Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but h out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It ma accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured Data for February Decrease in materials inventory Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $11,700 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $29,400 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period 58,000 less than Cost of Goods Sold $3,600 Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Process Inventory 27,000 Direct Labor Incurred Finished Goods Triventory 16,500 Factory Overhead Incurred Cost of Goods Sold Able Baker Charlie Company Charles Maxwell is starting a cheesecake bakery, Able Baker Charlie Company, to produce and sell different flavored cheesecakes to restaurant He has just begun his study of accounting, and is a bit confused about the many types of reports he has read about and how they will help him asks you to help him clarify what the differences between managerial accounting and financial accounting are. He's also wondering how to set classify the costs of his business, and how to fill in some missing information Managerial vs. Financial Select whether the following characteristics are most often associated with managerial accounting or financial accounting. Primarily used for internal decision making Generally Accepted Accounting Principles (GAAP) must be used Prepared statements usually pertain to the company as a whole rather than individual departments or products Information provided will often be subjective, such as estimated future results often prepared on an as-needed basis rather than at fixed intervals Cost Classification Charles has provided some of the costs he expects to incur as follows. Decide on the classifications that could be applied to each of these costs us provided. The cost object in each case is the cheesecake. (Select "Yes" or "No" from the below dropdowns.) Product Cost Direct Direct Factory Selling Cost Materials Labor Overhead Expense Eggs used to make cheesecakes Period Cost Baker's wages Delivery