Practice Exam 1A

Practice Exam 1A - Accounting 102 Summer 2009 Practice Exam...

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- 1 - Accounting 102 Summer 2009 – Practice Exam 1A INSTRUCTIONS 1. Have your student ID with you and in plain view on your exam desk. You will not be allowed to take the exam without an ID card. 2. Do not open your exam until you are told to begin. 3. The exam time is one hour. When the end of the exam is announced, you must stop writing immediately . 4. Print your full name on this cover and your last name (or initials) in the top right hand corner of each exam page. You are responsible for ensuring that all of the examination pages are turned in. 5. Check to see that you have a total of 10 pages, including this one. I suggest that you look over all of the questions before starting. 6. We will only re-grade exams if they: (1) are originally written in non-erasable pen, and (2) use no correction tape, white-out, etc. If you make a mistake, cross it out. 7. Write clearly. Place answers in the space provided. In order to receive credit, you must show supporting calculations. If you have supporting calculations on the back of a page, write a clear note next to your answer indicating where the supporting calculations are. 8. No questions will be answered during the exam . If you think a question is ambiguous, read it again, carefully. If you still feel some assumption is necessary, write down an appropriate assumption and continue. Number of Points Score Part I 18 Part II 34 Part III 21 Part IV 12 Part V 15 Total 100
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- 2 - PART I (18 points) B-Cool Corporation, which manufactures chillers, uses an actual costing system that allocates overhead based on direct materials used as an allocation base. B-Cool uses a just-in-time system for purchasing direct materials, which means that B-Cool carries no direct materials inventory. Following is data for 2002 (in dollars): Cost of Goods Sold = 246 Direct Labor = 24 Dir Materials Purchased = 110 Opening Balances: Dir Materials = ?; WIP = 20; Finished Goods = 102. Closing Balances: Dir Materials = ?; WIP = 26; Finished Goods = 105. Compute: 1. (3 points) Overhead ________ 2. (3 points) Conversion Cost ________ 3. (3 points) Total Manufacturing Costs incurred ________ 4. (3 points) Direct Materials Used ________ 5. (3 points) Overhead Allocation Rate ________ 6. (3 points) Cost of Goods Manufactured ________
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- 3 - PART II (34 Points) VEBLEN uses a standard costing system, and standard costs are held constant throughout each calendar year. At the beginning of 2001, VEBLEN budgeted the following amounts: production -- 400,000 units per month. variable manufacturing costs (including variable overhead) -- $3 per unit. fixed manufacturing costs (which is all overhead) -- $4 million per month. variable non-manufacturing costs -- $1 per unit. The following information pertains to the month of September 2001:
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Practice Exam 1A - Accounting 102 Summer 2009 Practice Exam...

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