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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Kellogg’s makes a variety of breakfast cereals. Kellogg’s is which of the following?

  1. a. Wholesaler
  2. b. Retailer
  3. c. Service firm
  4. d. Manufacturing firm
  5. e. None of these.

To determine

Identify the type of firm of Company K.

Explanation

Manufacturing Firms:

Firms that are engaged in the manufacturing or producing the products are known as manufacturing firms. The manufacturing firms use the components, parts, or raw materials to produce finished goods.

d.

Company K uses raw materials in order to produce breakfast cereals which represent that the company is a manufacturing firm. As the company is engaged in producing the breakfast cereals, the cost of direct materials, direct labor and manufacturing overheads would be incurred by the company. Therefore, this option is correct.

a.

The wholesaler can be a company or an individual who sells the products in large quantity at low cost...

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