Figure 2-12 Information from the Records of the Scully Company

question 14

Multiple Choice

Figure 2-12 Information from the records of the Scully Company for July 2011 was as follows:
Scully Corporation produced 20,000 units.
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Refer to Figure 2-12.What are the total variable costs per unit?

• A) $ 7.05
• B) $ 9.55
• C) $12.175
• D) $ 6.25

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Definitions:

Single-Step Statement

A simplified income statement that calculates net income by subtracting total expenses directly from total revenue with one step.

Gross Profit

is the financial gain obtained after subtracting the cost of goods sold (COGS) from total revenue.

Sales Revenues

The income earned by a company from its sales of goods or the provision of services, before any costs or expenses are deducted.