Q. 2 What s the difference between financial accounting information system and a cost management information?
Q. 3 What are the objectives of cost management information system?
Q. 4 Define and explain the two major subsystems of the cost management information system.
Q. 7 What is direct cost? And indirect cost?
Wyandotte Company provided the following information for the last calendar year:
Beginning inventory:
Direct materials $25,900
Work in progress 44,700
Ending inventory:
Direct materials $18,000
Work in progress 22,700
During the year, direct materials purchases amounted to $256,900, direct labor cost was $176,000 and overhead cost was $308,400. There were 40,000 units produced.
Required:
- Calculate the total cost of direct materials used in production.
- Calculate the cost of goods manufactured. Calculate the unit manufacturing cost.
Sample Solution
