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Chapter 16: Q1SE_b (page 885)

Comparing managerial accounting and financial accounting For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA):

b. Provides detailed reports on parts of the company.

Short Answer

Expert verified

A company is a legal entity that carries out the business and the correct answer to this question is managerial accounting.

Step by step solution

01

Definition of Company

A company is defined as a business organization that is a legal entity that is formed by a group of people and operates a business enterprise.

02

Identification of accounting

The detailed reports on the parts of the company are prepared for the internal users or the business managers to make better decisions for the company. So, the correct answer to this question is managerial accounting.

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Most popular questions from this chapter

Distinguishing between direct and indirect costs Granger Cards is a manufacturer of greeting cards. Classify its costs by matching the costs to the terms.

  1. Direct materials
  2. Direct labor
  3. Indirect materials
  4. Indirect labor
  5. Other manufacturing overhead

a. Artists’ wages

b. Wages of materials warehouse workers

c. Paper

d. Depreciation on manufacturing equipment

e. Manufacturing plant manager’s salary

f. Property taxes on manufacturing plant

g. Glue for envelopes

Computing cost of goods sold, manufacturing company

Use the following information to calculate the cost of goods sold for The Ellis Company for the month of June:

Finished Goods Inventory:

Beginning Balance $ 30,000

Ending Balance 10,000

Cost of Goods Manufactured 165,000

Computing cost of goods manufactured

Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.

Banner, Inc. Larry’s Bakery Sports Gear

Beginning Work-in-Process Inventory \( (a) \) 40,800 \( 2,200

Direct Materials Used 14,400 35,900 (g)

Direct Labor 10,300 20,100 1,900

Manufacturing Overhead (b) 10,000 900

Total Manufacturing Costs Incurred during the Year 45,200 (d) (h)

Total Manufacturing Costs to Account for 55,400 (e) 8,300

Ending Work-in-Process Inventory (c) (25,500) (2,600)

Cost of Goods Manufactured \) 50,500 \( (f) \) (i)

How is cost of goods manufactured calculated?

Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:

e. Cost of chemicals to treat the paper.
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