Identify changes and trends in managerial accounting practices.

1. Differentiate managerial accounting from financial accounting 2. Describe the flow of costs in a job-order cost accounting system 3. GX company uses job order costing system and has incumed the following non-manufacturing expenses for the most recent period . Selling and administrative salary: $60,000 Depreciation on office expenses furniture: $14,000 Advertising expenses: $84,000 Other selling and administrative expenses $16,000 make journal entries from the information provided above. 4. The Fine manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2012 the company estimated that 150,000 machine hours would be worked and $900,000 overhead cost would be incurred during 2012 The balances of raw materials, work in process (WIP). and finished goods at the beginning of 2012 were as follows: Raw materials: $40,000 Work in process: $30,000 Finished goods: $60,000 The Fine manufacturing company recorded the following transactions during 2012 a. Raw materials purchased on account $820,000. b. Raw materials were requisitioned for use in production, $760,000 ($720,000 direct materials and $40,000 indirect materials) .c. Direct labor labor, $150,000, indirect labor, $220,000; sales commission, $180.000; and administrative salaries, $400,000. .d. Sales travel costs were $34,000. e. Utility costs incurred in the factory, $86,000. f. Advertising expenses were $360,000. g. Depreciation for the year was $700,000 ($560,000 relates to factory and $140.000 relates to selling and administrative activities). h. Insurance expired during the year, $20,000 ($14,000 relates to factory operations and $6,000 relates to selling and administrative activities) i. Fine manufacturing company worked 160,000 machine hours. Manufacturing overhead was applied to production. j. Goods costing $1,800,000 were completed during the year . k. The goods costing $1,740,000 were sold to customers for $3,000,000. Prepare cost of goods sold Statement