Adms 2510 Midterm 1

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SOLUTIONS: 2510 C
ADMS 2510.3.0

Browse the full collection of course materials, past exams, study guides and class notes for ADMS 2510 - Introduction to Management Accounting at York University. With 24Hr Notes, get the lecture notes for this course 24 hours after each class. Exam February 2014, questions and answers - Winter 2014 ADMS 2510 Past Exam. Winter 2014 ADMS 2510 Past Exam. York University. Introduction to Management Accounting (Ap/Adms 2510) Uploaded. James Gaede Chapter 3 - Recruitment and Selection Social Psychology Midterm 1 Exam 2 October 2013.


Section C: Thursday 4-7: ACW 006:
Mid-Term Exam #1
One hour allowed: there are three equally weighted questions: answer them all.
AdmsQuestion 1:
You are given the following list of cost and sales data for the Tiny Co for the year to 31st December 2013. Sales revenue: $900,000 Purchase of raw materials $200,000 Raw materials inventory at 1st January 2013 $ 50,000 Raw materials inventory at 31st December 2013 $ 25,000 Work-in-process inventory at 1st January 2013 $ 10,000 Work-in-process inventory at 31st December 2013 $ 20,000 Finished goods inventory at 1st January 2013 $ 75,000 Finished goods inventory at 31st December 2013 $100,000 Marketing and distribution expense $100,000 Administrative and office expense $ 40,000 Direct labour $175,000 Factory depreciation $ 20,000 Factory maintenance $ 10,000 Factory indirect labour $ 15,000 Factory insurance $ 55,000
Required:
1.1: show the “T” account for work-in-process (5 marks). Work-In-Process Debit Credit Work-in-process inventory at 1st January 2013 $ 10,000 Raw materials used: ($50,000 + $200,000 - $25,000) $225,000 Transferred to finished goods (plug) $490,000 Direct labour $175,000 Overhead incurred: ($20,000 + $10,000 + $15,000 + $55,000) $100,000 Work-in-process inventory at 31st December 2013 $ 20,000 Total $510,000
1.2: show the journal entry to transfer completed product out of work-in-process (5 marks). Debit Credit
Finished goods inventory: $490,000 Work-in-process inventory $490,000
Question 2:

Adms 2510 Midterm 10th


Adms 2510 Midterm 1 Quizlet

Barrie Inc. uses a job-order cost system. Only 3 jobs were worked on during November and December, Jobs 25, 26 and 27. The costs charged to each job were as follows: Details Job..

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