Practice Exam 1A

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

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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 ________
- 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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## This note was uploaded on 10/06/2010 for the course FNCE 100 taught by Professor Jaffe during the Spring '10 term at UNC Asheville.

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

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