ACC312_Fall_08_Exam1 Solutions

# ACC312_Fall_08_Exam1 Solutions - Fall 2008 ACC 312 Exam 1...

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Fall 2008 ACC 312 Exam 1 Combined Forms Answer Key Question Form A Form B Form C 1 B C A 2 A D A 3 A A D 4 D C A 5 C B B 6 D D B 7 A C B 8 A A A 9 A B D 10 D B B 11 C B A 12 B A A 13 D D D 14 C B C 15 A A D 16 B A A 17 B D C 18 B A B 19 A A D 20 D D C

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ACC 312 – Midterm #1 Form A - Page 1 Fall 2008 SECTION I - MULTIPLE CHOICE (40 points - 2 points each) - Please choose the BEST answer for each question and record your answer on the Scantron answer sheet. 1. If work-in-process has decreased, which of the following is always true: A. Total manufacturing costs are more than cost of goods manufactured B. Total manufacturing costs are less than cost of goods manufactured C. Cost of goods sold is more than cost of goods manufactured D. Cost of goods sold is less than cost of goods manufactured E. Cost of goods sold is equal to cost of goods manufactured 2. Mackenzie Company uses a normal cost system. The following is information for the following year: Applied manufacturing overhead \$200,000 Beginning work-in-process inventory \$120,000 Ending work-in-process inventory \$90,000 Total manufacturing costs \$623,000 Beginning finished goods inventory \$20,000 Ending finished goods inventory \$40,000 Actual manufacturing overhead \$210,600 If Mackenzie closes over- or underapplied manufacturing overhead to cost of goods sold at year-end, what is the adjusted cost of goods sold for the year? A. \$643,600 B. \$633,000 C. \$200,000 D. \$210,600 E. \$623,000 3. Carpool Inc. uses weighted-average process costing for the product it manufactures. All direct materials are added when the process is 50% complete with respect to conversion costs, and conversion costs are applied evenly during production. The following data apply to the past month:

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## This note was uploaded on 10/22/2008 for the course ACC 02370 taught by Professor Harris during the Fall '08 term at University of Texas.

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ACC312_Fall_08_Exam1 Solutions - Fall 2008 ACC 312 Exam 1...

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