ECN 104 Study Guide - Quiz Guide: Net Income, Variable Cost, Total Absorption Costing
12 Mar 2014
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Test 1 solutions, winter term 2012 (feb 13, 2012, 12 p. m. 2 p. m. in room trs2-147) This test consists of 5 questions (9 pages). All questions must be answered on this paper in the spaces following the questions. Pages are not to be separated and all pages must be submitted without exception. Calculator (model royal xe24 or xe36 or xe48) may be used. Do not use red pen on any of these pages. Logan products, a small manufacturer, has submitted the items below concerning last year"s operations. The president"s secretary, trying to be helpful, has alphabetized the list. Required: prepare a statement of cost of goods manufactured for the year, calculate the cost of goods sold for the year. Selected data about pitkin company"s manufacturing operations at two levels of activity are given below: Required: using the high-low method, estimate the cost formula for manufacturing overhead. Assume that both direct material and direct labor are variable costs.
