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ACCT 2301 FA 2012: Practice Exam 3

A solved practice exam for ACCT 2301, covering key accounting principles.

Scarlett Carter
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ACCT 2301 FA 2012: Practice Exam 3Moreland Manufacturing Inc (use for Qs 1 through 4)Moreland Manufacturing Inc. produces and sells stainless steel faucets. In the current year, the companyhad budgeted for the production and sale of 6,000faucets but, due to unexpected demand, 7,000 faucetswere actually produced and sold. Each faucet has a standard requiring 15 ounces of direct material at acost of $.40 per ounce and 15 minutes of assembly time at a cost of $.20 per minute. Actual costs for theproduction of 7,000 faucets were $41,359.50 for materials (106,050 ounces purchased and used @ $.39per ounce) and $21,560 for labor (98,000 minutes @ $.22 per minute).1.Moreland'sdirect materials price varianceis:a.$1,050.00 F.b.$1,050.00 U.c.$1,060.50 F.d.$1,060.50 U.2.Moreland'sdirect materials usage varianceis:a.$420 U.b.$420 F.c.$6,420 U.d.$6,420 F.3.Moreland'sdirect labor rate varianceis:a.$2,100 F.b.$1,800 F.c.$1,960 U.d.$560 U.4.Moreland'sdirect labor efficiency varianceis:a.$1,600 U.b.$1,400 F.c.$2,100 U.d.$2,100 F.Mystic Falls Inc (Q 5 & 6)Mystic Falls Inc. bottles and sells a popular soft drink. In 2011, the company had expected to sell1,000,000 bottles but actually bottled and sold 900,000 bottles. The standard direct materials cost for eachbottle is $.40 comprised of 10 ounces at a cost of $.04 per ounce. During 2011, 10,000,000 ounces ofmaterial were purchased out of which 9,200,000 ounces were used at a cost of $.05 per ounce.5.Thedirect materials price variancefor 2011 was:a.$ 92,000 U.b.$ 92,000 F.c.$100,000 U.d.$100,000 F.6.Thedirect materials usage variancefor 2011 was:a.$ 8,000 U.

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Document Details

University
Lamar University
Course
ACCT 2301
Subject
Accounting

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