Quiz_2_Spring_06_Solution_annotated

# Quiz_2_Spring_06_Solution_annotated - MGMT 201 Quiz 2...

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MGMT 201 Quiz 2 : Spring 2006 COURSE : MGMT 201 DATE : March 24, 2006 FirstName__________________ MI_________ LastName _______________________ No hyphen Just the Section # from the list below Student ID#:________________________ Section Number________________________ ============================================== ==================== INSTRUCTIONS (1) Please fill in the above information either from your Purdue ID card (PUID), or from the section list given below: Section # Teacher Time Location MGMT 201J 01 01 Hsin-Tsai Liu F 8:30-9:20am KRAN G020 MGMT 201J 01 02 Sangshin Sam Pae F 8:30-9:20am RAWL 2070 MGMT 201J 02 01 Hsin-Tsai Liu F 9:30-10:20am KRAN G020 MGMT 201J 02 02 David Truong F 9:30 -10:20am RAWL 2070 MGMT 201J 03 01 Sangshin Sam Pae F 10:30-11:20am KRAN G020 MGMT 201J 03 02 David Truong F 10:30-11:20am RAWL 2070 MGMT 201J 04 01 Sangshin Sam Pae F 11:30am-12:20pm KRAN G020 MGMT 201J 04 02 Hsin-Tsai Liu F 11:30am-12:20pm RAWL 2070 MGMT 201J 06 01 David Truong F 1:30-2:20pm KRAN G020 MGMT 201J 06 02 Jeff R. Schneider F 1:30-2:20pm KRAN G018 MGMT 201J 07 01 David Truong F 2:30-3:20pm KRAN G020 MGMT 201J 07 02 Jeff R. Schneider F 2:30-3:20pm KRAN G018 If you run out of time and cannot complete an item, show a clear mathematical computation without actually operating the calculator. You will get full credit. For example, if the answer is found as follows: \$[(1000/2 + 300) * 1.50] = \$1,200, then writing \$[(1000/2 + 300) * 1.50] without computing \$1,200 will get you full credit. This policy will hold for any other quiz OR EXAM in this course. (2) Any necessary tables will be found on the last page of the exam. Please use all the digits as given in the table. You may NOT use any other tables of your own. (3) We will not answer ANY questions during the quizzes or exams. If you are confused or have any doubts, make the most reasonable assumption you can, and write your assumption down for us to see. If the confusion was reasonable given what we’ve discussed in class and in homework, we’ll consider it. (4) Please pace yourself. Do not obsess over any particular item with which you are having a problem. Please move on and come back to troublesome items later, if you can.

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Please use the information below to answer Questions 1, 2, and 3. Krannert Computer Company produces desktop computers whose selling price is \$700. Krannert produced 2,000 units and sold 1,500 units last month. Assume there were no beginning or ending work in process inventories and no beginning finished-goods inventories. Variable selling & administrative costs varies with the number of units produced. Cost information was as follows: Direct Material \$500,000 Direct Labor \$200,000 Variable manufacturing overhead \$300,000 Fixed manufacturing overhead \$100,000 Variable selling & administrative costs \$120,000 Fixed selling & administrative costs \$100,000 1. Prepare (construct) the income statement using variable costing. (4 points) Product cost per unit = (DM + DL + VOH)/# of units produced
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## This note was uploaded on 03/18/2011 for the course MGMT 201 taught by Professor Rowe during the Spring '08 term at Purdue.

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Quiz_2_Spring_06_Solution_annotated - MGMT 201 Quiz 2...

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