9:05 CM 56 74% 1) Discuss the importance of managerial accounting to firms and compare and contrast financial accounting and managerial accounting 2) Compare and contrast job order costing and process costing systems. Please provide an example of a situation when each would be appropriate to utilize. 3) Using the following information: Beginning Inventory 250 Units Produced 7,000 Units Sold ($750/unit) 6,500 Variable Cost per Unit Direct Material $12 Direct Labor $65 Variable Overhead $27 Fixed Cost Fixed overhead per Unit $19 Fixed Selling & Administrative Cost $400,000 annually PLEASE CALCULATE: Ending Units in Inventory Per Unit Cost (via absorption method) Value of Ending Inventory 4) For the following data set, build a cost prediction equation using the High/Low method. January February March April May June July August Gasoline Consumed $80 $110 $90 $90 $93 $94 $87.5 $45 5) Discuss the importance, in management, of knowing & understanding Unit Contribution Margin. Additionally, with the following data (Sales Price $1,500; Variable Cost per Unit $1,137; Total Fixed Cost $389,000) please calculate: Break-Even in Units Break-Even in Sales Units to be sold to make $350,000 profit Level of Sales required to make $350,000 profit a. 6) Company XYZ produces Little Bots. In producing 5,000 units last month, the company consumed: 10,000 hours of manufacturing labor at $23/hr. b. 2,500 ounces of paint at $10/ounce Manufacturing Overhead of $33,400 d. Monthly Depreciation = $52,763 C. a. 6) Company XYZ produces Little Bots. In producing 5,000 units last month, the company consumed: 10,000 hours of manufacturing labor at $23/hr. b. 2,500 ounces of paint at $10/ounce C. Manufacturing Overhead of $33,400 d. Monthly Depreciation = $52,763 Create a cost prediction formula and estimate cost if the company were to produce 7,324 units next month 7) Company 123 produces three varieties of eye glasses. In doing so last month, the company gathered the following data for efforts outside of the actual manufacturing Activity "To the Horizon "Clear as Day Polishing 3,000 hrs 2,500 hrs Adjusting 1,500 hrs 1,000 hrs Packaging 500 300 A. Using the above calculate Activity Rates for each of the 3 activities (Polishing, Adjusting, Packaging). B. If next month, 3,000 hours performed Polishing on the Clear as Day product line, what would you estimate the Polishing cost to be for the Clear as Day product line? C. If next month, 2,127 hours performed Adjusting on the Miles & Miles" product line, what would you estimate the Adjusting cost to be for the Miles & Miles" product line? 7) Company 123 produces three varieties of eye glasses. In doing so last month, the company gathered the following data for efforts outside of the actual manufacturing Activity "To the Horizon Clear as Day Polishing 3,000 hrs 2,500 hrs Adjusting 1,500 hrs 1,000 hrs Packaging 500 300 A. Using the above calculate Activity Rates for each of the 3 activities (Polishing, Adjusting, Packaging). B. If next month, 3,000 hours performed Polishing on the Clear as Day product line, what would you estimate the Polishing cost to be for the Clear as Day product line? C. If next month, 2,127 hours performed Adjusting on the Miles & Miles" product line, what would you estimate the Adjusting cost to be for the Miles & Miles product line? 8) The Subassembly Build Department incurred $250,000 of cost in the months of December. During that time it transferred out 10,000 units; had another 10,000 units 60% complete and 5,000 units were 25% complete. Calculate the unit cost