Beruflich Dokumente
Kultur Dokumente
PART II
MIDTERM EXAMINATION
COST ACCOUNTING
1ST SEMESTER, AY 2019-2020
ANSWER KEY
I. MULTIPLE CHOICE
1. A
2. C
3. B
4. B
5. D
6. A
7. C
8. D
9. B
10. C
11. A
12. B
13. C
14. B
15. C
16. B
17. A
18. D
19. C
20. B
21. C
22. B
23. A
24. A
25. A
II. PROBLEM SOLVING:
A. Materials 820,000
Accounts Payable 820,000
C. WIP 150,000
FOH-C 220,000
SAE-C 580,000
Payroll 950,000
D. SAE-C 34,000
Accounts Payable 34,000
E. FOH-C 86,000
Accounts Payable 86,000
F. SAE-C 360,000
Accounts Payable 360,000
G. FOH-C 560,000
SAE-C 140,000
Accumulated Depreciation 700,000
H. FOH-C 14,000
SAE-C 6,000
Prepaid Insurance 20,000
I. WIP 960,000
FOH-A 960,000
J. FG 1,800,000
WIP 1,800,000
K. AR 3,000,000
Sales 3,000,000
COGS 1,740,000
FG 1,740,000
SOLUTIONS TO MULTIPLE CHOICE QUESTIONS:
8. Answer: D
Direct materials issued to production P 90,000
Direct labor costs 107,000
Applied factory overhead 113,000
Decrease in ending inventory 20,000
Cost of jobs completed in January P330,000
9. Answer: B
Cost of Jobs completed in February
Job 115: Beginning inventory cost P25,000
Direct labor added 10,000
Factory overhead applied
(10,000 x 20%) 2,000 P37,000
Job 116: Materials added P20,000
Direct labor added 20,000
Factory overhead applied
(40,000 x 20%) 8,000 48,000
Total P85,000
10. Answer: C
11. Answer: A
14. Answer: B
EOQ =
7, 000 =
15. Answer: C
16. Answer: B
17. Answer: A
18. Answer: D
19. Answer: D
23. Answer: A
25. Answer: A