Question
1) Distinguish between manufacturing & non-manufacturing overhead (product versus period costs) 2) Classify costs as prime costs or conversion costs. 3) Prepare a statement of
1) Distinguish between manufacturing & non-manufacturing overhead (product versus period costs)
2) Classify costs as prime costs or conversion costs.
3) Prepare a statement of cost of goods manufactured, clearly showing total manufacturing costs & total manufacturing costs to account for.
4) Calculate unit product cost and selling price, given the mark-up applied by the entity.
5) Given a set of transactions of a merchandiser for a specified period, prepare an inventory record to determine the value of ending inventory & cost of goods sold.
6) Demonstrate how sales returns & purchases returns are treated in the inventory record and how they impact the income statement.
7) Prepare an income statement for a merchandising entity.
8) Use journal entries to demonstrate the difference between a perpetual & a periodic inventory system using purchases, freight-in & sale of inventory.
9) Explain the differences between the popular methods of inventory valuation and the requirements of IAS 2 - Inventories
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