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11. (TCO 11) A manufacturing company makes the products that it sells. Briefly identify and define the cost elements
that are incurred in making a product. After product cost elements are identified, how is the cost of goods manufactured for a period determined? (Points : 20)
12. (TCO 4) Relevance and reliability are two characteristics of useful accounting information.
(a)
Briefly define each term.
(b) Why are these characteristics important to users of financial statements?
13. (TCO 5) In the month of September, Nixon Company sold 800 units of product. The average sales price was
$30. During the month, fixed costs were $7,200 and variable costs were 60% of sales.
Instructions
(a) Determine the contribution margin in dollars, per unit, and as a ratio
(b) Using the contribution margin technique, compute the break-even point in dollars and in
units
(Points : 25)
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