Hi, Minxhere

Please help me with the following first 2 attachments. Thank you.

\fFINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E16-14 Match the following terms to the appropriate statement. Some terms may be used more than once and some terms may not be used at all. Solution: a. b. c. d. e. f. g. Chapter 16: Introduction to Managerial Accounting Page 1 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition e used more than Chapter 16: Introduction to Managerial Accounting Page 2 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E16-18 Calculate operating income for each company. Solution: Company A (all amounts in millions) Sales Revenue Cost of Good Sold Gross Profit Operating Expenses: Selling Expenses Adminstrative Expenses Total Operating Expenses Operating Income xx (xx) 7 xx xx (xx) $ 4 Company B (all amounts in millions) Service Revenue Expenses: Wages Expense Rent Expense Total Expenses Operating Income xx xx xx xx $ 29 Company C (all amounts in millions) Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Chapter 16: Introduction to Managerial Accounting xx (xx) 12 xx xx (xx) $ 5 Page 3 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E16-20 Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further determine if the cost is direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and then determine if the product cost is a prime cost, conversion cost, or both. If the cost is a period cost, further determine if the cost is a selling expense or administrative expense (Admin). Cost (a) is answered as a guide. Solution: First problem answered for you. Cost a. Metal used for rims b. Sales salaries c. Rent on factory d. Wages of assembly workers e. Salary of production supervisor f. Depreciation on office equipment g. Salary of CEO h. Delivery expense DM x DL Chapter 16: Introduction to Managerial Accounting Product Period MOH Prime Conversion Selling x Page 4 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition For each cost given is a product cost, r manufacturing conversion cost, or expense or Period Admin. Chapter 16: Introduction to Managerial Accounting Page 5 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E16-21 Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts. Solution: (a) Total Manufacturing costs to Account for Total Manufacturing costs incurred durring the year Beginning Work-in-process inventory xx (xx) $ 10,200 (b) Total Manufacturing costs incurred during the year Direct Materials used Direct Labor Manufacturing Overhead xx (xx) (xx) $ 20,200 ( c) Total Manufacturing Costs to account fo cost of goods manufactured Ending work-in-process inventroy xx (xx) (d) Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing costs incurred during the year xx xx xx $4,500 $65,700 (e) Beginning Work-in-process inventory xx Total Manufacturing costs incurred during the year (d) xx Total manufacturing costs to account for $105,900 (f) Total Manufacturing costs to account for (e) Ending work-in-process inventory Cost of goods manufactured xx (xx) $ 80,100 (g) Total manufacturing costs incurred during the year (h) xx direct labor (xx) manufacturing overhead (xx) direct materials used $3,200 Chapter 16: Introduction to Managerial Accounting Page 6 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition (h) Total manufacturing costs to account for beginning work-in-process inventory total manufacturing costs incurred during the year (i) total manufacturing costs to account for ending work-in-process inventory cost of goods manufactured Chapter 16: Introduction to Managerial Accounting xx (xx) $ 5,600 xx (xx) 6,200 Page 7 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E16-25 Requirements 1. Calculate the operating income for 2016. 2. White sold 5,400 brushes in 2016. Compute the unit cost for one brush. Solution: Requirement 1 Sales Revenue Costs of Good Sold: Beginning Merchandise inventory Purchases Cost of Good Available for sale Ending merchandise inventory Cost of Goods Sold Gross Profit Selling and Adminstrative Expenses Operating Income xx xx xx $73,980 (xx) (xx) xx (xx) xx Requirement 2 Unit cost for one brush= COGS/total units sold = = xx / total brushes sold xx cost per brush Chapter 16: Introduction to Managerial Accounting Page 8 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition P16-30A Requirements 1. Prepare an income statement for Cam's Pets for the year ended December 31, 2016. 2. Cam's Pets sold 5,450 units. Determine the unit cost of the merchandise sold. Solution: Requirement 1 CAM'S PETS Income Statement Year Ended December 31, 2016 Revenues: Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases of Merchandise Cost of Goods Available for sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Utilities Expense Rent Expense Sales Commission Expense Total Selling and Administrative Expenses Net Income xx xx xx $44,100 (xx) (xx) xx xx xx xx (xx) xx Requirement 2 Unit cost = Cost of goods sold / total units sold = = xx / total units sold xx cost per unit (round to nearest cent) Chapter 16: Introduction to Managerial Accounting Page 9 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition P16-31A Requirements 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2016. 2. Prepare an income statement for Yum Yum Treats for the year ended December 31, 2016. 3. How does the format of the income statement for Yum Yum Treats differ from the income statement of a merchandiser? 