Sample Midterm with Solutions

Sample Midterm with Solutions - University of Toronto...

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University of Toronto Mississauga Xxx xx, 2010 Term Test MGT223H5S MANAGERIAL ACCOUNTING I Duration: One hour and fifty minutes Aids allowed: Silent calculator. Programmable calculators must be reset. Failure to reset before the test begins is an academic offence. Instructions: Please print your name and student number in the spaces provided below. There are 10 multiple choice questions, three short answer questions, and four problems. Please use the spaces provided below for your answers to the multiple choice questions and for the problems, use the spaces provided for you. You must use a pen. WHITEOUT is not allowed. Clearly show all computations in order to obtain full marks for the problems. Tests written in pencil will not be considered for remarking. If you are requesting a remark, include a note telling specifically why you feel you deserve more marks. The entire paper will be remarked, marks may go up, down or remain the same. ______________________ _____________________ Last name First name ______________________ Matt or Nancy __________ Student number Circle TA Name Marks: Part I 20 Marks Part II 10 Marks Part III 10 Marks Part IV 15 Marks Part V 20 Marks Part VI 25 Marks TOTAL Marks 100 Answers for the Multiple Choice Questions 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.
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2 PART I MULTIPLE CHOICE QUESTIONS (20 MARKS) Choose the BEST answer for each of the following independent questions. Write your answers on the front page of the test . The question pages will not be graded. 1. Maritime Company manufactures and sells Widget Q. For the year 20x8, the cost of goods sold of Maritime Company was $350,000. During the year, the work-in-process inventory increased by $42,000 and the finished goods inventory decreased by $95,000. The total manufacturing costs incurred by Maritime Company in 20x8 were a) $213,000 b) $297,000 c) $350,000 d) $403,000 e) $487,000 The following information pertains to questions 2-3: Solids Company uses a normal cost accounting system. Budgeted costs for the year were $4 per kg. of raw materials, $ 15 per direct labor hour and $20 per machine hour. Budgeted production activity was 20,000 machine hours for the year. During the year, the following were actually incurred for manufacturing: Kg. of raw materials used 65,000 Direct labor hours incurred 15,000 Machine hours incurred 19,000 Raw materials costs $200,000 Direct labor costs $247,000 Factory overhead costs $358,000 2. How much was overhead overapplied or underapplied during the year? a) $22,000 underapplied b) $20,000 underapplied c) $20,000 overapplied d) $22,000 overapplied e) $42,000 overapplied
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3 3. For a job that used 250 kgs. of direct materials, 45 direct labor hours and 50 machine hours, what was the cost of the job under normal costing? a)
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This note was uploaded on 12/02/2011 for the course ECON eco200 taught by Professor Wolfson during the Spring '11 term at University of Toronto.

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Sample Midterm with Solutions - University of Toronto...

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