introduction to managerial accounting
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Introduction to Managerial Accounting. Introduction to Managerial Accounting. Chapter 16 Exercises. Managerial Cost Classifications. In-Class Exercise (Form groups and work exercise) : Exercise No. Page E16-20 988 Classifying Costs. Managerial Cost Classifications. - PowerPoint PPT PresentationTRANSCRIPT
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Introduction to Managerial Accounting
Chapter 16
Exercises
Introduction to Managerial Accounting
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Managerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost Classifications
• In-Class Exercise (Form groups and work exercise):
• Exercise No. Page E16-20 988 Classifying Costs
• In-Class Exercise (Form groups and work exercise):
• Exercise No. Page E16-20 988 Classifying Costs
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Managerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost Classifications
Exercise E16-20:
Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters.
For each cost given in the exercise, determine if the cost is a product cost or a period cost.
If the cost is a product cost, further determine if the cost is a direct materials (DM), direct labor (DL), or manufacturing overhead (MOH).
Then determine if the product cost is a prime cost, conversion cost, or both.
If the cost is a period cost, further determine if the cost is a selling expense or administrative expense.
Exercise E16-20:
Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters.
For each cost given in the exercise, determine if the cost is a product cost or a period cost.
If the cost is a product cost, further determine if the cost is a direct materials (DM), direct labor (DL), or manufacturing overhead (MOH).
Then determine if the product cost is a prime cost, conversion cost, or both.
If the cost is a period cost, further determine if the cost is a selling expense or administrative expense.
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Managerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost Classifications
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Managerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost ClassificationsManagerial Cost Classifications
End of ExerciseEnd of Exercise
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• In-Class Exercise (Form groups and work exercise):
• Exercise No. Page E16-22 989 Schedule of Cost of Goods
Manufactured
• In-Class Exercise (Form groups and work exercise):
• Exercise No. Page E16-22 989 Schedule of Cost of Goods
Manufactured
Schedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods Manufactured
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Schedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods Manufactured
Exercise E16-22:
Knight Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2014.
Inventories Beginning EndingRaw Materials $ 56,000 $ 23,000Work-in-Process 103,000 63,000Finished Goods 41,000 48,000
Other Information:Depreciation, plant building and equipment…… $ 16,000Raw materials purchases………………………….. 159,000Insurance on plant…………………………………... 22,000Sales salaries………………………………………… 46,000Repairs and maintenance – plant………………… 8,000Indirect labor…………………………………………. 32,000Direct labor……………………………………………. 122,000Administrative expenses…………………………… 59,000
Requirements:(1) Use the information to prepare a schedule of cost of goods manufactured.(2) Compute unit product cost if Knight manufactured 2,160 lamps.
Exercise E16-22:
Knight Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2014.
Inventories Beginning EndingRaw Materials $ 56,000 $ 23,000Work-in-Process 103,000 63,000Finished Goods 41,000 48,000
Other Information:Depreciation, plant building and equipment…… $ 16,000Raw materials purchases………………………….. 159,000Insurance on plant…………………………………... 22,000Sales salaries………………………………………… 46,000Repairs and maintenance – plant………………… 8,000Indirect labor…………………………………………. 32,000Direct labor……………………………………………. 122,000Administrative expenses…………………………… 59,000
Requirements:(1) Use the information to prepare a schedule of cost of goods manufactured.(2) Compute unit product cost if Knight manufactured 2,160 lamps.
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Schedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods Manufactured
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Schedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods Manufactured
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Schedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods ManufacturedSchedule of Cost of Goods Manufactured
End of ExerciseEnd of Exercise