How are perfect competition and monopolistic competition different?Required: a. For each cost item listed...
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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? 
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?
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