mt1 - Name (Last, First): _ Student #:_ Section: 201 (10am)...

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Name (Last, First): _________________________________________ Student #:_____________ Section: 201 (10am) 202 (12pm) (circle) Sauder School of Business University of British Columbia Commerce 294, Managerial Accounting Midterm Examination #1, February 1, 2011 TIME: 90 MINUTES MARKS: 50 This examination booklet contains 10 pages (including this page). Check to ensure that this paper is complete. No programmable calculators are permitted. Please show all your calculations in an orderly format for part marks. ALL CELL PHONES MUST BE SWITCHED OFF AND MUST BE GIVEN TO AN INVIGILATOR IF YOU NEED TO USE THE WASHROOM. No questions will be permitted during the examination. If you need to make an assumption, state it and continue. Read the questions carefully before making any assumptions. Question # 1 _____________ Question # 2 _____________ TOTAL 50
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Question #1 (24 marks, suggested time 45 minutes) Job-Order Costing Monarch Homes builds prefabricated houses in a factory. The company uses a perpetual inventory system and a job order costing system in which each house represents a job. Following are selected account balances for April: April 1 April 30 .................. $33,100 $16,600 Accounts Receivable . ............................ 39,200 31,500 Accounts Payable . ................................. 14,400 29,700 Finished Goods . .................................... 0 >> ? << Work-in-progress* . ................................. 5,600 ? << * NOTE: There was only one job in progress on April 1, House #616. Additional information for the month of April: (a) All sales are on account. (b) The accounts payable account is used for the purchase of materials only. (c) Requisitions of direct materials and direct labour used in manufacturing (April): Direct Direct Materials Labour House #613 . .......................................... $26,100 $16,300 House #614 . .......................................... 27,700 18,200 House #615 . .......................................... ? 10,750 House #616 . .......................................... 22,100 12,600 (d) Actual overhead costs incurred on houses #613, #614, #615, #616 during April: Indirect material . .................................... $26,700 Indirect labour . ....................................... $8,900 Equipment rentals paid . ......................... 6,000 Liability insurance expired . .................... $ 3,900 $45,500 (e) Applied overhead to houses at the budgeted overhead rate of 85 percent of
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mt1 - Name (Last, First): _ Student #:_ Section: 201 (10am)...

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