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1. Question:( TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? 2. Question: TCO 1) Which of the following statements regarding fixed costs is true? 3. Question:( TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? 4. Question:( TCO 1) Shula’ s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $ 4,080; hourly labor( variable), $ 5,200; rent( fixed), $ 1,700; depreciation, $ 800; and other fixed costs, $ 600. Each steak dinner sells for $ 14.00 each. How much is the budgeted variable cost per unit? 5. Question:( TCO 1) Which of the following is an example of a manufacturing overhead cost? 6. Question:( TCO 1) Product costs 7. Question:( TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $ 62,000. At January 1, 2010, the balance was $ 55,000. Current manufacturing costs for the year are $ 292,000, and cost of goods sold is $ 284,000. How much is cost of goods manufactured? 8. Question:( TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows: