of 37,300 units) (a) $3,730,000Break-even sales (at 26,483 units) 2,648,300Margin of safety (in dollars) (b) $1,081,700Margin of safety as a percentage of sales, (b) (a) 29% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:7 Level:Easy 202. Mcquage Corporation has provided its contribution format income statement for July. Sales $558,000Variable expenses 306,900Contribution margin 251,100Fixed expenses 209,800Net operating income $41,300 Required: Compute the degree of operating leverage to two decimal places. Using the degree of operating leverage, estimate the percentage change in net operating income that should result from a 19% increase in sales. Ans: Degree of operating leverage = Contribution margin/Net operating income = $251,100/$41,300 = 6.08 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 19% 6.08 = 115.52% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy 203. Lubke Corporation's contribution format income statement for the most recent month follows: Sales $506,000Variable expenses 236,500Contribution margin 269,500Fixed expenses 241,700Net operating income $27,800 Required: Compute the degree of operating leverage to two decimal places. Using the degree of operating leverage, estimate the percentage change in net operating income that should result from a 3% increase in sales. Ans: Degree of operating leverage = Contribution margin/Net operating income = $269,500/$27,800 = 9.69 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 3% 9.69 = 29.07% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy 204. In the most recent month, Sardella Corporation's total contribution margin was $46,200 and its net operating income $13,200. Required: Compute the degree of operating leverage to two decimal places. Using the degree of operating leverage, estimate the percentage change in net operating income that should result from a 10% increase in sales. Ans: Degree of operating leverage = Contribution margin/Net operating income = $46,200/$13,200 = 3.50 Percent increase in net operating income = Percent increase in sales Degree of operating leverage = 10% 3.50 = 35.00% AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:8 Level:Easy 205. Brancati Inc. produces and sells two products. Data concerning those products for the most recent month appear below: Product W07CProduct B29ZSales $25,000$27,000Variable expenses $7,000$8,600 Fixed expenses for the entire company were $32,860. Required: Determine the overall break-even point for the company. Show your work! If the sales mix shifts toward Product W07C with no change in total sales, what will happen to the break-even point for the company? Explain. Ans: a.Product W07CProduct B29ZTotalSales $25,000$27,000$52,000Variable expenses 7,0008,60015,600Contribution margin $18,000$18,40036,400Fixed expenses 32,860Net operating income $3,540 Overall CM ratio = Total contribution margin/Total sales = $36,400/$52,000 = 0.70 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $32,860/0.70 = $46,943 b.Product W07CProduct B29ZSales (a) $25,000$27,000Contribution margin (b) $18,000$18,400CM ratio (b)(a) 0.7200.681 Since Product W07Cs CM ratio is greater than Product B29Zs, a shift in the sales mix toward Product W07C will result in a decrease in the companys overall break-even point. AACSB:Analytic AICPABB:CriticalThinking AICPAFN:Reporting LO:9 Level:Easy 206. Veren Inc. produces and sells two products. During the most recent month, Product F73A's sales were $27,000 and its variable expenses were $9,450. Product L75P's sales were $14,000 and its variable expenses were $5,310. The company's fixed expenses were $21,060. Required: Determine the overall break-even point for the company. Show your work! If the sales mix shifts toward Product F73A with no change in total sales, what will happen to the break-even point for the company? Explain. Ans: a.Product F73AProduct L75PTotalSales $27,000$14,000$41,000Variable expenses 9,4505,31014,760Contribution margin $17,550$8,69026,240Fixed expenses 21,060Net operating income $5,180 Overall CM ratio = Total contribution margin/Total sales = $26,240/$41,000 = 0.64 Break-even point in total sales dollars = Fixed expenses/Overall CM ratio = $21,060/0.64 = $32,906 b.Product F73AProduct L75PSales (a) $27,000$14,000Contribution margin (b) $17,550$8,690CM ratio (b)(a) 0.6500.621 Since Product F73As CM ratio is greater than Product L75Ps, a shift in the sales mix toward Product F73A will result in a decrease in the companys overall break-even point. 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