T1 - 1 _ Please Print Name ACCOUNTING & MIS 212 Exam I...

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1 ___________________________________ Please Print Name            A CCOUNTING Exam I Summer 2003 Instructions: 1. Read each question carefully and answer fully. 2. Problems not supported by relevant and readable computations are  subject to point loss.  Where appropriate, terms like “unfavorable,”  “favorable,” “better off,” “worse off,” etc. must be included with number  answers.  Dollar amounts should include a dollar sign; unit amount  should include an indication of the unit. 3. Budget your time carefully.  It is generally better to finish half of each  problem than to complete all of half the problems.  Students who  continue to work on exams after instructed to stop will receive a zero  on this exam. 4. It is the student's responsibility to verify that all the listed problems  and pages are contained is this booklet.  Unanswered questions  receive zero points regardless of reason. Problem Page(s) Approximate  Points Approximate Time I 2 45 25 – 35 minutes II 2 20 10 – 15 minutes
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III 3 25 15 – 20 minutes IV 4 20 10 – 15 minutes Total 110 60 – 85 minutes
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P ROBLEM  I Page 3 MULTIPLE CHOICE.  Select the best answer. P ROBLEM  II The Jones Company uses a predetermined overhead rate to apply costs.  The following is  known: Estimated Actual Manufacturing Overhead $600,000 $933,000 Direct Labor Hours 240,000 400,000 Direct Labor Cost $2,000,000 $3,500,000 Instructions: Fill in the requested amounts: Basis of Overhead Application Direct Labor Hours Direct Labor Cost Predetermined Overhead Rate Overhead applied Under- or overapplied overhead [note: show “sign”!]
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ROBLEM  III Page 4 In January, the Smith Company purchased $110,000 in raw materials, paid  $307,000 in direct labor, and incurred and applied $250,000 in manufacturing overhead.  The following balances are known: 1 January 31 January Raw Materials $ 30,000 $ 42,000 Work in Process 90,000 75,000 Finished Goods 84,000 28,000 Instructions: Present what is requested. A.  Determine the cost of raw materials added to production in January.
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This note was uploaded on 05/27/2010 for the course ACCT III ACCT III taught by Professor Bouge during the Spring '10 term at Southeaster Oklahoma State University.

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T1 - 1 _ Please Print Name ACCOUNTING & MIS 212 Exam I...

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