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Calculate the number of units that were sold during May. There is a real possibility that Leroy could be implicated. A period cost is a cost that is not a product cost. Cost flows for a manufacturer are diagramed below: Remember me on this computer. The outer parking lot of a shopping center, or even a large grocery store, would enable Kicker employees to easily load purchased product into customer cars.
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Views Total views. Actions Shares. Embeds 0 No embeds. No notes for slide. Book Details Author: Maryanne M Mowen Pages: Hardcover Brand: Cornerstones delivers a truly unique learning system that is integrated through the entire introductory managerial accounting journey -- ensuring students will leave the course with the knowledge they need to be future business leaders.
Students are guided through: Building A Strong Foundation: Students need to bui Full description 4. If you want to download this book, click link in the next page 5.
Thank You For Visiting. You just clipped your first slide! Clipping is a handy way to collect important slides you want to go back to later. Now customize the name of a clipboard to store your clips. Salary of the factory supervisor 2. Materials needed to assemble the computers 3. Wages paid to an assembly line worker 4. Depreciation on the factory 5. Utility bill for the factory 6. Grease used to lubricate the machine 7. Rent paid for the factory 8. Property taxes on the factory and corporate office 9.
Boxes used to package the completed computers Fixed 2. Variable 3. Variable 4. Fixed 5. Variable 6. Variable 7. Fixed 8. Fixed 9. Variable Ashland Company, maker of kitchen cabinets, incurred the following costs during the current year: Classify each cost as either a product or period cost. Product Period 1. Depreciation on automobiles used by the sales staff.
Salary of Ashland's chief executive officer 3. Glue used in the production process 4. Supplies for factory washroom 5. Research and development costs 6. Property taxes on factory building 7. Salary of company controller 8. Depreciation on furniture in factory lunchroom 9. Cost of lubricating machinery Salary of Ashland's chief executive officer X 3. Glue used in the production process X 4. Supplies for factory washroom X 5.
Research and development costs X 6. Property taxes on factory building X 7. Salary of company controller X 8. Depreciation on furniture in factory lunchroom X 9. Cost of lubricating machinery X The Bayou Company makes crab pots. Assume there was no beginning inventory and that 2, crab pots were sold. Compute the per-unit product cost B. Compute the per-unit prime cost C. Compute the per-unit conversion cost D.
What is cost of goods sold for the month? What is the cost of ending finished goods for the month? Ross Company makes handbags. Ross Company produced 40, handbags as of the end of the month. Calculate the total product cost for the month and calculate the cost of one handbag that was produced. Arcadia Company manufactures recreational vehicles and incurred the following costs during the current year.
Classify each cost using the table format given below: Wages of general office personnel 2. Cost of tires 3. Factory supervisor's salary 4. Conference for marketing personnel 5. Factory security guards 6. Research and development 7. Assembly line workers 8.
Company receptionist 9. Advertising cost Wages of general office personnel X 2. Cost of tires X 3. Factory supervisor's salary X 4. Conference for marketing personnel X 5. Factory security guards X 6.
Research and development X 7. Assembly line workers X 8. Company receptionist X 9.
Advertising cost X Room With A View Company manufactures curtains. By the end of the week, the company had produced 12, curtains. Calculate the total prime cost for the week. Calculate the per-unit prime cost. Calculate the total conversion cost for the week. Calculate the per-unit conversion cost. The Blanchett Company manufactures fishing rods.
Assume that there were no beginning or ending inventory balances in the work in process and finished goods inventory accounts. Compute the gross margin for the year E. Compute the selling and administrative expenses for the year Assume production amounted to 86, fishing rods and 80, were sold. Compute cost F. Assume production amounted to 86, fishing rods and 80, were sold. Compute the G. The Butchart Company manufactures microwave ovens.
Calculate how many units were sold last year B. Compute the cost of direct materials used C. Compute the cost of overhead D. Picture It Inc. The direct materials needed to construct the frames are wood, glass and cardboard. The company produced and sold frames in the month of September.
During the month of September the following purchases were made to produce the frames: Calculate the total product cost for the month. Calculate the per-unit cost. Tucker Company, a manufacturing firm, has supplied the following information from its accounting records for the month of April.
Prepare a Statement of Cost of Goods Manufactured. Calculate the cost of direct materials used during June.
Calculate the total manufacturing cost for June. Calculate the cost of goods manufactured for June. Calculate cost of goods sold for June. Templar Company, a manufacturing firm, has supplied the following information from its accounting records for the month of November: Fidalgo Company makes stereos. Compute the total sales revenue B. Compute the gross margin C. Compute the operating income D. Compute the operating income if 75, stereos were produced and 69, were sold.
