Study Guides (380,000)
CA (150,000)
UOttawa (10,000)
ADM (1,000)
Midterm

ADM3346 Midterm: ADM3346 - Midterm 2009


Department
Administration
Course Code
ADM 3346
Professor
Tiemei L I
Study Guide
Midterm

This preview shows pages 1-2. to view the full 7 pages of the document.
Midterm ADM 3346A Fall 2009 Page 1 of 7
ADM 3346A
Solution COST ACCOUNTING
Fall 2009
Midterm Examination
STUDENT NAME: _________________________________________________
STUDENT NUMBER: ________________________________________________
75 minutes
INSTRUCTIONS
1. Books and notes are not permitted, except language dictionaries.
2. Non programmable calculators are permitted.
3. Put all answers in the question booklet
4. Questions concerning possible errors in the exam only will be answered.
Questions
Max Points
Question 1
Question 2
Question 3
Question 4
Question 5
Total
/6
/8
/10
/8
/20
/52
Statement of Academic Integrity
The School of Management does not condone academic fraud, an act by a student that may result in a false academic
evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs
when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical
tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her
possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device
which has not been previously authorized in writing.
Statement to be signed by the student:
I have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this
examination.
Signed:______________________________________
Note: an examination without this signed statement will not be graded
https://www.coursehero.com/file/11799020/ADM3346-Midterm-2009/
This study resource was
shared via CourseHero.com

Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

Midterm ADM 3346A Fall 2009 Page 2 of 7
Number in brackets is the grade for the question. Points are in red
Q.1 (6) Soo Office Equipment manufactures and sells metal shelving. It began operations on
January 1, 2009. Costs incurred for 2009 are as follows (V stands for variable; F stands for fixed):
Direct materials used costs
Direct manufacturing labour costs
Plant energy costs
Indirect manufacturing labour costs
Indirect manufacturing labour costs
Other indirect manufacturing costs
Other indirect manufacturing costs
Marketing, distribution, and customer-service costs
Marketing, distribution, and customer-service costs
Administrative costs
$140,000 V
30,000 V
5,000 V
10,000 V
16,000 F
8,000 V
24,000 F
122,850 V
40,000 F
50,000 F
Variable manufacturing costs are variable with respect to units produced. Variable marketing,
distribution, and customer-service costs are variable with respect to units sold.
Inventory data are as follows:
Beginning,
January 1, 2009
Ending,
December 31, 2009
Direct materials
Work in process
Finished goods
0 kilograms
0 units
0 units
2,000 kilograms
0 units
? units
Production in 2009 was 100,000 units. Two kilograms of direct materials are used to make one unit
of finished product.
Revenues in 2009 were $436,800. The selling price per unit and the purchase price per kilogram of
direct materials were stable throughout the year. The company’s ending inventory of finished goods
is carried at the average unit manufacturing costs for 2009. Finished goods inventory at December
31, 2009, was $20,970.
Required:
Calculate finished goods inventory, total units, December 31, 2009.
Manufacturing Costs for 100,000 units
Direct materials costs $140,000
Direct manufacturing labour costs 30,000
Plant energy costs 5,000
Indirect manufacturing labour costs 10,000 + 16,000 = 26,000
Other indirect manufacturing costs 8,000 + 24,000 = 32,000
+BB(WIP) -_EB(WIP) 0 - 0 0
Cost of goods manufactured $233,000
Average unit manufacturing cost: $233,000 ÷ 100,000 units
= $2.33 per unit (3)
Finished goods inventory in units: = $20,970 (given) ÷ $2.33 per unit
= 9,000 units (3) ..................................................................................................................................
............................................................................................................................................................
............................................................................................................................................................
............................................................................................................................................................
............................................................................................................................................................
https://www.coursehero.com/file/11799020/ADM3346-Midterm-2009/
This study resource was
shared via CourseHero.com
You're Reading a Preview

Unlock to view full version