MidtermExam-solutions-AFM102s08

MidtermExam-solutions-AFM102s08 - AFM 102: Introduction to...

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AFM 102: Introduction to Managerial Accounting Student Name: _________________________ Midterm Exam Student Number: _________________________ UNIVERSITY OF WATERLOO School of Accounting and Finance AFM 102: Introduction to Managerial Accounting Instructor: Robert Ducharme Mid-Term Examination Spring 2008 Date and Time: Friday, June 13, 2008, 4:30 – 6:30pm Pages: 17, including cover page Name: _______SOLUTION_________ Student Number: ___________ Instructions: 1) Cordless calculators may be used. The calculator must be standalone with no other communication or data storage features. 2) Answers for the multiple-choice questions must be recorded on the UW answer card. All other questions must be answered in the space provided on the examination paper. Answers written outside of the provided space will not be graded. You must submit both this examination paper and the UW answer card. 3) Show details of all calculations. 4) Please verify that this examination paper has the appropriate number of pages. Question Maximum Points Points Awarded 1 10 2 12 3 10 4 10 5 15 6 9 7 34 (34 questions @ 1 point each) Total 100 page 1 of 17
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AFM 102: Introduction to Managerial Accounting Student Name: _________________________ Midterm Exam Student Number: _________________________ Question 1 (10 points) Logan Products, a small manufacturer, has submitted the items below concerning last year's operations. The president's secretary, trying to be helpful, has alphabetized the list. Administrative salaries $ 2,400 Advertising expense $ 1,200 Amortization — factory building $ 800 Amortization — factory equipment $ 1,600 Amortization — office equipment $ 180 Direct labour cost $ 21,900 Raw materials inventory, beginning $ 2,100 Raw materials inventory, ending $ 3,200 Finished goods inventory, beginning $ 46,980 Finished goods inventory, ending $ 44,410 General liability insurance expense $ 240 Indirect labour cost $ 11,800 Insurance on factory $ 1,400 Purchases of raw materials $ 14,600 Repairs and maintenance of factory $ 900 Sales salaries $ 2,000 Taxes on factory $ 450 Travel and entertainment expense $ 1,410 Work-in-process inventory, beginning $ 1,670 Work-in-process inventory, ending $ 1,110 Required: (a) Prepare a schedule of cost of goods manufactured in good form for the year. (8 points) page 2 of 17
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AFM 102: Introduction to Managerial Accounting Student Name: _________________________ Midterm Exam Student Number: _________________________ SOLUTION: Raw/direct materials used: Raw materials inventory, beginning. ................... $ 2,100 (.5 point) Add: Purchases of raw materials. ......................... $ 14,600 (.5 point) Raw materials available for use. .......................... $ 16,700 Deduct: Raw materials inventory, ending. .......... $ 3,200 (.5 point) Raw materials used in production. ....................... $ 13,500 (.5 point) Direct labour. ............................................................. $ 21,900 (.5 point) Manufacturing overhead: Depreciation – factory building. ........................... $ 800
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This note was uploaded on 07/12/2010 for the course AFM 101 taught by Professor Kennedy during the Spring '08 term at Waterloo.

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MidtermExam-solutions-AFM102s08 - AFM 102: Introduction to...

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