Explain the goal of Managerial accounting (2 marks) b) Manoa company had the following data in its accounting records of the just completed year. All figures are in thousands of dollars. Administrative expenses $ 600 Direct labor 800 Finished goods inventory, beginning 480 Finished goods inventory, ending 640 Manufacturing overhead 920 Purchases of raw materials 480 Raw materials inventory, beginning 160 Raw materials inventory, ending 280 Sales 3,960 Selling expenses 560 Work in process inventory, beginning 280 Work in process inventory, ending 200 Prepare a manufacturing account clearly showing the following 1. The cost of the raw materials used in production during the year. (2 Marks) 2. The cost of finished goods for the year. (2 Marks) 3. The cost of goods sold for the year. (2 Marks) 4. The net income for the year.

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SOLUTION a The goal of Managerial accounting is to provide useful financial and nonfinancial information to managers and decisionmakers within an orga... View the full answer