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Acct 104 First Assignement Q1. For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (EA): Statement Applies to MA or FA How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, dsually on a quarterly or annual basis. Relevant information and focus on the future. Primary users include investors, creditors, and Bofernment authorities. There is no requirement to follow GAAP. Q2. New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information: Sales Revenue Purchases (excluding Freight In) Selling and Administrative Expenses Freight In Beginning Merchandise Inventory Ending Merchandise Inventory S525,000 347,000 36,500 15,500 42,000 55,500 How much is the gross profit for the year? Q3. Planet Manufacturing provided the following information for the month ended March 31: Planead Manufacturing Sales Revende $ 22,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 6,500 Cost of Good Manufactured 10,600 Selling and Administrative Expenses 4 5,125 Prepare the income statement. Q.4 Malibu Corporation provided the following information for the year: $26,000 55,000 Beginning Balance-Work-in-Process Inventory Ending Balance --Work-in-Process Inventory Beginning Balance-Raw Materials Inventory Ending Balance-Raw Materials Inventory Purchases-Raw Materials 81,000 59,000 360,000 471,000 Direct Labor Indirect Labor 19,000 24,000 Depreciation on Factory Plant and Equipment Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year