Buy New ACCT 346 Week 1: Homework plus Discussion

Buy New ACCT 346 Week 1 Homework plus Discussion

ACCT 346 Week 1 Discussion: Managerial Versus Financial Accounting, Ethics, and Ethical Behavior

ACCT-346 Week 1 Homework (graded)

1. For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both.
2. Forever Frames manufactures picture frames. Suppose the company’s July records include the following items. What is Forever Frames’s total manufacturing overhead cost in July?
3. An airline manufacturer incurred the following costs last month (in thousands of dollars): 
   1. Requirement. Assuming the cost object is an airplane, classify each cost as one of the following: direct material (DM), direct labor (DL), indirect labor (IL), indirect materials (IM), other manufacturing overhead (other MOH), or period cost. What is the total for each type of cost? (Enter amounts in thousands instead of dollars by omitting the $000s. Leave cells blank that do not require numerical inputs.)
   2. Requirement. Calculate total manufacturing overhead costs.
   3. Requirement. Calculate total inventoriable product costs.
   4. Requirement. Calculate total prime costs.
   5. Requirement. Calculate total conversion costs.
   6. Requirement. Calculate total period costs. (Enter amounts in thousands instead of dollars by omitting the $000s.)
4. Compute the Cost of Goods Manufactured and Cost of Goods Sold for South Marine Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.

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