Practice Exam 1

Practice Exam 1 - ACCT 2102, Summer 2005, Exam 1 I. (12...

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ACCT 2102, Summer 2005, Exam 1 I. (12 pts.) Paulson Company had inventories at the beginning and end of 2002 as follows: 1/1/02 12/31/02 Direct materials $55,000 $65,000 Work in process 96,000 80,000 Finished goods 50,000 85,000 During 2002 the following costs were incurred: Direct materials purchased $400,000 Direct labor 220,000 Factory overhead 330,000 Paulson's cost of goods sold for 2002 was: $ ______________ II. (13 pts.) The following information pertains to Fifth Dimension Company: Beginning direct materials $20,900 Beginning finished goods 32,000 Beginning work in process 21,200 17,000 Gross profit 42,000 Cost of goods manufactured 328,000 Factory overhead 116,300 Direct materials purchases 124,100 Ending direct materials 24,800 Ending work in process 16,500 Ending finished goods 40,000 1) [3 pts.] Net income = ___________________ 2) [5 pts.] Manufacturing costs incurred = ____________________
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3) [5 pts.] Direct materials used = ____________________ III. (5 pts.) The Abbey Road location of Beatles Industries has the following information available: Direct contribution margin $21,500 Controllable contribution margin 45,900 Variable contribution margin 58,500 Sales  120,000 Direct noncontrollable fixed expenses = ___________________ IV. (2 pts.) Electric Light Orchestra (ELO) purchased an instrument for $14,000 two years ago. ELO is now considering selling it for $7,900. Alternatively, $6,500 can be spent to upgrade and repair the
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Practice Exam 1 - ACCT 2102, Summer 2005, Exam 1 I. (12...

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