ACC 212 Exam 1 Study Guide(1)

ELI ACC 212 Exam 1 Study Guide (Chapters 14 thru 16) Exam 1 (150 points) covers Chapters 14 through 16 and will have 16 multiple-choice questions and 3 essay questions or problems. Make up your own study guide from the tips provided. Students must earn 60% (90 points) or more on two of the first three Exams (Exams 1, 2 or 3) to pass this course. Be serious about your preparation. ESSAY/PROBLEM QUESTIONS: It is important that you do well on the essay/problem questions. Each essay question/problem is worth 30 points. There is one problem from each chapter. Essay/Problem 1- Manufacturing statement preparation Direct materials Raw materials inventory, Dec. 31, 2012 $ 8,000 Raw materials purchases 86,500 Raw materials available for use 94,500 Less raw materials inventory, Dec. 31, 2013 9,000 Direct materials used $85,500 Direct labor 60,000 Factory overhead Indirect labor $ 9,000 Factory supervision 6,000 Factory utilities 2,600 Repairs – factory equipment 2,500 Property taxes – factory building 1,900 Factory supplies used 600 Factory insurance expired 1,100 Depreciation expense – small tools 200 Depreciation expense – factory equipment 3,500 Depreciation expense – factory building 1,800 Depreciation expense – patents 800 Total factor overhead 30,000 Total manufacturing costs $175,500 Add goods in process inventory, Dec. 31, 2012 2,500 Total cost of goods in process $178,000 Less goods in process inventory, Dec. 31, 2013 7,500 Cost of goods manufactured $170,500