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E18-14 Comparing managerial accounting and financial accounting

Match the following terms to the appropriate statement. Some terms may be used

more than once and some terms may not be used at all.

  Budget                     Managerial

Creditors                 Managers

Controlling               Planning

      Financial                 Stockholders

a. Accounting systems that must follow GAAP.

b. External parties for whom financial accounting reports are prepared.

c. The role managers play when they are comparing the company’s actual results

with the planned results.

d. Internal decision makers.

e. Accounting system that provides information on a company’s past performance.

f. Accounting system not restricted by GAAP but chosen by comparing the costs

versus the benefits of the system.

g. The management function that involves choosing goals and the means to

achieve them.














E18-22 Preparing a schedule of cost of goods manufactured

Knight Corp., a lamp manufacturer, provided the following information for the

year ended December 31, 2014





Raw Materials                                $ 56,000                                        $ 23,000

Work-in-Process                              103,000                                          63,000

Finished Goods                                 41,000                                           48,000

Other information:

Depreciation, plant building and equipment                           $ 16,000

Raw materials purchases                                                        159,000

Insurance on plant                                                                     22,000

Sales salaries                                                                            46,000

Repairs and maintenance—plant                                                8,000

Indirect labor                                                                              32,000

Direct labor                                                                              122,000

Administrative expenses                                                           59,000


1. Use the information to prepare a schedule of cost of goods manufactured.

2. What is the unit product cost if Knight manufactured 2,160 lamps for the year?


E18-23 Computing cost of goods manufactured and cost of goods sold

Use the following information for a manufacturer to compute cost of goods

Inventories:                                                 Beginning          Ending

Raw Materials                                               $ 29,000 $            32,000

Work-in-Process                                              44,000               37,000

Finished Goods                                                19,000              24,000

Other information:

Purchases of materials                                                             $ 77,000

Direct labor                                                                                  87,000

Manufacturing overhead                                                              45,000

Manufactured and cost of goods sold:
















Davis Consulting, Inc. is going to manufacture billing software. During its first

month of manufacturing, Davis incurred the following manufacturing costs:

Inventories:                                                Beginning                                  Ending

Raw Materials                                              $ 10,800                                    $ 10,300

Work-in-Process                                                0                                              21,000

Finished Goods                                                 0                                              31,500

Other information:

Raw materials purchases                                                                              $ 19,000

Plant janitorial services                                                                                         700

Sales salaries expense                                                                                      5,000

Delivery expense                                                                                                1,700

Sales revenue                                                                                                 750,000

Utilities for plant                                                                                                10,000

Rent on plant                                                                                                    13,000

Customer service hotline costs                                                                        18,000

Direct labor                                                                                                     190,000

Prepare a schedule of cost of goods manufactured for Davis for the month ended

January 31, 2016.

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