ADMS1500 - Mid Term 2 - Topic A

ADMS1500 - Mid Term 2 - Topic A - STUDENT LAST NAME STUDENT...

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STUDENT LAST NAME STUDENT FIRST NAME (print)____________________________________ (print)______________ STUDENT NUMBER ____________________________ SIGN IN # _________ YORK UNIVERSITY FLA&PS - School of Administrative Studies AP/ADMS1500 3.0 – Mid term Exam II, Winter 2010 Topic A Instructions Turn off your cell phone. Please place books, notes, backpacks, coats, etc. to the side, rear or the front of the classroom before the midterm commences. Make sure that there is at least one empty seat between you and any other student seating beside you in the same row. Place photo identification on your desk during the examination to facilitate verification. Put your name and student number at the top of the page and in the Scantron (pink in colour) sheet. This is a closed book examination, no collaboration is allowed and no formula sheets are allowed or will be provided. Two hours are allowed to complete the exam (total of 25 marks). No additional time provided for lateness. You are allowed the use of a simple (non-programmable) calculator. Sharing of calculators is not permitted. Cell phones are not allowed as calculators. Answer the multiple choice questions in the pink in colour Scantron page prior completing it properly with pencil. To work out your answer you can use the examination paper. PLEASE DO NOT ASK ANY QUESTIONS from the Professor or the Invigilators. If it is necessary, state your assumptions on the midterm pages. You may write with a pencil or pen. If you leave early, please respect your fellow students by leaving quietly. Do not leave the room in the last 15 minutes of the exam. DO NOT TAKE THE MIDTERM PAPER WITH YOU.
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Multiple choice questions – To be answered on the Scantron pink sheet (0.5 marks each correct answer, 50 questions, total marks available 25) Use the following data to answer Questions 1 to 9 Argenti Inc. has accumulated the following information for preparing its annual budget: Sales 80,000 units @ $100 Cost of goods sold includes: Materials 3 kg @ $2 per kg Direct labour 2 hours @ $10 Production overhead 2 hours @ $20 per direct labour hour Beginning inventory 15,000 units Ending inventory 10,000 units Selling and administrative expense $1,000,000 1) How many units must be manufactured? Prepare a production budget in units. a) 90,000 units b) 85,000 units c) 80,000 units d) 75,000 units e) none of the above ANS: D Units Sales 80,000 Add: Closing inventory 10,000 90,000 Less: Opening inventory 15,000 Production budget 75,000 2) Indicate the total amount of cost of goods manufactured to be included in the budget. a) $6,400,000 b) $5,280,000 c) $4,950,000 d) $1,950,000 e) none of the above ANS: C Manufacturing cost: Materials [(3 kg × $2) × 75,000] $ 450,000 Labour [(2 hours × $10) × 75,000] 1,500,000
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Production overhead [(2 hours × $20) × 75,000] 3,000,000 Total manufacturing cost $4,950,000 3) Indicate the budgeted cost of goods manufactured per unit for next year. a) $26
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This note was uploaded on 02/11/2011 for the course ADMS 1500 taught by Professor Multani during the Fall '10 term at York University.

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ADMS1500 - Mid Term 2 - Topic A - STUDENT LAST NAME STUDENT...

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