Author Question: Match the following terms to the appropriate statement by placing the letter to the left of each ... (Read 89 times)

caca31 · **on:** Feb 5, 2023

Question 1

International Imports is a merchandising firm. Last year they reported sales of $674,500 and cost of goods sold of $404,700. The company's total variable selling and administrative expense was $60,705, and fixed selling and administrative expense was $53,960. The total contribution margin for the firm is
◦ $209,095.
◦ $215,840.
◦ $559,835.
◦ $613,795.

Question 2

Match the following terms to the appropriate statement by placing the letter to the left of each statement.

a.

Committed fixed cost

g.

Mixed cost

b.

Contribution format income statement

h.

Regression analysis

c.

Contribution margin

i.

Relevant range

d.

Contribution margin ratio

j.

Scattergraph

e.

Discretionary fixed cost

k.

Step cost

f.

High-low method

l.

Variable cost ratio

______

1

.A statistical technique that identifies the line of best for the points plotted in

a scattergraph.

______

2

.The difference between sales and variable costs.

______

3

.Fixed costs that cannot be changed over the short run.

______

4

.The ratio of the contribution margin to sales.

______

5

.One minus the contribution margin ratio.

______

6

.A report that allows easy assessment of the impact of sales volume on

operating income.

______

7

.The normal level of operating activity.

______

8

.Fixed costs that can be changed over the short run.

______

9

.A cost that has both a fixed and variable component.

______

10.

A cost that is fixed over only a small range of activity.

______

11.

A graph that shows total costs in relation to volume, or activity level.

______

12.

A method of estimating the fixed and variable cost components of a mixed

cost that requires using only two data points, the lowest point of activity

and the highest point of activity.

khammond77 · **Reply #1 on:** Feb 5, 2023

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