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Managerial Accounting
Managerial Accounting
Fifth Edition
Weygandt Kimmel Kieso
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study objectives
1.
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Corporations
Proprietorships
Partnerships
Not-for-profit
transactions. (Chapter 8)
6. Assisting management in profit planning and
formalizing these plans in the form of budgets.
(Chapter 9)
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Solution on
notes page
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Planning
Directing
Controlling
Maximize short-term
profit and market
share
Coordinate diverse
activities and human
resources
Keeping activities on
track
Commit to
environmental
protection and social
programs
Add value to the
business
Implement planned
objectives
Provide incentives to
motivate employees
Hire and train
employees
Produce smoothrunning operation
Determine whether
goals are met
Decide changes
needed to get back
on track
May use an informal
or formal system of
evaluations
Illustration 1-2
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Solution on
notes page
True
True
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False
True
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Manufacturing Costs
Materials
Raw Materials
Basic materials and parts used
in manufacturing process.
Direct Materials
Raw materials that can be physically and directly
associated with the finished product during the
manufacturing process.
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Manufacturing Costs
Materials
Indirect Materials
Raw materials that cannot be easily
associated with the finished product.
Manufacturing Costs
Direct Labor
Labor
Indirect Labor
Work of factory employees that has no physical
association with the finished product or for which it
is impractical to trace costs to the goods produced.
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Manufacturing Costs
Manufacturing Overhead
Costs that are indirectly associated with manufacturing
the finished product.
Includes all manufacturing costs except direct materials
and direct labor.
Also called factory overhead, indirect manufacturing
costs, or burden.
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Manufacturing Costs
Review Question
Which of the following is not an element of
manufacturing overhead?
a. Sales managers salary.
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Solution on
notes page
Direct materials
Direct labor
Manufacturing overhead
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Spokes
Handlebars
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Direct Labor
Salaries of employees
who put tires on the
wheels.
Overhead
Factory depreciation
Factory manager
salary
Factory maintenance
employees salary
COGS
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Illustration 1-6
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a.
$450,000.
Beg. Inventory
b.
$500,000.
+ COGs Manufactured
600,000
c.
$550,000.
800,000
d.
$600,000.
- End. Inventory
250,000
Solution on
notes page
$200,000
$550,000
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Illustration 1-8
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Solution on
notes page
Illustration 1-9
The balance sheet for a merchandising company shows just one category
of inventory.
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Solution on
notes page
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Solution on
notes page
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Solution on
notes page
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Solution on
notes page
service companies.
Trend is expected to continue in the future.
Most of the techniques learned for manufacturing
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Balanced Scorecard
Evaluates operations in an integrated fashion.
Uses both financial and non-financial measures.
Links performance to overall company objectives.
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a. Just-in-time inventory.
b. Total-quality management.
c. Balanced scorecard.
d. Activity-based costing.
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Solution on
notes page
e
1. ______
All activities associated
with providing a product or
service.
a
2. ______
A method of allocating
overhead based on each
products use of activities in
making the product.
d
3. ______
Systems implemented to reduce defects in
finished products with the goal of achieving zero defects.
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Solution on
notes page
b
4. ______
A performancemeasurement approach that
uses both financial and
nonfinancial measures, tied to
company objectives, to evaluate
a companys operations in an
integrated fashion.
c
5. ______
Inventory system in which goods are manufactured or
purchased just as they are needed for use.
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Solution on
notes page
due to outsourcing.
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To illustrate the
changes in the
worksheet, we use
the cost of goods
manufactured
schedule for Olsen
Manufacturing.
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Worksheet
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Illustration 1A-2
SO9
Closing Entries
Companies can prepare the closing entries from the
worksheet. First prepare the closing entries for the
manufacturing accounts.
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Closing
Entries
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Closing
Entries
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Closing Entries
After posting, the summary accounts show the following.
Illustration 1A-3
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Copyright
Copyright 2010 John Wiley & Sons, Inc. All rights reserved.
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