1) Compare and Contrast Drafts and Promissory Notes. Be sure to include the identity of the parties on both instruments. 2) In order to make a Draft or a Note an acceptable cash equivalent for commercial transactions, the paper must a) Have all of the magical ingredients on its face (qualify as a negotiable instrument) b) Be transferred in a magical way (negotiated) c) to a person with magical powers (Holder in Due Course).

Kubin company’s relevant range of production is 18,000 to 22,000 units. when it produces and sells 20,000 units, its average costs per unit are as follows: average cost per unit direct materials $ 7.00 direct labor $ 4.00 variable manufacturing overhead $ 1.50 fixed manufacturing overhead $ 5.00 fixed selling expense $ 3.50 fixed administrative expense $ 2.50 sales commissions $ 1.00 variable administrative expense $ 0.50 required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 20,000 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 22,000 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 18,000 units?