(a) State TWO (2) differences between managerial accounting and financial accounting.

(b) Swivel Company manufactures office chairs. At the beginning of March, the following information was supplied by its accountant:

Materials inventory $20,000

Work-in-process inventory $31,000

Finished goods inventory $33,200

During March, the direct labour cost was $53,500, materials purchases were $74,000 and the total overhead cost was $118,750. Selling and administrative costs amounted to $22,800. The inventories at the end of March were:

Materials inventory $29,800

Work-in-process inventory $42,500

Finished goods inventory $29,100

(i) Calculate the cost of direct materials used during March.

(ii) Calculate the cost of goods manufactured for March.

(iii) Calculate the cost of goods sold for March.