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Questions -
Q1. Montoya Manufacturing has fixed costs of $3,000,000 and variable costs are 40% of sales. What are the required sales if Montoya desires net income of $300,000?
a. $5,500,000
b. $5,000,000
c. $8,250,000
d. $7,500,000
Q2. The following monthly data are available for Lumberyard Company. which produces only one product: Selling price per unit, $42; Unit variable expenses, $14; Total fixed expenses, $42,000; Actual sales for the month of June, 3,000 units. How much is the margin of safety for the company for June?
a. $42,000
b. $63,000
c. $84,000
d. $1,500
Q3. Chung, Inc. sells 100,000 wrenches for $24 per unit. Fixed costs are $700,000 and net income is $500,000. What should be reported as variable expenses in the CVP income statement?
a. $1,080,000
b. $1,200,000
c. $1,900,000
d. $1,700,000
For one of the following situations, indicate whether the organization should recognize the described contributed services as revenue (offset by a corresponding expense). Briefly justify your response or identify key issues.
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