Q.1. Managerial accounting emphasizes decision affecting the future relevance, timeliness and segment reports, whereas financial accounting stresses financial consequences of past activities, precision, objectivity and verifiability, being a student of managerial accounting course you are required to explain how managerial accounting differs from financial accounting.

Q.2.

Lettman Corporation has provided the following partial listing of costs incurred during November:

Required: a. What is the total amount of product cost listed above? Show your work. b. What is the total amount of period cost listed above? Show your work.

Q3.

Abdullah Manufacturing Company completed Job 407 last month. The cost details of Job 407 are shown below:

Direct labor cost	$2,040
Direct materials cost	$90
Machine hours used	5
Direct labor hours	75
Predetermined overhead allocation rate per direct labor hour	$34

Required: Calculate the total job cost for Job 407.

Q4 During May, Jon Corporation purchased $80,000 of raw materials on credit to add to its raw materials inventory. A total of $85,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw material included $7000 of indirect materials.

Required: Prepare journal entries to record the purchase of materials and their use in production.

Q5. Nikkel Corporation uses the following activity rates from its activity- based costing system to assign overhead costs to products.

Activities Activity Rate

Setting up batches.. $60.42 per batch

Processing customer orders $20.58 per customer order

Assembling products. $10.71 per assembly

Data concerning two products appear below:

Product COOR Product A61E Number of batches 60 53

Number of customer orders.. 46 20

Number of customer orders.. 320 150

Required: How much overhead cost would be assigned to each of the two products using the company's activity-based costing system?

Marketing salaries Property taxes, factory Administrative travel Sales commissions Indirect labor Direct materials Advertising Depreciation of production equipment. Direct labor $45,000 S9,000 $98,000 $48,000 $38,000 S165,000 $138,000 S39,000 $87,000