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ACC312_Spr07_Exam1_SOLUTION POSTED - Exam A Fundamentals of...

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Exam #: A- Fundamentals of Managerial Accounting ACC 312 Spring 2007 Exam I Form A Name Instructor Section DO NOT OPEN until given instructions to do so. Instructions 1. Confirm that you have 12 numbered pages. There is also one blank sheet of paper at the end of the exam that you may use for scratch paper. 2. On your Scantron answer sheet, write and bubble in your name, section number, and the Test Form letter noted above. 3. Use a #2 pencil only to mark your responses on your Scantron answer sheet. Mark clearly and erase completely as needed. You should also mark your answers on your exam. However, only multiple choice answers marked on your Scantron answer sheet will be graded. 4. Multiple choice questions are 3 points each; all other questions have their point value noted with the problem. 5. Cell phones, PDA's and calculators capable of storing text are NOT allowed at your desk during the exam. 6. Bring your entire exam book, Scantron answer sheet and student ID to the front of the room when you have finished. 7. You are reminded of the University’s honor policy which requires you do your own work and not give or receive assistance on this exam.
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ACC 312 – Midterm #1 Form A - Page 1 Spring 2007 SECTION I - MULTIPLE CHOICE (60points - 3 points each) - Please choose the BEST answer for each question and record your answer on the Scantron answer sheet. 1. In a job-order cost system using normal costing, debits to work-in-process inventory can originate from all of the following except: A. Applying manufacturing overhead using the predetermined overhead rate B. Assigning direct labor from a timekeeping system (time cards) C. Assigning actual manufacturing overhead costs to jobs D. Assigning direct materials from the purchasing system (requisition slips) E. Proration of over- or underapplied manufacturing overhead 2. MNS Company uses a normal cost system. Costs for the year were: Applied manufacturing overhead $400,000 Cost of goods manufactured, pre-adjustment $880,000 Actual manufacturing overhead $392,600 Finished goods inventory was $218,000 on January 1 and $190,000 on December 31. If MNS closes over- or underapplied manufacturing overhead to cost of goods sold at year-end, what is the adjusted cost of goods sold for the year? 3. Suppose MNS Company (from the prior question) instead preferred to prorate its over- or underapplied manufacturing overhead. The December 31 adjustment to work-in-process inventory (WIP) is calculated as over- or underapplied manufacturing overhead multiplied by which of the following?
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