Acc 406 Exam

Topics: Inventory, Costs, Variable cost Pages: 13 (1758 words) Published: July 23, 2012
406

ACC 2301
INTRODUCTORY MANAGEMENT ACCOUNTING
Section 011 (Monday)

Final Exam, Winter Term 2012
(May 25th, 2012, 1:10 p.m. - 3:10 p.m. in Room TRS2-147)

INSTRUCTIONS TO STUDENTS:

1. This 2-hour test consists of 5 questions (7 pages).

2. Marks total 45.

3. All questions must be answered on this paper in the spaces following the questions. Pages are not to be separated and all pages must be submitted without exception.

4. Calculator (model Royal XE24 or XE36 or XE48) may be used.

5. No textbooks or notes may be used.

6. To round calculation to two decimal places.

7. DO NOT USE RED PEN ON ANY OF THESE PAGES.

INSTRUCTOR:

Student Name: __________________________

Student Number: ________________________

Signature: ______________________________

Question 1 (12 marks)

Templar Company, a manufacturing firm, has supplied the following information from its accounting records for the month of November:

|Factory supplies used |$18,000 | |Depreciation on factory building |17,000 | |Salary of company controller |6,000 | |Factory janitorial costs |5,000 | |Marketing and promotion |4,500 | |Direct labor cost |22,000 | |Purchases of raw materials |10,000 | |Finished Goods Inventory, Nov. 1 |2,250 | |Finished Goods Inventory, Nov. 30 |3,750 | |Work in Process Inventory, Nov. 1 |4,200 | |Work in Process Inventory, Nov. 30 |2,750 | |Materials Inventory, Nov. 1 |3,500 | |Materials Inventory, Nov. 30 |5,100 |

| |Required: Prepare a Statement of Cost of Goods Manufactured for November | | | |

ANS:
|Templar Company | |Statement of Cost of Goods Manufactured | |For the month of November | |Beginning Materials Inventory |$ 3,500 | | |Add: Purchases of materials |10,000 | | | Materials Available for Use |13,500 | | |Less: Ending Materials Inventory |5,100 | | | Materials Used | |$ 8,400 | | Direct Labor | |22,000 | | Overhead (18,000 + 17,000 + 5,000) | | 40,000 | | Total...
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