MIDTERM Suggested Solution

# MIDTERM Suggested Solution - Concordia University John...

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Concordia University Comm 305/4 Winter 2003 John Molson School of Business Solution to Midterm Exam QUESTION 1 MULTIPLE CHOICE ANSWER KEY No. on Test Correct Answer Marks 1 B 1 2 A 1 3 C 2 4 B 1 5 A 1 6 C 1 7 D 1 8 D 2 9 B 2 10 A 1 11 B 1 12 B 2 13 D 1 14 A 1 15 A 2 16 D 2 17 C 1

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Concordia University Comm 305/4 Winter 2003 John Molson School of Business Solution to Midterm Exam QUESTION 2 ANSWER KEY 1 mark each correct answer Direct Materials Purchases \$ (A) 450,000 Total Actual Manufacturing Overhead \$ (B) 191,700 Total Overhead Variance \$ (C) 8,100 Total Manufacturing Overhead Applied \$ (D) 199,800 Income before Taxes \$ (E) 37,415 Cost of Goods Manufactured \$ (F) 744,960 Sales \$ (G) 384,075 Cost of Goods Available for Sale \$ (H) 744,960 Normal Cost of Goods Sold \$ (I) 307,260 Adjusted Cost of Goods Sold \$ (J) 299,160 Selling and Administrative Expenses \$ (K) 47,500 Gross margin \$ (L) 84,915 (12 Marks) Job Cost Sheets For the year ended December 31, 2002 Job AA01 Job BB02 Job CC03 Job DD04 Beg. WIP (M) 72,400 (Q) 59,360 -0- -0- DM (N) 200,000 100,000 120,000 (X) 80,000 DL 95,000 (R) 85,000 (U) 50,000 40,000 OH (O) 70,300 (S) 62,900 (V) 37,000 (Y) 29,600 Total (P) 437,700 (T) 307,260 (W) 207,000 149,600 (13 Marks)
Concordia University Comm 305/4 Winter 2003 John Molson School of Business Solution to Midterm Exam Question 2 Supporting Computations: The Big Heads Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 2002 Direct Materials: Beginning inventory \$ 95,000 Add: Purchases 450,000 Materials available \$545,000 Less: Ending inventory (45,000) Total Direct Materials used \$500,000 Direct Labour \$270,000 Manufacturing overhead: Amortization on building for factory \$ 80,000 Amortization on equipment for factory \$ 19,000 Indirect materials \$ 15,000 Supplies for factory \$ 2,700 Utilities for factory \$ 12,000

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MIDTERM Suggested Solution - Concordia University John...

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