Spring 08 - ACCOUNTANCY 321 Spring, 2008 EXAM II circle...

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ACCOUNTANCY 321 Spring, 2008 EXAM II circle one: 9:00 a.m. class 1:00 p.m. class Name ________________________________ Internal Group # ___________ Professors Bob Capettini and Will Snyder 1. There are 16 pages and 5 questions (each with several subparts) on the exam. Question I 13 points Question II 21 points Question III 36 points Question IV 18 points Question V 12 points 2. For the essay questions, make your answers clear and specific. BE SURE TO ANSWER THE QUESTION WHICH IS ASKED (not some other question on the same topic). 3. Questions will be graded for PARTIAL CREDIT. You may receive partial credit ONLY FOR WRITTEN WORK we can follow. 4. DO NOT remove any pages from your test. 5. DO all of your work on this exam. DO NOT use any other sheets for scrap paper (other than your notes, WHICH MUST BE TURNED IN WITH YOUR EXAM). 6. You are expected to do your own work. 7. You will have two hours to take the exam. 1
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I. The Fernandez Company uses a normal job order costing system. It had budgeted the following performance for 2007 at its Engineering Products plant: Machine hours 30,000 Beginning inventories None Sales $4,000,000 Total variable costs 3,000,000 Total fixed costs 800,000 Manufacturing overhead: Variable 360,000 Fixed 600,000 Assume that it's now the end of 2007. A manufacturing overhead rate was used based on one cost pool with machine hours as the cost driver. Total manufacturing overhead incurred in 2007 was $922,400. Overapplied manufacturing overhead was $76,000 for 2007. There was no ending work-in-process inventory. A. In general, why might manufacturing overhead be underapplied or overapplied at Fernandez for any given year? (3 points) __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ 2
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B. How many machine hours were used by Fernandez Company in 2007? SHOW DETAILS OF YOUR CALCULATIONS. (4 points) 3
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C. Fernandez Company used one overhead cost pool for allocating manufacturing overhead costs. (1) Why is this appropriate (relate this to the Functions of a Costing System)? (3 points) __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ (2) If the manufacturing overhead costs were allocated to another department based on
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Spring 08 - ACCOUNTANCY 321 Spring, 2008 EXAM II circle...

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