201 Final F 10 SOL Essay

Name

Recitation Section Number

USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 1 THROUGH 3.

Seat Number

Stanger Inc., uses a job-order costing system. The company uses normal costing and closes underapplied or over-applied manufacturing overhead to Cost of Goods Sold at the end of the year. The following information is available from Stanger’s general ledger. Adjusting entries to close underapplied overhead have not been made.

FINAL - SOLUTION
Management 201 - Fall 2010
1.

This examination consists of 40 multiple-choice questions. Each question is worth 5 points.

2.

You must sit in your assigned seat to take the exam. If you are not in the correct seat, you will lose 5 points.

3.

Print and code your name, ID number, and your section number on the computer answer sheet; please enter your section number as listed below. In the blank for TEST, please write the version number below. Be sure to use a number 2 pencil and sign the answer sheet.

4.

You will have 2 hours to complete the exam. The exam will end at 3:00 p.m. All multiplechoice questions must be coded on the answer sheet before the end of the examination period at 3:00 p.m. Your score on these questions is based only on the coded answers. Please help us collect exams promptly when the exam is over.

5.

Direct Material Inventory at the beginning of the year.........................
$ 5,500
Direct Material Inventory at the end of the year.................................
3,000
Direct Material purchased during the year.......................................
45,000
Work-in-Process Inventory at the beginning of the year......................
9,000
Total Manufacturing Overhead applied during the year........................
20,000
Direct Labor Costs for the year...................................................
?
Work-in-Process Inventory at the end of the year.............................
14,000
Finished Goods Inventory at the beginning of the year.......................
7,500
Finished Goods Inventory at the end of the year...............................
5,000
Cost of Goods Sold during the year (unadjusted)........................................ 75,000
Underapplied Total Manufacturing Overhead for the year....................
2,000
Predetermined Overhead Rate for the year—200% of direct labor cost
1.

Only simple calculators may be used during the exam. Any graphing calculator, or a calculator that can store information, cannot be used.
Use of unauthorized written materials, receiving or giving verbal or written assistance from or to another person during an exam is considered cheating. All electronic devices, including cell phones, must be turned off and stored in your book-bag. If any electronic device, or other unauthorized materials, is observed, this will be considered cheating. Any student discovered cheating in an examination will be given a grade of F for the course.

C
2.

6.

In all problems answers are rounded to the nearest dollar or cent as appropriate. Thus if you compute an answer to be $1.333333333333 and an answer of $1.33 is given; the $1.33 is the correct answer. Similarly, if you compute an answer to be $432.897654, all answers are rounded to the nearest dollar, and the answer $433 is provided; $433 is the correct answer.

Section
0003
0004
0005
0006
0007
0008
0009
0010
0011
0012

Instructor
Krystal Miller
Krystal Miller
Krystal Miller
Gerardo Baltodano
Gerardo Baltodano
Krystal Miller
Gerardo Baltodano
Brian Bobo
Gerardo Baltodano
Brian Bobo

Day and Time
F 8:30 AM – 9:20 AM
F 9:30 AM – 10:20 AM
F 10:30 AM – 11:20 AM
F 11:30 AM – 12:20 AM
F 12:30 AM – 1:20 PM
F 12:30 AM – 1:20 PM
F 1:30 PM – 2:20 PM
F 1:30 PM – 2:20 PM
F 2:30 PM – 3:20 PM
F 2:30 PM – 3:20 PM

Room
KRAN G020
KRAN G020
KRAN G020
KRAN G020
KRAN G020
RAWL 1011
KRAN G020
RAWL 1011
KRAN G020
RAWL 1011

B
3.

D

1

2

$24,000.
$22,000.
$20,000.
$18,000.
$16,000.
Actual OH = Applied OH + Under-applied amount = $20,000 + $2,000 = $22,000

Cost of goods manufactured during the year

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