Accounting Exam 3 2023 Business Finance
2023 Question 1 2 points If variable costs increase fixed costs increase and sales remain the same what
Question 1 (2 points)
If variable costs increase, fixed costs increase, and sales remain the same, what is expected to happen to the Contribution Margin (CM) and to the Breakeven Point (BE) respectively?
Question 1 options:
CM: Decrease BE: Increase 

CM: Increase BE: Decrease 

CM: Decrease BE: Decrease 

CM: Decrease BE: Can’t be determined 
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The breakeven point is the point at which
Question 2 options:
fixed costs equal variable costs 

fixed costs equal sales 

total contribution margin equals fixed costs 

sales equals variable costs 
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Singer Co. reported sales of $416,000, a contribution margin of $5 per unit, fixed costs of $80,000, and a net income of $24,000. Determine the selling price per unit?
Question 3 options:
$26 

$20 

$86.70 

$5 
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Use the following information to answer questions 4 & 5
Projected cost information for a new product is as follows:
Variable manufacturing costs: 
$8 per unit 
Variable selling costs: 
$2 per unit 
Fixed manufacturing costs: 
$25,000 
Fixed selling costs: 
$45,000 
The product is to be sold at $18 per unit.
Determine the breakeven point for this product (in $)
Question 4 options:
$45,000 

$126,000 

$157,500 

$8,750 
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Use the following information to answer questions 4 & 5
Projected cost information for a new product is as follows:
Variable manufacturing costs: 
$8 per unit 
Variable selling costs: 
$2 per unit 
Fixed manufacturing costs: 
$25,000 
Fixed selling costs: 
$45,000 
The product is to be sold at $18 per unit.
What price would the company have to sell this product for if they wish to sell 10,000 units and realize a profit of $50,000?
Question 5 options:
$18 

$22 

$12 

$5 
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Gastone Inc. has estimated the following forecasted sales for a 3month period:
Month 
Estimated sales $ 
August 
33,000 
September 
29,000 
October 
30,000 
On average, 60% of sales are collected in the month of sale, 39% in the following month, and the remaining 1% is never collected. Determine the budgeted cash receipts for September.
Question 6 options:
$29,000 

$30, 270 

$31,110 

$29,100 
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$45,000 and $10,000 
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