Final Exam A Solution

Final Exam A Solution - FINAL EXAMINATION FALL 2006 COMM...

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FINAL EXAMINATION FALL 2006 COMM 305 and ACCO 240 SOLUTION QUESTION 1. (37.5 marks, 25 multiple choice questions 1.5 marks each) 1 A 2 B 3 A 4 C 5 B 6 D 7 A 8 E 9 B 10 A 11 D 12 D 13 C 14 D 15 D 16 B 17 B 18 A 19 A 20 D 21 C 22 D 23 D 24 C 25 D 1
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FINAL EXAMINATION FALL 2006 COMM 305 and ACCO 240 √ = ½ marks SOLUTION QUESTION 2. Manufacturing Statement (15 Marks) STIUDENTS CAN SHOW THEIR CALCULATIONS IN VARIOUS WAYS INCLUDING EQUATIONS Direct Material Beg Inv. DM $ 70,000√ Purchases $100,000 RM available $ 170,000 End Inv. $40,000 DM used $ 130,000√ $ 130,000 (2) Direct Labour $ 80,000 √ (3) ( 210,000√-130,000√) Variable OH (260,000√-130,000-80,000) √√$50,000 (4) Fixed OH $ 100 000 (5) Total costs of production √$ 360 000 (1) (direct√ $210 000+indirect √$150 000 =360 000) Beginning work in progress $√ 160 000 Less Ending Work in progress √ ($ 120,000) Cost of goods manufactured √$ 400 000 (6) Beg Inv $ 210,000√ Plus C G Man $ 400,000 Good available $ 610,000 Less end inv $ 200,000 Cost of goods sold $ 410,000 (7) √ Marks 1.5 each broken down 1. Total costs of production: 210 000√+ 150 000√= $360 000√ 2. Cost of materials used $ 130,000 3. Cost of direct labour $ 80,000 4. Cost of variable overhead $ 50,000 5. Fixed manufacturing overhead 60 000√-50 000-80 000-130 000-160 000= $100 000√√ 6. Cost of goods manufactured $ 400 000√√√ 7. Cost of goods sold: $410 000 8. Conversion costs 80 000√ + 50 000√+100 000√= $ 230 000 9. Prime costs: 130 000√ + 80 000√= 210 000 √ 10. Period costs: $ 240,000 selling and administrative 1.5 marks 2
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FINAL EXAMINATION FALL 2006 COMM 305 and ACCO 240 SOLUTION QUESTION 3. Cash Budget (14.5 marks) Solution: ( 6 marks) ½ marks each A TO L June July August September Cost of sales
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Final Exam A Solution - FINAL EXAMINATION FALL 2006 COMM...

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