ACC 350: Prepare a Cost of goods manufactured, a Cost of goods sold and an Income

ACC 350: Prepare a Cost of goods manufactured, a Cost of goods sold and an Income
Statement for June for Kiera’s Kakes based on the following information:
Sales R​evenue $4,000,000
Raw Materials purchases $800,000
Direct Labor $200,000
Selling, General and Administrative Expenses $500,000
Ending finished goods inventory $300,000
Indirect labor $50,000
Beginning raw materials inventory $200,000
Factory Depreciation $30,000
Ending work in process inventory $500,000
Indirect materials $40,000
Factory Rent $30,000
Beginning work in process inventory $400,000
Factory utilities $20,000
Beginning finished goods inventory$400,000
Factory Insurance $10,000
Ending raw materials inventory $100,000
Tax rate 30%
2. Compare and Contrast Financial and managerial accounting.
3. Define the following terms:
a. Direct cost
b. Indirect cost
c. Product cost
d. Time period cost
e. Direct material
f. Direct labor
g. Manufacturing Overhead
h. Indirect material
i. Indirect Labor
j. Other manufacturing costs
k. Opportunity costs
l. Sunk Costs
m. Fixed cost
n. Variable cost
o. Mixed cost

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