Adms2510
York University:
Faculty of Liberal Arts & Professional Studies:
School of Administrative Studies
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 $600,000 and direct labour hours were expected to be 10,000 hours for the year. Direct labour is recorded at $20 per hour. The chart below summarizes the data from the job cost sheets for jobs worked on during October 2011.
| WAT24 | BEA63 | KYT87 | LON12 | CAM54 | WEL45 | Beginning balance, Oct 1 | $ 4,875 | $ 1,875 | $ 2,600 | $ - | $ - | $ - | Direct materials | $ 355 | $ 1,500 | $ 1,100 | $ 8,450 | $ 4,500 | $ 5,400 | Direct labour | $ 360 | $ 520 | $ 300 | $ 1,440 | $ 1,100 | $ 1,300 |
At the end of October, Jobs WAT24 and BEA63 were shipped to the customers, Job KYT87 was complete and awaiting shipment to the customer, and the remaining three jobs were unfinished.
A. Calculate the predetermined overhead rate. (2 marks)
B. Calculate the overhead costs allocated to each job for October. (6 marks)
| WAT24 | BEA63 | KYT87 | LON12 | CAM54 | WEL45 | | | | | | | | | | | | | | | | | | | | | | C. 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) | WAT24 | BEA63 | KYT87 | LON12 | CAM54 | WEL45 | Beginning balance, Oct 1 | $ 4,875 | $ 1,875 | $ 2,600 | $ - | $ - | $ - | Direct materials | $ 355 | $ 1,500 | $ 1,100 | $ 8,450 | $ 4,500 | $ 5,400 |
Faculty of Liberal Arts & Professional Studies:
School of Administrative Studies
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 $600,000 and direct labour hours were expected to be 10,000 hours for the year. Direct labour is recorded at $20 per hour. The chart below summarizes the data from the job cost sheets for jobs worked on during October 2011.
| WAT24 | BEA63 | KYT87 | LON12 | CAM54 | WEL45 | Beginning balance, Oct 1 | $ 4,875 | $ 1,875 | $ 2,600 | $ - | $ - | $ - | Direct materials | $ 355 | $ 1,500 | $ 1,100 | $ 8,450 | $ 4,500 | $ 5,400 | Direct labour | $ 360 | $ 520 | $ 300 | $ 1,440 | $ 1,100 | $ 1,300 |
At the end of October, Jobs WAT24 and BEA63 were shipped to the customers, Job KYT87 was complete and awaiting shipment to the customer, and the remaining three jobs were unfinished.
A. Calculate the predetermined overhead rate. (2 marks)
B. Calculate the overhead costs allocated to each job for October. (6 marks)
| WAT24 | BEA63 | KYT87 | LON12 | CAM54 | WEL45 | | | | | | | | | | | | | | | | | | | | | | C. 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) | WAT24 | BEA63 | KYT87 | LON12 | CAM54 | WEL45 | Beginning balance, Oct 1 | $ 4,875 | $ 1,875 | $ 2,600 | $ - | $ - | $ - | Direct materials | $ 355 | $ 1,500 | $ 1,100 | $ 8,450 | $ 4,500 | $ 5,400 |