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2510T.W'08.Quiz#3.Shujun Ding Solution

2510T.W'08.Quiz#3.Shujun Ding Solution - Name Winter 2008...

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Name: Student Number: Winter 2008 York University Atkinson Faculty of Liberal and Professional Studies School of Administrative Studies ADMS # 2510 (Section T) Introduction to Management Accounting Quiz # 3 – February 21, 2008 Instructor: Shujun Ding Instructions 1. This is a closed book examination and no collaboration is allowed. 2. There are a total of 10 marks. 3. Write your name and student number in the designated area at the top of each page. 4. You may write in pencil or pen. 5. You have an hour, no additional time provided for lateness. 6. If you leave early, please respect your fellow students by leaving quietly. 7. Place photo identification on your desk at the beginning of the quiz/examination to facilitate verification. 8. You must sign in. 1

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Name: Student Number: Question 1 (1 mark) Cox Company's direct material costs for the month of January were as follows: Actual quantity purchased 18,000 kilograms Actual unit purchase price \$ 3.60 per kilogram Materials price variance— Unfavourable (based on purchases) \$ 3,600 Standard quantity allowed for actual production 16,000 kilograms Actual quantity used 15,000 kilograms What was the direct materials quantity variance for January? Answer: 3600 = 3.6*18000-SP*18000 SP=3.4 [0.5] Quantity variance = 3.4*15000-3.4*16000 = 3400F [0.5] 2
Name: Student Number: Question 2 (1.5 marks) Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows: Standard Quantity

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2510T.W'08.Quiz#3.Shujun Ding Solution - Name Winter 2008...

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