final_exam_s04 - Name_ ID#_ Accounting 15. 501/516 Spring...

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Name__________________________________________ ID#____________ Accounting 15. 501/516 Spring 2004 FINAL EXAM Exam Guidelines 1. Fill in your name above. Exams without names will not be graded. If you do not have an ID number, leave the corresponding space blank. 2. Place your name tags in front of you. 3 . You are free to detach any of the pages during the exam. Please make sure you return pages 1 through 17, duly stapled, at the end of the exam. 4 . You are allowed to refer to a single sheet of size A4 paper that you may have brought with you. You should not refer to sheets brought to the exam by other students. No other reference material is allowed in the exam. 5 . The exam has to be completed in 180 minutes. The total number of points is 110. Budget your time wisely. 6 . Work in a clear, readable manner. Ample space is provided for every answer. 7 . Write answers in the space provided. Unreadable answers will not be graded. 8 . Show computations for partial credit. 9 . If you feel assumptions are necessary to answer a question, state all assumptions clearly. 1 0 . Laptops and computers are prohibited. You may use calculators. 1
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Please do not fill in the following table. Question Total points Points lost PART A Question A1 43 Question A2 7 PART B 25 PART C Question C1 19 Question C2 16 Total 110 2
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P A R T A 5 0 p o i n t s Part A has two questions: A1 and A2. Use the financial statements of CMC Inc., a computer manufacturer based in Texas, to answer all questions in Part A. The financial statements are on pages 16 and 17 of this exam. Q u e s t i
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(d) You look for the inventory footnote and find the following information: “Inventories are stated at lower of cost or market value. The last-in, first-out (LIFO) method is utilized for reporting inventories. If inventories had been valued using first in, first out (FIFO) method they would have been $302 and $569 higher than amounts reported using LIFO at fiscal year-end 2002 and 2003 respectively. During 2003, the company liquidated certain LIFO inventories that were carried at lower costs prevailing in prior years. The effect of this liquidation was to increase profit before income taxes by $ 141.” What “Cost of Goods Sold” would CMC have reported if it had used FIFO? Show calculations.
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This note was uploaded on 03/05/2010 for the course ACCT 322 taught by Professor Dilss during the Spring '10 term at École Normale Supérieure.

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final_exam_s04 - Name_ ID#_ Accounting 15. 501/516 Spring...

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