I am having trouble with this exam, can someone help??

I am having trouble with this exam, can someone help??

ATTACHMENT PREVIEW

ACT 5741 Final Exam, Summer, 2013
Name________________________________________
Exam is due before midnight Sunday night. Upload ONLY the answer sheet for the
multiple choice questions and your answers and supporting calculations for the four
problems, NOT the exam
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Failure to follow the instructions will result in a loss of points.
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1.
Under Ricky Co.’s job order costing system, manufacturing overhead is applied to work
in process using a predetermined annual overhead rate. During January, Ricky’s
transactions included the following:
Direct materials issued to production \$ 90,000
Indirect materials issued to production \$ 8,000
\$125,000
Direct labor costs \$107,000
Ricky had neither beginning nor ending work-in-process inventory. What was the cost of
jobs completed in January?
a. \$302,000
b. \$310,000
c. \$322,000
d. \$330,000
2.
Quack Co. was analyzing variances for one of its operations. The initial budget forecast
production of 20,000 units during the year with a variable manufacturing overhead rate of
\$10 per unit. Quack produced 19,000 units during the year. Actual variable
manufacturing costs were \$210,000. What amount would be Quack’s flexible budget
variance for the year?

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a. \$10,000 favorable
b. \$20,000 favorable
c. \$10,000 unfavorable
d. \$20,000 unfavorable
3.
During June, Dinky Co. experienced scrap, normal spoilage, and abnormal spoilage in its
manufacturing process. The cost of units produced includes
a. Scrap, but not spoilage
b. Normal spoilage, but neither scrap nor abnormal spoilage
c. Scrap and normal spoilage, but not abnormal spoilage
d. Scrap, normal spoilage, and abnormal spoilage
4.
Veggie Corp. uses a standard cost system. In May, Veggie purchased and used 17,500
pounds of materials at a cost of \$70,000. The materials usage variance was \$2,500
unfavorable and the standard materials allowed for May production was 17,000 pounds.
What was the materials price variance for May?
a. \$17,500 favorable
b. \$17,500 unfavorable
c. \$15,000 favorable
d. \$15,000 unfavorable
5.
Kaffy Caterers quotes a price of \$60 per person for a dinner party. This price includes the
6% sales tax and the 15% service charge. Sales tax is computed on the food plus the
service charge. The service charge is computed on the food only. At what amount does
Kaffy price the food?
a. \$56.40
b. \$51.00
c. \$49.22
d. \$47.40
6.
Product Cott has sales of \$200,000, a contribution margin of 20%, and a margin of safety
of \$80,000. What is Cott’s fixed cost?
a. \$16,000
b. \$24,000
c. \$80,000
d. \$96,000
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