Test _1 - Fall 2008 - University of Toronto Joseph L....

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
University of Toronto Joseph L. Rotman School of Management October 27, 2008 RSM222H1F Managerial Accounting Duration: 2 hours Aids allowed: Non-programmable calculator Instructions: Please print your name and student number in the spaces provided below . There are 14 multiple choice and 3 problems. Please use the space provided below for your answer to the multiple choice questions. You must use a pen. Do not use WHITEOUT . Clearly show all computations in the test paper in order to obtain full marks for the problems. Tests written in pencil will not be considered for remarking. ------------------------------------------------ --------------------------------------------- Student name (LAST NAME FIRST) Student number Marks: Answers to the Multiple Choice Questions Part A (14 marks) 1.______ 8.______ Part B (20 marks) 2.______ 9.______ Part C (10 marks) 3.______ 10.______ Part D (10 marks) 4.______ 11.______ Total (54 marks) 5.______ 12.______ 6.______ 13.______ 7.______ 14.______
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 A ( 14 marks – 1 mark each) 1. The margin of safety in the Flaherty Company is $24,000. If the company's sales are $120,000 and its variable expenses are $80,000, what must its fixed expenses be? a) $ 8,000. b) $32,000. c) $24,000. d) $16,000. 2. Gerber Company is planning to sell 200,000 units for $2.00 a unit and will just break even at this level of sales. The contribution margin ratio is 25%. What are the company's fixed expenses? a) 100,000 b) $160,000 c) $200,000 d) $300,000. 3. Strap Company uses the weighted-average method in its process costing system. The company has only one processing department. The ending work-in-process inventory consists of 10,000 units, 60% complete with respect to materials. The total dollar value of this inventory is $38,000. The costs per equivalent unit are $5.00 for materials and $4.00 for conversion costs for the period. With respect to conversion costs, what is the ending work-in-process inventory? a) 10% complete. b) 20% complete. c) 38% complete. d) 30% complete. 4. Marten Company uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: 2
Background image of page 2
According to the company's records, the conversion cost in beginning work-in-process inventory was $83,600 at the beginning of September. Additional conversion costs of $427,682 were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for September on the Casting
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/02/2010 for the course MANAGEMENT A taught by Professor X during the Spring '10 term at University of Toronto- Toronto.

Page1 / 14

Test _1 - Fall 2008 - University of Toronto Joseph L....

This preview shows document pages 1 - 4. Sign up to view the full document.

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