Im wondering if anyone knows the answers and work to this study sheet, I plan to use it as examples to complete a practice quiz

ACG 2071 Midterm Assessment Answer the questions to the best of your ability. Include the detail of your calculations where calculations are required. Add additional pages as necessary. 1. For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA) (5 Points): Statement How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis. Relevant information and focus on the future. Primary users include investors, creditors, and government authorities. There is no requirement to follow GAAP. Applies to MA or FA 2. Classify each cost of a furniture manufacturer as either product cost (PR) or period cost (PE) (7 Points): Cost Vice president of marketing's salary Delivery expense Wood used to make tables Depreciation on office equipment Production supervisor's salary Factory insurance Corporate office rent PR or PE 3. Dreams Manufacturing, Inc. provided the following information for the year: PurchasesRaw Materials Plant Utilities and Insurance Indirect Materials Indirect Labor Ending BalanceWork-in-Process Inventory Ending BalanceRaw Materials Inventory Direct Labor Depreciation on Factory Plant and Equipment Beginning BalanceWork-in-Process Inventory Beginning BalanceRaw Materials Inventory $270,000 202,500 35,250 14,250 42,000 45,000 352,500 18,000 18,000 63,000 Required: Prepare a statement of the cost of goods manufactured using the following format (25 Points): Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory Direct Materials Used: Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead: Indirect Materials Indirect Labor DepreciationPlant and Equip. Plant Utilities and Insurance Total Manufacturing Overhead Total Manufacturing Costs Incurred During the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured 4. At the beginning of the year, Rupert Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 Cost of Goods Sold 0 Sales Revenue 0 The following additional details are provided for the year: Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed Jobs sold for total revenue of Cost of jobs sold $ 80,000 190,000 300,000 295,000 500,000 750,000 440,000 The remaining balance of Manufacturing Overhead was adjusted to zero. Calculate the ending balances in Work-in-Process Inventory, Finished Goods Inventory, Manufacturing Overhead (unadjusted), and Cost of Goods Sold (after adjustment) (20 Points). 5. Journalize the following transactions for Malone Custom Furniture Manufacturing (12 Points): a) Incurred and paid advertising expenses, $3,500. b) Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. c) Purchased raw materials on account, $27,000. d) Used in production: direct materials, $12,000; indirect materials,$5,500 e) Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500 (credit Property Tax Payable). f) Allocated manufacturing overhead to jobs, 150% of direct labor costs. g) Completed production on jobs with costs of $55,000. h) Sold inventory on account, $64,000; cost of goods sold, $35,000. i) Adjusted for overallocated or underallocated overhead. 6. Florian Plant Services completed a special landscaping job for Pierre Designs Company. Florian uses ABC and has the following predetermined overhead allocation rates: Activity Designing Planting Predetermined Overhead Allocation Base Allocation Rate Number of designs $275 per design Number of plants $15 per plant The Pierre Designs project required $1,200 in landscape materials, $700 in direct labor, one design, and 35 plants. Requirements (15 Points): 1. What is the total cost of the work done for Pierre Designs? 2. If Pierre Designs paid $3,900 for the job, what is the operating income or loss? 3. If Florian desires an operating income of 50% of cost, how much should the company charge for the Pierre Designs project? 7. Provide answers to the following just-in-time costing questions (3 Points): Just-in-Time Costing Question When are the costs of products recorded? Which inventory accounts are used? Which accounts are used to record manufacturing costs? Just-in-Time Costing Answer 8. Caprice, Inc. has adopted a JIT management system and has the following transactions in December: Dec 3 Purchased raw materials on account, $80,000 Dec 8 Incurred labor and overhead costs, $105,000 Dec 15 Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs Dec 23 Sold 650 units for $395 each Record the journal entries for Caprice, Inc. for December (5 Points). 9. Distinguish the following costs as prevention, appraisal, internal failure, or external failure (7 Points): a) b) c) d) e) f) g) Rework substandard products Technical support provided to suppliers Warranty repairs and replacements Inspection of test equipment Liability arising from defective products Field testing and appraisal at customer site Disposal of defective products 10. Identify each cost below as variable (V), fixed (F), or mixed (M), relative to units sold (6 Points): Units Produced and Sold Total electric cost Supervisor's monthly salary Assembly line workers' per hour wage rate Total materials cost Depreciation on factory equipment Total delivery costs 100 $1,500 $4,500 500 $1,650 $4,500 1,000 $1,700 $4,500 $30 $800 $5,000 $1,400 $30 $4,000 $5,000 $1,800 $30 $8,000 $5,000 $2,250 11. Andres Napkin Company sells a product for $80 per unit. Variable costs are $25 per unit, and fixed costs are $4,000 per month. Andres sold 2,000 units in October. Prepare an income statement for October using the contribution margin format (10 Points). 12. Fun Time Amusement Park provides a variety of attractions. Fun Time sells tickets at $50 per person as a one-day entrance fee. Variable costs are $28 per person, and fixed costs are $178,800 per month. Assume that Fun Time reduces fixed costs from $178,800 per month to $166,500 per month. Compute the new breakeven point in tickets and in sales dollars (10 Points)