Exam - Fall 2007 - UNIVERSITY OF TORONTO Faculty of Arts...

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UNIVERSITY OF TORONTO Rotman School of Management December 2007 Examinations MGT223 H1F Managerial Accounting Duration: 2 hours Aids allowed: Non-programmable calculator. This exam consists of 16 pages. Instructions: Please print your name and student number in the spaces provided below. There are fifteen multiple choice questions, three 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.________ 6.________ 2. ________ 7.________ 3.________ 8.________ 4.________ 9.________ 5. ________ 10.________ Marks: Part A: Multiple Choice Questions (30 marks) ________ Part B: Problems Problem 1 (10 marks) ___________ Problem 2 ( 7 marks) ___________ Problem 3 (10 marks) ___________ Part C: Case (20 marks) ___________
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Total (77 marks) ___________ 2
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. Multiple Choice Questions ( 30 marks, 2 marks each) ** Please put the correct answer on the front page of the exam paper 1. A company that adopts a just-in-time production system would attempt to reduce and/or eliminate a) raw materials inventory. b) raw materials inventory and work-in-process inventory. c) raw materials inventory, work-in-process inventory and finished goods inventory. d) raw materials inventory and finished goods inventory. 2. Barbara's Towels sells three items: bath towels, hand towels, and washcloths in a 3:2:1 mix. Each bath towel sells for $4.00 and costs $1.60; each hand towel sells for $2.80 and costs $.70; and each washcloth sells for $1.40 and costs $.45. The shop's annual fixed expenses are $48,165, and tax rate is 30%. How many bath towels will be sold for the shop to make $35,000 in after-tax profits? (Round “basket” ANS to nearest unit.) a) 23,847 b) 20,202 c) 18,012 d) 7,949 3. The records of Chan Co. revealed the data below for 2004: Work in Process $73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct labour 111,600 Direct Material 84,200 Assume that Chan has under applied overhead of $37,200 for 2004 and that this amount is material. What journal entry is needed to close the Overhead account? (Round decimals to nearest whole percent.) a) Debit Work in Process $8,556, Finished Goods $13,392, Cost of Goods Sold $15,252, and credit Overhead $37,200. b) Debit Overhead $37,200, and credit Work in Process $8,556, Finished Goods $13,392, Cost of Goods Sold $15,252. c) Debit Work in Process $37,200, and credit Overhead $37,200. d) Debit Cost of Goods Sold $37,200, and credit Overhead $37,200.
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Exam - Fall 2007 - UNIVERSITY OF TORONTO Faculty of Arts...

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