Question 1: 30 Marks Download Pfizer annual reports, and review financial statements and its associated notes and answer following question: 1. What categories of inventory does Pfizer has? (Hint: check balance sheet and associated notes) 2. Calculate cost of finished goods using information from income statement, balance sheet and associated notes) 3. Identify elements of manufacturing overheads from annual reports. Question 2 (40 Marks): Nano Corporation makes plastic and wooden picture frames. The company has assigned $137,000 in monthly manufacturing overhead costs to two cost pools as follows: $87,000 to power costs, and $50,000 to production set-up costs. Power costs are allocated to products using machine hours as an activity base. Set-up costs are allocated to products based on the number of production runs each product line requires. Question 3 (30 Marks): Jenna Manufacturers produces flooring material. The monthly fixed costs are $12,000 per month. The unit selling price is $85 and variable cost per unit is $40. If Jenna's managers create a CVP graph, at what sales level (in units) will the revenue and total cost lines intersect? Show the workings and the graph clearly, along with the Break-even point. Question 1: 30 Marks Download Pfizer annual reports, and review financial statements and its associated notes and answer following question: 1. What categories of inventory does Pfizer has? (Hint: check balance sheet and associated notes) 2. Calculate cost of finished goods using information from income statement, balance sheet and associated notes) 3. Identify elements of manufacturing overheads from annual reports. Question 2 (40 Marks): Nano Corporation makes plastic and wooden picture frames. The company has assigned $137,000 in monthly manufacturing overhead costs to two cost pools as follows: $87,000 to power costs, and $50,000 to production set-up costs. Power costs are allocated to products using machine hours as an activity base. Set-up costs are allocated to products based on the number of production runs each product line requires. Question 3 (30 Marks): Jenna Manufacturers produces flooring material. The monthly fixed costs are $12,000 per month. The unit selling price is $85 and variable cost per unit is $40. If Jenna's managers create a CVP graph, at what sales level (in units) will the revenue and total cost lines intersect? Show the workings and the graph clearly, along with the Break-even point