201-Quiz 1-Ver1 (Pink)-Solution-S'10

201-Quiz 1-Ver1 (Pink)-Solution-S'10 - Name(Please print...

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Name (Please print): Section: Management 201 - Spring 2010 - Quiz 1 - Version 1 (Pink) Logical work must be shown on any question to receive positive points. You may not use calculators that can store information or communicate with someone. Cheating on a quiz will result in failure of the course. 1. An insurance investigator in Manchester, England, is reconstructing records of the Malkind Company. All information about the company was destroyed in a fire except the following (in British pounds): Cost of goods sold: 33,000 Purchases of direct materials 8,000 Factory overhead 13,000 Sales commissions 2,000 Direct labor 8,000 Direct materials used 3,600 Finished goods, beginning inventory 7,800 Operating profit before taxes 12,000 Accounts payable, beginning 1,700 Accounts payable, ending 1,500 Work in process, beginning 1,300 Work in process, ending 300 Malkind Company uses actual costing. Direct materials are all purchased on account, and accounts payable apply only to purchases of direct materials. The only marketing and administrative expense incurred by the company is sales commissions.
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