ACC312_Spring06_Exam1_Solution

ACC312_Spring06_Exam1_Solution - M/C Answer Key(3 points...

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Acc 312 - Spring 2006 - Exam I Answer Key - Page 1 M/C Answer Key (3 points each) Question Form A Form B Form C Question Form A Form B Form C 1 D E A 13 B B E 2 C B A 14 B A C 3 A C D 15 D A A 4 A D A 16 D D A 5 C B C 17 C A D 6 A C D 18 D D D 7 C D B 19 E A D 8 D C B 20 B A C 9 A E C 21 B C B 10 E D C 22 B C E 11 C B B 23 A C B 12 C B C Problem 1 Solution (10 points) A. Compute the cost of direct materials purchased during the year. (2 points) Direct materials used in production ................................................... $1,400 Add: Increase in the direct materials inventory during the year ($520 - $480 = $40) ........................................................................... 40 Direct materials purchased during the year ........................................ $1,440 B. Compute the predetermined overhead rate that was used during the year. (4 points) Total manufacturing costs ........................................................ $8,000 Less: Direct materials used in production ...................... 1,400 Manufacturing overhead applied . ......................... 3,300 Direct labor cost incurred during the year ............................... $3,300 Predetermined overhead rate = Manufacturing overhead cost ÷ Direct labor cost = $3,300 ÷ $3,300 = 100% of direct labor cost C. Compute the Cost of Goods Manufactured for the year. (2 points) Total manufacturing costs ...................................................................................... $8,000
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