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Midterm Practice

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43 views

Midterm Practice

Uploaded by

petersdarell
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Please note that these questions are more in line with the length of what you will see

for the mul


midterm. They are NOT representative of what you can expect for the excel questions. They are
opportunity to practice using excel within Brightspace. I want you to practice downloading, savin
that your TA can make sure they can see your saved work in Brightspace so that you don't experi
you will see for the multiple choice type of questions on your
cel questions. They are in excel right now so that you have an
ctice downloading, saving and uploading excel to Brightspace so
so that you don't experience any issues on the actual midterm!!
Question #1

You have the following information about the activities of Cole Ltd. for 20x4 :

Activity
Sales
Factory maintenance
Indirect labour
Direct materials purchases
Factory utilities
Direct materials inventory, beginning
Direct materials inventory, ending
Work-in-process inventory, beginning
Work-in-process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
Selling expenses
Direct labour
Factory insurance
Indirect materials
Depreciation - factory

Required:
What was the cost of goods manufactured in 20x4?

Your Answer:
Dollar amount
475,000
22,920
18,290
97,970
17,400
13,340
14,620
26,730
32,550
60,350
54,250
69,870
85,630
7,720
6,740
27,370
Question #2

Morkos Company operates a cafeteria for its employees. The number of meals served each week o
weeks, along with the total costs of operating the cafeteria, are given below:
Week Meals Served Cafeteria Costs
1 1,500 $ 4,800
2 1,600 $ 5,080
3 1,820 $ 5,900
4 1,420 $ 3,050
5 1,110 $ 3,920
6 1,830 $ 5,100
7 2,010 $ 5,400
Assume that the cafeteria expects to serve 1,870 meals during week 8. Using the high-low method,
expected variable cafeteria costs be for Week 8?

What would be the expected Fixed Costs?

Your Answer:
meals served each week over the last 7
ow:

ing the high-low method, what would the


Question #3

A firm uses direct labour-hours to apply overhead to products.


Overhead was under-applied for the year by $38,000.
The actual manufacturing overhead for the year was $112,650.
The budgeted manufacturing overhead was $138,200 and budgeted labour-hours were
Direct labour is paid at the rate of $27 per hour.
What was the actual total of direct labour cost for the year?

Your Answer:
udgeted labour-hours were 6,775.
Question #4

The following data regarding the activity-based costing system at the Herman Company is av

Activity Pool Base Budgeted Activity Budgeted Cost


Machine set up # of setups 350 $1,325
Orders # of orders 160 750
Shipping Hours 210 1375
Herman completed a total of 10 jobs during the period, of which the last job just completed
5 setups, 12 orders, and 3 hour of shipping time. How much cost will be assigned to the job b
system?

Your Answer:

Activity pool base Budgeted activity Budgeted Cost


machine set up # of setups 350 1325
orders # of orders 160 750
shipping hours 210 1375
Herman Company is available:

st job just completed for a customer required


e assigned to the job by the activity-based costing

RATE JOB Cost of job


3.7857143 5
4.6875 12
6.547619 3
Question #5

If the sales price per unit is $97.00, the unit variable cost is $58.50, and the break-even
of 42,400 units, what are the total fixed costs?

Your Answer:
$58.50, and the break-even point is at sales

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