ACCT1511 Study Guide - Quiz Guide: Ob River, Baggage Handler, Budget
Tutorial Answer – Topic 6
Q1 :SEMESTER 1, 2013 FINAL EXAM QUESTION 5
(a)
MOH Control
Actual 36,000
OH applied ($1250x50) 62,500
Rent 25,000
Electricity 5,000
Depreciation exp 6,000
Over-applied 26,500
62,500
62,500
1 mark for Over-applied $26,500
(b)
Actual MOH = 36,000
Over-applied MOH = 26,500
DR OH Control 26,500
CR WIP 10,600
CR FG 10,600
CR COGS 5,300
1 mark
Workings
Proportion
Allocation
Post-Adjusted balance
WIP
(20 / 50) x 26,500
10,600
9,400
FG
(20 / 50) x 26,500
10,600
9,400
COGS
(10 / 50) x 26,500
5,300
4,700
total
50
26,500
(c) Because at the beginning of the month of June or during June when production was
ongoing, the information was not available OR only available at the end of June, and
therefore has to be estimated.
Q2: SEMESTER 2, 2007 FINAL EXAM QUESTION 5
Part B (5 marks)
Statement of Cost of Goods Manufactured
Mark
Direct Materials
1,724,000
1
Direct Labour
2,120,000
1
Factory Overheads
Indirect materials
3,000
0.5
Factory supplies
12,500
0.5
Depreciation - factory
134,000
0.5
Factory supervision
183,500
0.5
Total manufacturing costs
4,177,000
WIP, o/b
164,000
1
WIP, c/b
184,000
Cost of goods manufactured
4,157,000
Deduct 0.5 per wrong account
Q3: SEMESTER 2, 2007 FINAL EXAM QUESTION 5
Part A (10 marks)
(a) 5 marks – 1 mark each (1 or 0). Each journal entry must be correct.
1. Dr WIP 380,000
Cr Raw materials 380,000
2. Dr WIP 360,000
Cr Wages payable 360,000
3. Dr WIP 480,000
Cr Overhead control 480,000
4. Dr Finished goods 940,000
Cr WIP 940,000
5. Dr COGS 900,000
Cr Finished goods 900,000
(b) 5 marks
WIP
o/b
Raw materials
Wages
Overhead control
20,000
380,000 (0.5 mark)
360,000 (0.5 mark)
480,000 (1 mark)
940,000
300,000 (0.5 mark)
Finished goods
c/b
1,240,000
1,240,000
Finished Goods
o/b
WIP
10,000
940,000 (1 mark)
900,000
50,000 (0.5 mark)
COGS (1 mark)
c/b
950,000
950,000
Document Summary
Q1 :semester 1, 2013 final exam question 5 (a) Proportion (20 / 50) x 26,500 (20 / 50) x 26,500 (10 / 50) x 26,500. Cogs total (c) because at the beginning of the month of june or during june when production was ongoing, the information was not available or only available at the end of june, and therefore has to be estimated. Q2: semester 2, 2007 final exam question 5. Q3: semester 2, 2007 final exam question 5. Part a (10 marks) (a) 5 marks 1 mark each (1 or 0). Each journal entry must be correct: dr wip. Cogs (1 mark) c/b (b) 5 marks o/b. Q4: semester 2, 2011 final exam (6 marks) (a) dr wip ,000. Cr raw materials ,000 (b) dr wip . Cr wages payable cf) acceptable alternative answer: Cr direct labour (c) dr wip ,000. Cr overhead control ,000 (d) dr overhead control ,000.
