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Unformatted text preview: Page 1 of 5 ADM 2341 Solution MIDTERM EXAM #1 Fall 2008 Professor Eden Name of the student (printed ): ___________________Student Number: ____________ INSTRUCTIONS 1. Books and notes are not permitted. 2. Calculators are permitted. 3. Language dictionaries are permitted 4. All questions are to be answered in this examination paper. No other paper will be corrected. 5. Do not remove any page from this paper. 6. In order to receive all of the marks which you have earned, Show the calculations that you have made in arriving at your answer (the calculations are an integral part of the grading scheme); 7. Time allotted: 50 minutes Q UESTION Q.1 Q.2 Q.3 Q.4 Q.5 Q.6 Q.7 Total MAX. GRADE __/2 __/2 __/2 __/4 __/4 __/8 __/10 __/32 Statement of Academic Integrity The School of Management does not condone academic fraud, an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has not been previously authorized in writing. Statement to be signed by the student: I have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this examination. Signed:______________________________________ Note: an examination without this signed statement will not be graded and will receive an exam grade of zero. ADM 2341A Midterm#1 Fall 2008 Page 2 of 5 Short answer Questions and Exercises Short Answer Questions Q.1 (2 points) For questions a through d, classify each cost as either Variable or Fixed and Period or Product Cost. Use an X to mark your choice Variable Fixed Period Product . Example : Direct labour X X a. Hamburger at McDonalds X X b. Insurance on finished goods X X c Paint for cars X X d. Costs to ship to customers X X point for each Q.2 (2 points) For each of the following firms, determine whether it is more likely that they use Job (J) or Process costing (P), provide a very brief explanation : Example: makes tailor made suits __J _, each suit is a unique job ____ a. produces coca cola _P__, _High volume, identical product_________ b. is an auto repair shop __J_, __Each repair is unique___________________ c. is a walk-in clinic __J_, _____ Each case unique _________________ d. produces corn flakes _P__, ___ High volume of identical product________ point for each Q.3 (2 points) Little Rock Custom Mirrors Inc information follows: December 1 December 31 Work-in Process Inventory $0 $0 Finished Goods Inventory $0 Cost of Goods Sold in December: $520,000 Units sold = 40,000 Units in ending inventory finished goods = 3,000...
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- Winter '09