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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Fundamentals of Managerial Accounting ACC 312 Fall 2008 Exam I Form A Name Instructor Section DO NOT OPEN until given instructions to do so. Instructions 1. Confirm that you have 12 numbered pages. There is also one blank sheet of paper at the end of the exam that you may use for scratch paper. 2. On your Scantron answer sheet, write and bubble in your name, section number, and the Test Form letter noted above. 3. Use a #2 pencil only to mark your responses on your Scantron answer sheet. Mark clearly and erase completely as needed. You should also mark your answers on your exam. However, only multiple choice answers marked on your Scantron answer sheet will be graded. 4. Multiple choice questions are 2 points each; all other questions have their point value noted with the problem. 5. Cell phones, PDA's and calculators capable of storing text are NOT allowed at your desk during the exam. 6. Bring your entire exam book, Scantron answer sheet and student ID to the front of the room when you have finished. 7. You are reminded of the University’s honor policy which requires you do your own work and not give or receive assistance on this exam.
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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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ACC312_Fall_08_Exam1 Solutions - Fall 2008 ACC 312 Exam 1...

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