Prepare your answers in an Excel workbook, using one worksheet per exercise or problem. ***** Save y
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Prepare your answers in an Excel workbook, using one worksheet per exercise or problem.
*****Save your workbook using the filename LastnameFirstinitial.ACC350.T# where the # represents the topic number. For example, John Doe would submit assignment #5 using the following name: DoeJ.ACC350.T5.
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
|
Inventories |
Beginning |
Ending |
|
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 |
||
Requirements
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:
P18-42
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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