ACC-350 Week 1 Topic 1 Assignment Please complete the following exercises and/or problems from the textbook: E18-14 E18-22 E18-23 CP18-42
ACC 350 Week 1 Assignment E18-14 E18-22 E18-23 CP18-42 Grand Canyon University
Please complete the following exercises and/or problems from the textbook:
- E18-14
- E18-22
- E18-23
- CP18-42
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.
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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
- Accounting systems that must follow GAAP.
- External parties for whom financial accounting reports are prepared.
- The role managers play when they are comparing the company’s actual results
- with the planned results.
- Internal decision makers.
- Accounting system that provides information on a company’s past performance.
- Accounting system not restricted by GAAP but chosen by comparing the costs
- versus the benefits of the system.
- 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
Work-in-Process Finished Goods |
$ 56,000
103,000 41,000 |
$ 23,000
63,000 48,000 |
| Other information: | ||
| Depreciation, plant building and equipment
Raw materials purchases Insurance on plant Sales salaries Repairs and maintenance—plant Indirect labor Direct labor Administrative expenses |
$ 16,000
159,000 22,000 8,000 32,000 122,000 59,000 |
Requirements
- Use the information to prepare a schedule of cost of goods manufactured.
- 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.
Course: ACC-350 Managerial Accounting
School: Grand Canyon University
- 01/07/2018
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