Exam 2 - Fall 2011 (Answer Key) - ACC 312 Fundamentals of Managerial Accounting Midterm Exam II Fall 2011 Wednesday November 16th 2011 ACC 312

Exam 2 - Fall 2011 (Answer Key) - ACC 312 Fundamentals of...

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ACC 312 Fundamentals of Managerial AccountingMidterm Exam II, Fall 2011, Wednesday November 16th, 2011
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ACC 312 Fundamentals of Managerial AccountingMidterm Exam II, Fall 2011, Wednesday November 16th, 2011Test Form AMult choice50Prob 116Prob 212Prob 38Prob 414Total100Name KEYDO NOT OPENuntil given instructions to do so.InstructionsConfirm that you have 25 multiple choice questions and 4 work out problems.1.Answers to Multiple-Choicequestions should be recorded on the Scantron.A.On your Scantron answer sheet, write and bubble in your name, UTEID, and the “TestForm” letternoted above.B.Use a #2 pencil only to mark your responses on your Scantron answer sheet. Mark clearly and erase completely as needed. Only multiple choice answers marked on your Scantron answer sheet will be graded.C.The time allotted for an exam includes the time required to “bubble-in” your Scantron answer sheets. It is cheating to take extra time to bubble in the answer sheet after time is up for the exam.2.Answers to Problemsshould be recorded on the exam where indicated. Show your work in the space provided. Scratch paper is available from the proctor but only calculations recorded on the exam itself will be considered for partial credit.3.Cell phones, books, notes, PDAs and programmable calculators are NOT allowed at your desk during the exam. Calculators capable of storing text are NOT allowed.4.In the interest of minimizing disruptions and making sure all students have exactly the same information on the exam, we will answer only the following kinds of questions during the exam:a. Vocabulary questions relating to non-class-specificwords;b. Questions about a possible mistake in the exam.In the latter case, if a mistake is confirmed, we will answer by making an announcement to the whole class. If no announcement is made in a short period of time, you may assume that the problem is correct as written.
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ACC 312 Fundamentals of Managerial AccountingMidterm Exam II, Fall 2011, Wednesday November 16th, 20115.Bring your entire exam, scratch paper, Scantron answer sheet, and student ID to the front of the room when you have finished.6.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. SECTION I - MULTIPLE CHOICE (50 points – 25 questions, 2 points each) - Please choose the ONE BESTanswer for each question and record your answer on the Scantron answer sheet.1.Konrade, Inc., expects to sell 30,000 athletic uniforms for $80 each in 2009. Direct materials costs are $20, direct manufacturing labor is $8, and manufacturing overhead is $6 for each uniform. The budgeted inventory levels are:1/1/0912/31/09Beginning inventoryEnding inventoryDirect materials9,000 units0 unitsFinished goods inventory6,000 units5,000 unitsWhat is the amount budgeted for cost of goods manufactured in 2009?
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