1. To prepare for an upcoming meeting with the production staff, a manager pulls a report that gives a comparison of the last period's expenses. Which type of accounting is the manager using, financial or managerial? Explain.

2. In its monthly meeting, the management of Beads Inc. discusses the following: identification of an outdated piece of equipment that caused high production costs, the effects of purchasing a new piece of equipment on the budget, and financing of the budget through bank loans and new investors. Which activities discussed during the meeting required or will require managerial accounting?

3. In the introduction of its new purses, Chic Diva incurs the following expenses: $3,000 for direct materials, $1700 for office supplies, $10,000 for sales salaries, $8,100 for production wages, $1,200 for office depreciation, and $1,700 for production facility utilities. How much does the company incur for product and period costs? Also, distinguish the period costs by either selling or administrative expenses.

4. As of January 1, 2021, Tippy Cup Co. had a balance of $15,000 for raw materials inventory. The company's ending balance of raw materials inventory totaled $13,900. Every four months, the company purchases 250 pounds of raw materials at $25 a pound. Calculate the cost of direct materials used for the year.

5. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30 per hour. Using the cost of direct materials used calculated in question four, determine the total manufacturing costs incurred for the year.

6. As of January 1, 2021, Tippy Cup Co.'s work in process inventory had a beginning balance of $98,750. The ending balance of work in process inventory totaled $92,350. Using the information calculated in question five, calculate the cost of goods manufactured for the year.

7. Using the information calculated in questions 4-6, make a statement of cost of goods manufactured for Tippy Cup Co.