Reference no: EM132283714
Question: Objective: To understand and solidify introductory financial accounting course concepts and techniques
Description: Managerial Accounting focuses heavily on finding solutions to numerical problems. With that in mind, most units will include a number of problems. For each problem, you will need to provide more than a simple numerical response. Your solutions should thoroughly address the issue and present the findings in a meaningful format similar to those developed within the chapters and as part of the review exercises solutions. Part value may be assigned for incorrect responses.
Question 1: The following information was taken from the accounting records of Dunbar Mifflin Company in 2018.
Required: 1) Prepare a schedule of cost of goods manufactured.
Question 2: Following are the account balances for the DC Company in 2018:
Required: 1) Prepare a schedule for the cost of goods manufactured for 2018. (16 marks)
2) Revenues for 2018 was $425,000. Prepare the income statement for 2018. (22 marks)
Question 3: Identify if the following costs are "product" or "period" costs:
Question 4: The Trump International Hotel & Tower is a five-star hotel located in downtown Toronto. The hotel's operations vice president would like to replace the hotel's legacy computer terminals at the registration desk with attractive state-of-the-art flat-panel displays. The new displays would take less space, consume less power than the old computer terminals, and provide additional security, since they can be viewed only from a restrictive angle. The new computer displays would not require any new wiring. However, the hotel's chef believes the funds would be better spent on a new bulk freezer for the kitchen.
Required: 1) Classify each item as a differential cost, an opportunity cost, or a sunk cost in the decision to replace the old computer terminals with new flat-panel displays. If none of the categories apply for a particular item, select "None".
NOTE: Tables of all the questions are attached in a file.
Information related to above question is enclosed below:
Attachment:- accounts1.rar