Quiz 1 - Fall 2009 - solution

Quiz 1 - Fall 2009 - solution - RSM222 Quiz #1 Solutions...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
RSM222 Quiz #1 – Solutions Fall 2009 Part A (2 marks each, 10 marks) 1. C 2. b 3. c 4. d 5. a explanation 1 - Raw materials, beginning inventory $ 960 Raw materials purchased x 3,840 Raw materials, ending inventory (1,040) Raw materials used in production $ 2,800 x = $2,880 2 - Work in process, beginning inventory $ 1,460 Finished goods, beginning inventory 960 Manufacturing costs added 16,000 18,420 Work in process, ending inventory (1,300) Finished goods, ending inventory (920 ) Cost of goods sold $ 16,200 Part 2 ( 5 marks) 3200=FC+UVC*1400 2800=FC+UVC*1000 Solve the above two equations: UVC=$1/machine hr, FC=$1,800
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Part 3 ( 30 marks) 1) compute the predetermined overhead rate for the quarter (4 marks) estimated overhead cost $ 150,000 estimated direct labour hours 1,500 hours predetermined overhead rate = $ 100/hour 2) compute the amount of over-or-under applied overhead for the quarter (4 marks) Actual Manufacturing overhead costs : Rent $ 12,500 Maintenance $ 5,000 property taxes
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Quiz 1 - Fall 2009 - solution - RSM222 Quiz #1 Solutions...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online