The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or N 1. if it is not a liability. Machinery (expected life of 4 years). L 2. Notes payable (mature in five years). L 3. Accounts payable (due in 30 days). 4. Patents (to expire after 5 years). 5. Notes payable (due in 13 to 24 months). L 6. Prepaid Insurance (6 months of coverage). 7. Current portion of long-term debt. 8. Unearned revenues (to be earned over next 3 months). 9. FUTA taxes payable. C 10. Pension liability (to be paid to employees retiring in 2 to 5 years).

Allen's office department manufactures computer desks in its​ moosejaw, saskatchewan, plant. the company uses activity based costing to allocate all manufacturing conversion costs​ (direct labour and manufacturing​ overhead). its activities and related data​ follow: ​(click the icon to view the activity areas and related​ data.) requirements 1. compute the​ per-unit manufacturing product cost of standard desks and unpainted desks. 2. premanufacturing​ activities, such as product​ design, were assigned to the standard desks at $ 5 each and to the unpainted desks at $ 2 each. similar analyses were conducted of postmanufacturing​ activities, such as​ distribution, marketing, and customer service. the postmanufacturing costs were $ 31 per standard and $ 26 per unpainted desk. compute the full product costs per desk. 3. which product costs are reported in the external financial​ statements? which costs are used for management decision​ making? explain the difference. 4. what price should allen's managers set for standard desks to earn a $ 52 profit per​ desk?