This exam covers the following CLOS#: CLOI CLO2 CLO3 CLO4 Describe the basic differences between financial and managerial accounting Identify and use key cost terms, concepts and classifications format income statements. Apply variable, fixed and mixed cost behavior concepts in preparing contribution margin Apply Cost-Volume-Profit relationships in predicting and decision making Question 1: Total: (5 marks) Explain the distinguishing features of managerial accounting (Smarks). Answer: ). Question 2: Total: (8.5 marks) A. Raynor Manufacturing Company has the following data: Direct labor Direct materials used Total manufacturing overhead Ending work in process Beginning work in process $46,000 84,000 60,000 30,000 40,000 Required: Calculate (a) total manufacturing costs and (b) cost of goods manufactured. (4 marks)