1. What is managerial accounting? Define it in your own words.

1. List the major differences between financial and managerial accounting

1. Define product costs. List 4-5 examples.

1. Define period costs. List 4-5 examples.

1. What is manufacturing overhead? Define it in your own words based on the textbook description.

1. For a commercial bakery, list 5 items that would be included in manufacturing overhead.

1. In a manufacturing environment, there are 3 categories of inventory - raw materials, work in process and finished goods. List the types of raw materials that you might find in a commercial bakery. What would work in process look like in this type of manufacturer? Name a few products you might find in ending inventory.

1. There are three components of manufacturing costs - direct material, direct labor and manufacturing overhead. Define each of them and use the commercial bakery to provide examples for help you visualize how the costs are coming together.

1. The cost of goods manufactured schedule brings together the manufacturing costs and takes changes in work in process inventory into consideration. Find an example in the textbook and reference or paste it here. Review it and think about how the information comes together as the product is manufactured.

1. The last step in the process is determining cost of goods sold. It takes into account the cost of goods manufactured and adjusts for any changes in the finished goods inventory. Find an example in the textbook and reference or paste it here. Review it and think about how the information comes together as the product is manufactured.