8:56 8 A ill .all 43% Individual Assignment on Process Job order costing (30%) DISCUSSION QUESTIONS 1. What are the major differences between financial and managerial accounting? 2. What are the three major elements of product cost in a manufacturing company? 3. Explain the difference between job order and process costing systems? 4. What are variable costs? What about fixed costs? 5. Why is manufacturing overhead considered an indirect cost of a unit of product? 6. Define the following terms: differential cost, opportunity cost, sunk cost. 7. Define the following: a) Direct materials b) Indirect materials c) Direct labor d) Indirect labor e) Manufacturing overhead Prime cost g) Conversion cost h) Work in process 8. Explain the difference between a product cost and a period cost. The following selected data are taken from XYZ Company for the month of November 2022. Direct Material Inventory: November 1, 2022........ ........ 100,000 Direct Materials Purchase .... . ........ 360,000 Direct Materials used .. ........ .... 380,000 Total Manufacturing overhead costs.... -....... 445,000 Variable Manufacturing Overhead Costs... ..... 260,000 Total Manufacturing costs incurred during November 2022......1,605,000 Work in Process inventory: November 1, 2022. ..... ...... 225,000 Cost of Goods Manufactured...... . 1,655,000 Finished Goods Inventory: November 1, 2022.......... ..... 125,000 Cost of Goods Sold...... ... 1,765,000 Total Operating Costs incurred during November 2022...............765,000 Total Revenue from Sale of Goods during November 2022........4,550,000 Instruction: Under this project the candidate is expected to perform the tasks based on the 1. Direct Materials inventory on November 30, 2022 2. Fixed Manufacturing Overhead Costs for November, 2022 3. Direct Manufacturing labor costs for November 2022 4. Work in Process Inventory November 30, 2022 5. Cost of finished Goods available for sale in November 2022 6. Finished Goods inventory on November 30, 2022 information provided. 7. Prepare schedule of cost of goods manufactured for November 30, 2022 8. Prepare schedule of cost of goods sold for November 30, 2022 Due date W O