Baleen Company supplied the following data at the end of the current year: Prepare an income statement for Baleen Company. Macon Company supplied the following data and information on inventories at the end of the current year.
Prepare an income statement of Macon Company for the current year. Bartlow Company has supplied the following information from its accounting records for the month of May. Solve for the missing amounts? See the following separate cases. Solve for the missing amounts A,B,C,D. Rancor Company's accountant prepared the following income statement for the month of August.
Round to the nearest whole percent A. Calculate the sales revenue percent B. Calculate the cost of goods sold percent C.
Calculate the gross margin percent D. Calculate the selling expense percent E. Calculate the administrative expense percent F. Extrema Company supplied the following data at the end of the current year.
Finished goods inventory, Jan 1. Calculate the cost of goods sold percent B. Calculate the gross margin percent C. Calculate the selling expense percent D. Calculate the administrative expense percent E. Rizzuto Company supplied the following information for the month of January.
Cashman Company supplied the following information for the month of December. Operating income percent Sales revenue B. Cost of goods sold C. Wapato Company produces a product with the following per unit costs.
Solve for the following: Total cost of goods sold for last year B. Operating income for last year C.
Total gross margin for last year D. Tesco Company showed the following costs for last month: Assume no beginning or ending inventory balances for work in process and finished goods inventories. Solve for the following amounts. Total product cost for last month B. Unit product cost for last month C. Total period costs D. Gross margin for last month E. Stabler Company, a manufacturing firm, has provided the following information for the month of May: Calculate the cost of one unit assuming 10, units were completed during May.
Prepare a Statement of Cost of Goods Sold. Calculate the number of units that were sold during May. Number of units sold: What is the difference between a period cost and a product cost? A period cost is a cost that is not a product cost.
It is expensed during the current period rather than inventoried. Examples of period costs are selling and administrative costs. A product cost is a manufacturing cost that is inventoried and expensed as Cost of Goods Sold only when the goods have been sold. Product costs are classified as direct materials, direct labor, or overhead. List and describe the three categories of manufacturing costs.
Direct materials consist of the cost of materials requisitioned and used in production during the current period. Direct materials are materials that can be accurately and conveniently traced to the product. Direct labor consists of labor costs of workers directly involved in the manufacture of the product.
Overhead consists of all the manufacturing costs that do not fall into the direct material or direct labor category. Examples of overhead costs include; insurance on the factory, machinery deprecation, indirect labor, indirect materials, factory supplies, etc. Explain the difference between a cost that is included in valuing inventory and a cost that is not included in valuing inventory.
A cost that is included in valuing inventory is a cost of manufacturing the product. These costs are also referred to as product costs and manufacturing costs. They include direct materials, direct labor, and overhead.
These costs are not expensed until the goods are sold. A cost that is not included in valuing inventory is a selling or administrative cost that is expensed immediately in the accounting period that it is incurred.
These costs are also referred to as period costs or non-manufacturing costs. Describe the purpose of the three inventory accounts used by a manufacturer.
The materials inventory is used to keep track of materials that have not yet been used in production. The work in process inventory is used to account for the costs of goods that were partially completed at the end of the accounting period and is used to accumulate current production costs. The finished goods inventory is used to account for the cost of goods that were finished at the end of the current period but have not yet been sold. What is the difference between total manufacturing costs and cost of goods manufactured?
Total manufacturing costs are costs that are added during the period and consist of the cost of materials used, the direct labor costs incurred and the overhead costs incurred during the current period. Cost of goods manufactured would be computed by adding the beginning balance of work in process to and subtracting the ending balance of work in process from the total manufacturing costs.
You Decide You are the accounting manager at Falcon Inc. You just hired a new staff accountant to assist you in breaking out costs into their appropriate classifications. The staff accountant asks you why cost classification is important. How would you respond? Cost classification is important for a variety of reasons. Probably the two most important are decision making and proper presentation on the financial statements.
For example, by determining if a cost is fixed or variable it can help a company determine if each cost has a direct relationship to the level of output. If the company feels that their costs are becoming too high, then this type of classification can give them important information.
Maybe the cost of the direct materials has increased significantly and they may need to look for a new supplier. Or when reviewing their fixed costs, they determine that the rent for their factory is causing the rise in costs and they should consider moving locations.
The break out of product cost and period cost in also vital to a company. A company wants to know how much they are spending to actually produce the product direct materials, direct labor, overhead so that they can make such decisions as to the appropriate price to charge a customer. The allocation of product and period costs is also essential to properly generate the income statement, which is also used by external users to make decisions.
Period b. Product Product cost b. Period cost Tangible b. Intangible Work in process inventory b. Finished goods inventory c.