Quezon City University Final Examination 1 Semester (AY-2021-2022) Cost Accounting & Control (SBAC 2D)

QUEZON CITY UNIVERSITY
Final Examination
st
1 Semester (AY- 2021-2022)
Cost Accounting & Control (SBAC 2D)
INSTRUCTION:
1. Show your complete solution to your encircled answer, otherwise no solution is

automatically WRONG or ZERO
2. Use separate sheet for your solution, write legibly/clearly and avoid any erasures. Use
only bond paper and not yellow sheet. Don’t forget to write your name
3. Submit on time to my Gmail - [email protected] , late papers shall be points
deduction.
4. In the gmail subject, write like this before submission: Your NAME- Final Exam-I A 1-
SBAC-2D. Submit 2 papers 1- is your Final Exam with encircled letter answer, and 2- is
your solution
1, Genesis Company had 3,000 units in work in process at April 1, 2021, which were 60%
complete as to conversion cost. During April, 10,000 units was completed. At April 30, 4,000
units remained in work in process which were 40% complete as to conversion cost. Direct
materials are added at the beginning of the process.
REQUIRED: How many units were started during April?
a. 9,000 c. 10,000
b. 9,800 d. 11,000
2. Timothy Company has a process cost system using FIFO method. All materials are
introduced at the beginning of the process in Department 1. The following information is
available for the month of January 2021
UNITS
Work in Process, 1/1/21 (40% complete as to conversion costs) 500
Started in January 2,000
Transferred to department 2 during January 2,100
Work in Process, 1/31/21 (25% complete as to conversion costs) 400
REQUIRED: What are the equivalent units of production for the month of January 2021?
Materials Conversion
a. 2,500 2,200
b. 2,500 1,900
c. 2,000 2,200
d. 2,000 2,000
3. Galatian Company’s production cycle starts in the Mixing Department. The following
information is available for the month of April 2021
UNITS
Work n Process, April 1 (50% complete) 40,000
Started in April 240,000
Work In Process, April 30 (60% complete) 25,000
Materials are added in the beginning of the process in the Mixing Department. Using the
weighted average method
REQUIRED: What are the equivalent units of production for the month of April 2021?
Materials Conversion
a. 240,000 250,000
b. 255,000 255,000
c. 270,000 280,000
d. 280,000 270,000
4. Hello Love Company seeks to streamline the costing system at its Manila Plant. It will use the
backflush costing system with three (3) trigger points.
 Purchase or raw materials
 Completion of Finished Goods
 Sale of finished goods
There are no beginning inventories. The following data pertain to April 2021
____________________________________________________________
Raw materials purchased P 880,000
Raw materials used 850,000
Conversion costs incurred 422,000
Conversion allocated to finished goods 400,000
Costs transferred to finished goods 1,250,000
Costs of goods sold 1,190,000
______________________________________________________________
Assume no materials variances.
REQUIRED:
What is the balance of Raw and In Process inventory account at the end of April 2021
a. P 30,000 c. P 850,000
b. 880,000 d. 0
5. Hello Shop Company produces telephones. For June, there were no beginning inventory of
raw materials and no beginning and ending work in process. Hello Company uses a JIT
manufacturing system and backflush costing with two trigger points for making entries in its
accounting system.
 Purchase of raw materials
 Sales of finished goods
Hello shop standard cost per unit of telephone in June are direct materials, P 26, and conversion
costs, P 15. The following data apply to June Production:
___________________________________________________________
Raw materials purchased P 5,300,000
Conversion costs incurred 3,080,000
Number of finished units manufactured 200,000
Number of finished units sold 192,000
___________________________________________________________
REQUIRED:
What are the balances of Raw and In Process and Cost of Goods Sold accounts at the end of June
are:
a. P 308,000 and P 7,872,000 respectively c. P 308,000 and P 4,992,000 respectively

b. P 5,300,000 and P 7,872,000 respectively d. 4,992,000 and P 2,880,000 respectively
6. FPJ Inc. manufactures products X, Y, Z from a joint process. Joint product costs were
P60,000. Additional information is as follows:
______________________________________________________________________
Sales Value and additional

Costs if processed further
Products Units Produced Fixed Sales Values Additional Costs
X 6,000 P 49,000 P 9,000
Y 4,000 42,000 7,000
Z 2,000 30,000 5,000
_________________________________________________________________________
REQUIRED: W hat is the total costs allocated to product X?
Physical Measure Relative Sales Values

a. P 30,000 P 28,000
b. P 29,000 P 27,000
c. P 30,000 P 21,000
d. P 39,000 P 33,000
7. WOW INC, manufactures products F, G, H from a joint process. Additional information is as
follows:
__________________________________________________________________________
PRODUCTS
F G H TOTAL
Units produced 8,000 4,000 2,000 14,000
Joint Cost ? ? P 18,000 P 120,000
Sales Value at split-off P 120,000 ? ? P 200,000
Additional costs if processed further P 14,000 P 10,000 P 6,000 P 30,000
Sales value if processed further P 140,000 P 60,000 P 50,000 P 250,000
REQUIRED:
Assuming that joint product costs are allocated using the relative sales-value at split-off
approach, what were the joint costs allocated to product G?
a. P28,800 c. P 34,000
b. P30,000 d. P 51,000
8. Information on Cheskee Co.’s direct material costs for May 2021 is as follows:
________________________________________________________________
Actual Quantity of direct materials purchased and used 30,000 kls
Actual cost of direct materials P 84,000
Unfavorable direct materials usage variance P 3,000
Standard quantity of direct materials allowed for May production 29,000 kls
For the month of May, what was Cheskee’s DIRECT MATERIALS PRICE VARIANCE?
a. P 2,800 favorable c. P 6,000 unfavorable

b. P 2,800 unfavorable d. P 6,000 favorable
9. The following processing standards have been set for ABC Company’s clerical worker
Number of hours per 1,000 processed 150

Normal number of papers processed per year 1,500,000
Wage rate per 1,000 paper P 600
Standard variable cost of processing 1,500,000 papers P 900,000
Fixed costs per year P150,000
The following information pertains to the 1,200,000 papers that were processed during 2021
Total Cost P 915,000
Labor Cost 760,000
Labor hours 190,000
REQUIRED: For 2021, ABC’s LABOR RATE VARIANCE would be
a. P 40,000 unfavorable c. P 10,000 unfavorable

b. P 32,000 favorable d. P 0
10. The following direct labor information pertains to the manufacture of product CHOCO
Time required to make one (1) unit 2 direct labor hours

Number of direct workers 50
Number of production hours per week, per worker 40
Weekly wages per worker P 500
Workers benefit treated as direct labor costs 20% of Wages
What is the standard direct labor cost per unit of product Choco?
a. P 30 c. P 15
b. P 24 d. P 12
End of exam -Goodluck

Quezon City University Final Examination 1 Semester (AY-2021-2022) Cost Accounting & Control (SBAC 2D)

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QUEZON CITY UNIVERSITY

1. Show your complete solution to your encircled answer, otherwise no solution is

REQUIRED: How many units were started during April?

a. P 308,000 and P 7,872,000 respectively c. P 308,000 and P 4,992,000 respectively

Sales Value and additional

REQUIRED: W hat is the total costs allocated to product X?

Physical Measure Relative Sales Values

a. P 2,800 favorable c. P 6,000 unfavorable

Number of hours per 1,000 processed 150

a. P 40,000 unfavorable c. P 10,000 unfavorable

Time required to make one (1) unit 2 direct labor hours

End of exam -Goodluck

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