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2:43 1 4GO D Effat University Midterm Exam SUMMER 2020 COLLEGE OF BUSINESS - FINANCE DEPARTMENT INSTRUCTOR NAME: Dr. Tahar Tayachi COURSE NAME: Managerial accounting COURSE NUMBER: ACCT 240 SECTION: Total Grade: 20 NUMBER OF PAGES: 02 Q1 Q2 Name: ..... NUMBER OF QUESTIONS: 03 Student's ID: .. Total Midterm exam is 20% of the total grade. Answer each of the following 03 exercises. Exercise 1 (8 marks) ABC Company uses job costing to calculate the cost of its jobs. overhead is allocated to each job based on the number of direct labor hours spent on that job. At the beginning of the current year, ABC estimated that its overhead for the coming year would be 25000 SAR, It also anticipated using 6000 direct labor hours for the year. ABC started and completed the following two jobs: Job A Job B Job C Direct materials 36000 24000 12000 Direct Isbor hours 120 ABC paid 35 SAR per hour-wage rate to the employees who worked on these jobs. 1. What is ABC's predetermined manufacturing overhead rate (PMOHR) based on direct labor cost? 2. Calculate the manufacturing overhead to be allocated based on direct labor cost to each job 3. What is the total cost of each job? ACCT 240 Tahar Tayachi Page 1 at 2 TOFORM.MAR2019 Effat University Midterm Exam SUMMER 2020 Exercise 2 (6 marks) jeddah holding uses the weighted average method in its process costing system. The company packaging department has the following data for the last month. Materials Labo Overhead Beginning inventory 20000 5000 100000 Cost added during the month 20000 4000d 120000 Jeddah holding computed the equivalent units of production as follow Materials Labor Overhead Equivalent units of production 300d 1. Compute the cost per equivalent unit for materials, labor, and overhead. 2. Compute the total cost per equivalent whole unit . Journalize the work in process Exercise 3 (4 marks) Kingdom holding has recorder sales revenues of 300,000,000 SAR and operating income of 10,000,000 SAR last month. Opening inventory and ending inventory of the month were 50,000,000 SAR and 30,000,000 SAR Respectively. Total purchases of the month were 80,000,000 SAR, with freight-in and import duty adding another 220,000 SAR. During the month Kingdom holding also incurred selling and administrative expenses of 25,000,000 SAR. Prepare Kingdom's income statement. Exercise 4 (2 marks) Why Job costing is different from Process Costing? ACCT 240 Tahar Tayachi Page 2 at 2 TOFORM.MAR2019