4. Yum Yum Treats manufactured 17,600 units of its product in 2016. Compute the company's unit product cost for the year. Solution: Requirement 1 YUM YUM TREATS Schedule of Cost of Goods Manufactured Year Ended December 31, 2016 Beginning Work-in-process inventory Direct Materials Used: Beginning Raw Materials Inventory xx Purchases of Raw Materials xx Raw Materials Available for use 43,100 Ending Raw Materials Inventory (xx) Direct Materials Used xx Direct Labor xx Manufacturing Overhead: Plant janitorial services xx Utilities for plant xx rent on plant xx Total manufacturing overhead xx total manufacturing costs incurred during the year total manufacturing costs to account for ending work-in-process inventory cost of good manufactured Chapter 16: Introduction to Managerial Accounting $ 0 xx xx (xx) $ 68,000 Page 10 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 YUM YUM TREATS Income Statement Year Ended December 31, 2016 Revenues: Sales Revenue Cost of Goods Sold: Beginning Finished Goods Inventory Cost of Goods Manufactured ** Cost of Goods available for sale Ending finished goods inventory Cost of Goods sold Gross Profit Selling and Administrative Expenses: Sales Salaries Expense Delivery Expense Customer Service Hotline Expenses Total Selling and Administrative Expenses Net Income xx $ xx xx (xx) 0 (xx) xx xx xx xx (xx) xx ** From the schedule of Cost of Goods Manufactured in Requirement 1. Requirement 3 Requirement 4 Unit product Cost = Cost of goods Manufactured/total units produced = = xx / total units produced $xx price per unit (round to nearest Cent) Chapter 16: Introduction to Managerial Accounting Page 11 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Chapter 16: Introduction to Managerial Accounting Page 12 of 13 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Chapter 16: Introduction to Managerial Accounting Page 13 of 13 E16-14 Comparing managerial accounting and financial accounting Learning Objective 1 Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. Budget Managerial Creditors Managers Controlling Planning Financial Stockholders a. Accounting systems that must follow GAAP. b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are comparing the company's actual results with the planned results. d. Internal decision makers. e. Accounting system that provides information on a company's past performance. f. Accounting system not restricted by GAAP but chosen by comparing the costs versus the benefits of the system. g. The management function that involves choosing goals and the means to achieve them. E16-18 Identifying differences between service, merchandising, and manufacturing companies Learning Objective 2 Company B: $29 Using the above data, calculate operating income for each company. E16-20 Classifying costs Learning Objective 3 Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further determine if the cost is direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and then determine if the product cost is a prime cost, conversion cost, or both. If the cost is a period cost, further determine if the cost is a selling expense or administrative expense (Admin). Cost (a) is answered as a guide. Cost Product DM a.Metal used for rims Period DL MOH X Prime Conversion X b.Sales salaries c.Rent on factory d.Wages of assembly workers e.Salary of production supervisor f. Depreciation on office equipment g.Salary of CEO h.Delivery expense E16-21 Computing cost of goods manufactured Learning Objective 4 Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts. Selling Admin. Baker, Inc. Lawson's Outdoor Gear Bakery Beginning Work-in- $ (a) $ 40,200 $ 2,600 Direct Materials Used 14,800 35,400 (g) Direct Labor 10,100 20,000 1,800 978013359568 10,300 600 45,100 (d) (h) 55,300 (e) 8,200 (c) (25,800) (2,000) $ 50,800 $ (f) $ (i) Process Inventory Manufacturing Overhead 0(b) Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-inProcess Inventory Cost of Goods Manufactured E16-25 Calculating income and cost per unit for a merchandising company Learning Objective 5 2. $9.36 White Brush Company sells standard hair brushes. The following information summarizes White's operating activities for 2016: Selling and Administrative Expenses $ 34,020 Purchases 65,880 Sales Revenue 97,200 Merchandise Inventory, January 1, 2016 8,100 Merchandise Inventory, December 31, 2016 23,436 Requirements 1. Calculate the operating income for 2016. 2. White sold 5,400 brushes in 2016. Compute the unit cost for one brush. P16-30A Preparing an income statement and calculating unit cost for a merchandising company Learning Objectives 2, 5 1. Net income: $12,750 Cam Smith owns Cam's Pets, a small retail shop selling pet supplies. On December 31, 2016, the accounting records of Cam's Pets showed the following: Inventory on December 31, 2016 $ 10,400 Inventory on January 1, 2016 15,100 Sales Revenue 58,000 Utilities Expense for the shop 3,700 Rent for the shop 4,900 Sales Commissions 2,950 Purchases of Merchandise Inventory 29,000 Requirements 1. Prepare an income statement for Cam's Pets for the year ended December 31, 2016. 2. Cam's Pets sold 5,450 units. Determine the unit cost of the merchandise sold, rounded to the nearest cent. P16-31A Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Learning Objectives 2, 4 2. Net income: $34,900 Yum Yum Treats manufactures its own brand of pet chew bones. At the end of December 2016, the accounting records showed the following: Inventories: Beginning Ending Raw Materials $ 13,100 $ 8,500 Work-in-Process 0 2,500 Finished Goods 0 5,700 Other information: Raw materials purchases $ 30,000 Plant janitorial services 800 Sales salaries 5,000 Delivery costs 1,800 Inventories: Beginning Ending Sales revenue 105,000 Utilities for plant 1,100 Rent on plant 16,000 Customer service hotline costs 1,000 Direct labor 18,000 Requirements 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2016. 2. Prepare an income statement for Yum Yum Treats for the year ended December 31, 2016. 3. How does the format of the income statement for Yum Yum Treats differ from the income statement of a merchandiser? 4. Yum Yum Treats manufactured 17,600 units of its product in 2016. Compute the company's unit product cost for the year, rounded to the nearest cent. E16-18 Identifying differences between service, merchandising, and manufacturing companies Learning Objective 2 Company B: $29 Using the data, calculate operating income for each company. Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. Company A Company B Company C Cash $5 Wages Expense $ 16 Administrative Expenses $5 Sales Revenue 28 Equipment 35 Cash 27 Finished Goods Inventory 1 Accounts Receivable 6 Sales Revenue 28 Cost of Goods Sold 21 Service Revenue 54 Selling Expenses 2 Selling Expenses 2 Cash 14 Merchandise Inventory 8 Equipment 68 Rent Expense 9 Equipment 52 Work-in-Process Inventory 1 Accounts Receivable 16 Accounts Receivable 6 Cost of Goods Sold 16 Cost of Goods Manufactured 20 Administrative Expenses 1 Company A Raw Materials Inventory Company B 10 Company C