1. What are the similarities and differences between prime cost, product cost and period cost. b) What are the similarities and differences between fixed costs, variable costs.

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2.The finished goods beginning inventory = $100,000; The finished goods ending inventory = $50,000; The work in process inventory at the beginning of the year was $150,000 and at the end of the year $50,000; The raw materials inventory at the beginning of the year $80,000 and at the end of the year was $40,000. Manufacturing costs and selling and administrative expenses were as follows: indirect materials = $10,000; factory utilities = $20,000; raw material purchases = $30,000 in June and $40,000 in May; direct labor cost related to wages of factory employees = $80,000; indirect labor = $20,000; factory supervision = $10,000; other factory costs = $10,000; selling expenses = $20,000; depreciation factory machinery = $40,000 and depreciation of office equipment = $50,000; sales commissions = $20,000; office supplies = $10,000; factory supplies = $20,000; marketing expenses = $60,000; and deprecation of office building = $50,000; the company closed its year end with sales revenue of $1,000,000. Required: Prepare schedules for direct materials, direct labor, factory overhead, total manufacturing costs and cost of goods sold.

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3. Mark Tool Company during January the first month of operations accumulated the following costs: a) Purchased raw materials on account / on credit $8,000; b) Paid factory wages $10,000; and c) Utilities payable $4,000. d) Depreciation machinery $6,000 Prepare separate entries for each of the above:

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4.jack Coop is a manufacturer of cameras. The company has two departments: assembly and testing. In 2019 the company incurred $800,000 in direct materials and $ 805,000 in conversion costs (direct materials and direct labor) for a total manufacturing cost of $1,805,000. Required: Assume that the work in process, beginning =-0- on January 1, 2019. During January 5,000 were placed into production and 5,000 units were fully completed at the end of the month. What is the unit cost of the assembled camera in January? Assume that during February 5,000 units were placed into production. Further assume the same assembly costs for January and February. In addition 4,000 units were fully completed at the end of February. Work in process of the remaining 1,000 units were 100% completed as to direct materials and only 60% completed as to conversion costs. a) What are the equivalent units as to direct materials and conversion costs and the cost per equivalent unit in February? b) What is the unit cost of the assembled camera in February 2019?