Part 1 Managerial Accounting Purpose Infographic
Managerial accounting deals with information that is for internal use. It helps managers to control costs, price, and make other relevant decisions. View the following YouTube video about managerial accounting:
· ACCT 205 Chapter 1 Managerial Accounting & Cost Concepts.
Then, create a graphic organizer or infographic that helps explain:
· The purpose of managerial accounting
· Accounting concepts useful in classifying costs
· Manufacturing activities and the flow of manufacturing costs
Part 2 Cost of Goods Assignment
Based on the content covered in Chapter 14 of the Wild, J., & Shaw, K. (2022) text, conduct an analysis of the cost of goods sold in manufacturing and merchandising companies. Students should address the following:
· A brief explanation of the differences in calculations made to determine the cost of goods sold in manufacturing vs merchandising companies.
· The cost of goods calculations to answer the following problem:
· The annual financial data at December 31, 2017, taken from two different companies are shown below:
(a) Compute the “Cost of Goods Sold” section of the income statement at December 31, 2017, for each company. Include the proper title and format in the solution
(b) Write a one-page memorandum to your instructor
(1) identifying the inventory accounts and
(2) describing where each is reported on the income statement and balance sheet for both companies.
Paper should be a total of 3-5 pages including the calculations and the one-page memorandum.
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