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Exam - Fall 2008

# Exam - Fall 2008 - UNIVERSITY OF TORONTO Faculty of Arts...

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UNIVERSITY OF TORONTO Faculty of Arts and Science & Rotman School of Management December 2008 Examinations RSM222 H1F Managerial Accounting Duration: 2 hours Aids allowed: Non-programmable calculator. This exam consists of 18 pages. Instructions: Please print your name and student number in the spaces provided below. There are fifteen multiple choice questions, two problems, and a case. Please write your answer for the multiple choice questions on the front of this question paper in the spaces provided below. Clearly show all computations in order to obtain full marks for the problems. GOOD LUCK! _____________________________ ___________________________ Student name ( LAST NAME FIRST) Student number Answers for the Multiple Choice Questions 1.________ 9.________ 2. ________ 10.________ 3.________ 11.________ 4.________ 12.________ 5. ________ 13.________ 6.________ 14.________ 7. ________ 15.________ 8. ________ Marks: Part A: Multiple Choice Questions (15 marks) __________ Part B: Problems Problem 1 (10 marks) __________ Problem 2 ( 10 marks) __________ Part C: Case (30 marks) __________

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Total (65 marks) __________ Part A – (15 marks) 1. Stefan Company has the following estimated costs for the next year: Direct materials \$ 4,000 Direct labour \$20,000 Rent on factory building \$15,000 Sales salaries \$25,000 Depreciation on factory equipment \$ 8,000 Indirect labour \$10,000 Production supervisor's salary \$12,000 2
Stefan Company estimates that 20,000 labour hours will be worked during the year. If overhead is applied on the basis of direct labour hours, what will be the overhead rate per hour? A) \$2.25. B) \$3.25. C) \$3.45. D) \$4.70. 2. The balances in White Company's Work in Process inventory account were \$15,000 on August 1 and \$18,000 on August 31. The company incurred \$30,000 in direct labour cost during August and requisitioned \$25,000 in raw materials (all direct material). The sum of the debits to the Manufacturing Overhead account totalled \$28,000 for the month while the sum of the credits totalled \$30,000. Which of the following statements about finished goods inventory and manufacturing overhead is correct? 3. The Nichols Company uses the weighted-average method in its process costing system. The company recorded 29,500 equivalent units of production for conversion costs for November in a particular department. There were 6,000 units in the ending work-in-process inventory on November 30, 75% complete with respect to conversion costs. The November 1 work-in-process inventory consisted of 8,000 units, 50% complete with respect to conversion costs. A total of 25,000 units were completed and transferred out of the department during the month. What was the number of units started during November in the department? 3

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