ACC312_Spring06_Exam1 - Exam #: A- Fundamentals of...

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Exam #: A- Fundamentals of Managerial Accounting ACC 312 Spring 2006 Exam I Form A N a m e Instructor Section DO NOT OPEN until given instructions to do so. Instructions 1. Confirm that you have 9 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 - Exam I Form A - Page 1 Spring 2006 SECTION I - MULTIPLE CHOICE (69 points - 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 predetermined manufacturing overhead rates, indirect materials issued into production usually are recorded as an increase in: A. Work in Process inventory B. Finished Goods inventory C. Raw Materials inventory D. Manufacturing Overhead E. Cost of goods sold 2. Largo Company has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 40% complete as to conversion costs and fully complete as to direct materials cost, the total cost assignable to the ending work in process inventory is: A. $40,000 B. $45,000 C. $55,000 D. $75,000 E. $100,000 3. Karvel Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. For the month of August, Karvel estimated total manufacturing overhead costs at $300,000 and total machine-hours at 75,000 hours. Actual results for the period were manufacturing overhead costs of $290,000 and 74,000 machine-hours. As a result, Karvel would have: A. applied more overhead to Work in Process than the actual amount of overhead cost for the year B. applied less overhead to Work in Process than the actual amount of overhead cost for the year C. applied an amount of overhead to Work in Process that was equal to the actual amount of overhead D. found it necessary to recalculate the predetermined overhead rate E. None of the above 4. Ohio, Inc., which uses a process-cost accounting system, began operations on January 1 of the current year. The company incurs conversion cost evenly throughout manufacturing. If Ohio started work on 3,000 units during the period and these units were 70% of the way through manufacturing, it would be
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ACC312_Spring06_Exam1 - Exam #: A- Fundamentals of...

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