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recitation_problem_CH_2_Angel_copy

recitation_problem_CH_2_Angel_copy - ACC 202 Friday...

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ACC 202 Friday Recitation Problems Chapter 2 1. In the preparation of the schedule of Cost of Good Manufactured, the accountant incorrectly included as part of manufacturing overhead the rental expense on the firm’s retail facilities. This inclusion would: a. Overstate period expenses on the income statement. b. Understate the cost of goods manufactured. c. Overstate the cost of good sold on the income statement. d. Have no effect on the cost of goods manufactured. Discussion question: Define manufacturing overhead. What are some components of manufacturing overhead? What items are excluded from manufacturing overhead? Distinguish between product costs and period costs. Distinguish between prime costs and conversion costs. Spring 2009
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2. The information below relates to Luckey’s Manufacturing Company’s operations for a recent month: What was Luckey’s cost of goods manufactured for the month? Optional: What are the total manufacturing costs?
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