How are perfect competition and monopolistic competition different?Required:
a For each cost item listed below, categorize the item as either product or period cost. If a product cost, further categorize the item as either direct
materials, direct labor or overhead. If a period cost, further categorize as the item as either selling or general and administrative.
b Assuming ML produced cakes during the period, calculate the manufacturing cost per cake.
Round the cost per unit to two decimal places.
c Calculate the Cost of Goods Sold if ML sold cakes during the period.
Round the amount to the nearest whole dollar.
d Calculate the balance in Finished Goods at the end of the period assuming cakes were sold during the period.
e Does ML operate in a job order or process cost environment? How can you tell?
