FinalExamSOL2004Winter - Concordia University COMM 305/ACCO...

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Concordia University COMM 305/ACCO 240 Winter 2004 John Molson School of Business                                                                                                               Solution to Final Exam     QUESTION 1 18 MARKS No. on Test Correct Answer Marks 1 A 2 2 B 2 3 C 1 4 C 2 5 B 2 6 B 2 7 A 2 8 B 1 9 A 2 10 B 2
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Concordia University COMM 305/ACCO 240 Winter 2004 John Molson School of Business                                                                                                               Solution to Final Exam     Question 2 Suggested Solution 1. Performance report: Budget: 1,580 Patients Actual: 1,580 Patients Variance Medical assistants…………... $ 11,060 $ 13,020 $ 1,960 U Clinic supplies……………….. 9,480 9,150 330 F Lab tests………………………. 308,100 318,054 9,954 U Total $328,640 $340,224 $11,584 U Calculations: Medical assistants: Budget: 1,580 patients x .5 hours x $14.00 = $11,060 Actual: 840 hours x $15.50 = $13,020 Clinic supplies: Budget: 1,580 patients x .5 hours x $12.00 = $9,480 Actual: $9,150 (given) Lab tests: Budget: 1,580 patients x 3 tests x $65.00 = $308,100 Actual: $318,054 (given) 2. The variances do not reveal any significant problems. The $330 variance for clinic supplies is only 3.48% of the budgeted amount ($330 ÷ $9,480) and favourable. Similarly, the lab-test variance, while unfavourable, is only 3.23% of the budget ($9,954 ÷ $308,100). 3. a) Variances for medical assistants Rate variance: Actual hours worked x actual rate 840 hrs x 15.50……………………………………….. $ 13,020 Actual hours worked x standard rate 840 hrs x 14.00…………………………………………. 11,760 Rate variance……………………………………………… $ 1,260 U Efficiency variance: Actual hrs worked x standard rate 840 hrs x 14.00…………………………………………….. $ 11,760 Standard hrs allowed x standard rate 790* x 14.00……………………………………………. 11,060 Efficiency variance…………………………………….….. $ 700 U
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Concordia University COMM 305/ACCO 240 Winter 2004 John Molson School of Business                                                                                                               Solution to Final Exam     b) Variances for clinic supplies: Price variance: Actual hours worked x actual rate 840 hrs x 10.89*……………………………………….. $ 9,150 Actual hours worked x standard rate 840 hrs x 12.00………………………………………….. 10,080 Variable-overhead spending variance……………………….. $ 930 F *$9,150 ÷ 840 hrs.
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