1 How is managerial accounting different from financial accounting? (list 4 differences)

2 Which of the following transactions would reduce net income for the period and WHY?

a. Depreciated production equipment for $3,000

b. Paid administrative salaries of $2,500

c. Paid $1,600 cash for raw material cost

d. Purchased $5,000 of merchandise inventory

3 During its first year of operations, Nickelback Company paid $10,000 for direct material, $20,000 in wages for production workers, and $30,000 wages for administrative and sales personnel. Lease payments and utilities on the administrative building and production facilities amounted to $5,000 and $7,000, respectively. General, selling, and administrative expenses were $6,000. The company owns a delivery car and manufacturing equipment. The annual depreciation on the car is $ 1,000. The original cost of the equipment is $10,000 and has a salvage value of $1,000 after 3 years. The company produced 4,000 units and sold 2,000 units at a price of $15 a unit.

Indicate the average cost to produce one unit

Indicate the cost of goods sold