COMM 305 MIDTERM EXAMINATION – FALL (2026-2027) QUESTION I-20 AND CORRECT ANSWERS 100% PASS (11pages)

SELECT THE BEST ANSWER(1 Mark Each Question) 1. Which of the following is *not* one of the categories in /Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management? a. confidentiality b. competence c. integrity d. independence 2. A cost that remains the same per unit at every level of activity is a a. Fixed cost. b. Mixed cost. c. Semi-variable cost. d. Variable cost. 3. The following data pertain to activity and electricity costs for two recent years: Year1 Year 2 Activity Levels in Units 12,000 8,000 Electricity costs $15,000 $12,000 Using the high-low method, what is the variable cost per unit for electricity? a. $1.25 per unit b. $1.50 per unit c. $1.33 per unit d. $0.75 per unit e. None of the above 4. Hooter Manufacturing Company reported the following year-end information: Beginning work in process inventory $75,000 Beginning raw materials inventory 20,000 Ending work in process inventory 73,000 Ending raw materials inventory 23,000 Raw materials purchased 220,000 Direct labour 170,000 Manufacturing overhead 80,000 How much is Hooter Manufacturing’s cost of goods manufactured for the year?