ADMS 2510 Study Guide - Final Guide: Finished Good, Net Income, Variable Cost

• School: York University
• Department: Administrative Studies
• Course: ADMS 2510
• Professor: All

Document Summary

Adms 2510 3. 0: sample final exam, based on fall 2011: Question 1 (13 marks: allow about 25 minutes) Elwood"s enterprises uses a job order costing system to track job costs. Overhead costs are allocated to jobs based on direct labour hours. The manufacturing overhead costs for the year were estimated to be ,000 and direct labour hours were expected to be 10,000 hours for the year. Direct labour is recorded at per hour. The chart below summarizes the data from the job cost sheets for jobs worked on during october 2011. Wel45: calculate the balances for the three accounts: cost of goods sold, work-in-process. Inventory at 31st october 2011 and finished goods inventory at 31st october 2011. (use the chart below to summarize your totals. ) (3 marks) Question 1 continued: your much younger sister was flicking through your management accountant textbook and was surprised to see so many chapters dedicated to costing.