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Aadil Merali Juma

The following data are for Mamba Inc. The account balances are for 2013. All amounts are in Canadian Dollars. Marketing, distribution and customer-service costs 34,000 Sales revenue 1,500,000 Finished goods inventory, January 1 21,000 Direct materials inventory, January 1 53,000 Work in Progress, January 1 33,000 Utilities 18,000 General and administrative costs 49,000 Finished goods inventory, December 31 37,000 Direct materials Inventory, December 31 35,000 Work in Progress, December 31 55,000 Purchases of direct materials 158,000 Direct labor 215,000 Manufacturing overhead 500,000 Miscellaneous costs 2,000 Calculate: 1. Cost of direct materials used (DM used) 2. Cost of goods manufactured (CoGM) 3. Cost of goods sold (CoGS) 4. Gross Margin (GM) 5. Operating Income (OI) The following costs are incurred by Sungura Inc., a manufacturer of plastic rabbit toys. 1. Plastic used in the toys 2. Depreciation on machinery 3. Property taxes for the manufacturing plant 4. Labor costs to manufacture the toys 5. Packaging and distribution of the toys 6. Depreciation of equipment in distribution facility 7. Production supervisor's salary 8. Sales supervisor’s salary 9. Insurance on selling and administration facility 10. Commissions paid to salespersons Required Classify each cost as either variable (V) or fixed (F), direct (D) or indirect (I), and product (C) or period (E) MCQ 1. All of the following illustrate purposes for allocating costs to cost objects except:
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