FINAL EXAM REVIEW ACCT 3320 001 Spring2015 Questions

2205 Words May 16th, 2015 9 Pages
FINAL EXAM REVIEW
ACCT 3320 -001
Spring 2015

I. FINAL EXAM TIME AND LOCATION:

Location: SB 2100

Time: 12:30 PM – 2:30 PM on Tuesday (May 05, 2015)

II. FINAL EXAM POLICY:

Please note the exam is closed book and closed note exam.
You are allowed to bring pens, a two-sided cheat sheet (8.5 x 11 inches), pencils, simple function calculators to the exam.

III. EXAM FORMAT:

There are 35 multiple choice questions including both conceptual and calculation questions.
The exam will be done through My Accounting Lab.

IV. FINAL EXAM COVERAGE

Final Exam covers the following chapters:
Chapter 4: Job Costing
Chapter 5: Activity-Based Costing and Activity-Based Management
Chapter 8: Flexible Budgets, Overhead Cost Variances, and
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Mynarc uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company 's manufacturing overhead data:

Budgeted output units 675 truckloads
Budgeted fleet hours 540 hours
Budgeted variable manufacturing overhead costs for 675 loads $82,350

Actual output units produced and delivered 630 truckloads
Actual fleet hours 436 hours
Actual variable manufacturing overhead costs $77,490

4. What is the flexible-budget amount for variable manufacturing overhead?
A) $83,025
B) $82,350
C) $76,860
D) $77,490

5. What is the flexible-budget variance for variable manufacturing overhead?
A) $4,860 favorable
B) $4,860 unfavorable
C) $630 favorable
D) $630 unfavorable

6. What is the budgeted variable manufacturing overhead cost per unit?
A) $183.00 per unit
B) $178.89 per unit
C) $119.25 per unit
D) $122.00 per unit

Answer the following questions 7-9 using the information below:

The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June:
Direct Materials processed: 18,000 gallons (after shrinkage)

Production:
Butter Cream
7,500
gallons

Condensed Milk
10,500
gallons
Sales:
Butter Cream
7,000
gallons

Condensed Milk

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