Accounting Question

Managerial Accounting Purpose Infographic – CLO 2, CLO 3

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. (n.d.). Www.youtube.com. Retrieved July 19, 2022, from https://www.youtube.com/watch?v=A9r8TuCvlKg

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

Review

Tips for Creating Graphic Organizers

or

Tips for Creating Infographics

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Cost of Goods Assignment- CLO 2, CLO 3

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.