Exam (elaborations)
Solution Manual For Managerial Accounting 8th Edition By John Wild, Ken Shaw, Barbara Chiappetta
Solution Manual For Managerial Accounting 8th Edition By John Wild, Ken Shaw, Barbara Chiappetta
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
Wild and Shaw, Managerial Accounting 8e Solutions Manual: Chapter 1Chapter 1
Managerial Accounting Concepts
and Principles
N
QUICK STUDIES
U
Quick Study 1-1 (5 minutes)
1. Its primary users are company managers ............................... Managerial
R
2. Its information is often available only after an audit is complete .. Financial
3. Its primary focus is on the organization as a whole ............... Financial
SE
4. Its principles and practices are relatively flexible .................. Managerial
5. It focuses mainly on past results .............................................. Financial
Quick Study 1-2 (10 minutes)
D
1. Indirect cost
2. Direct cost
3. Indirect cost
O
4. Indirect cost
5. Direct cost
C
Quick Study 1-3 (10 minutes)
1. Direct materials
S
2. Factory overhead
3. Direct labor
4. Factory overhead
5. Factory overhead
6. Direct materials
1
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
, Wild and Shaw, Managerial Accounting 8e Solutions Manual: Chapter 1
Quick Study 1-4 (10 minutes)
1. Product cost
2. Period cost
3. Product cost
4. Period cost
5. Product cost
6. Period cost
7. Period cost
N
8. Product cost
U
Quick Study 1-5 (10 minutes)
R
1. Prime cost
2. Conversion cost (Glue is an indirect material)
3. Both
SE
4. Conversion cost
5. Conversion cost
6. Prime cost
D
Quick Study 1-6 (10 minutes)
Ending work in process inventory is computed as:
O
Work in process inventory, beginning ..............................................
$ 26,000
Direct materials used ......................................................................
74,000
C
Direct labor used .............................................................................
55,000
Factory overhead ............................................................................
95,000
S
Total manufacturing costs .............................................................
224,000
Total cost of work in process .............................................................
250,000
Less cost of goods manufactured .....................................................
220,000
Work in process inventory, ending ....................................................
$ 30,000
2
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
, Wild and Shaw, Managerial Accounting 8e Solutions Manual: Chapter 1
Quick Study 1-6 (continued)
Alternative calculation using T-account:
Work in Process Inventory
Beginning 26,000
Direct materials 74,000
Direct labor 55,000
Factory overhead 95,000
220,000 COGM
Ending 30,000
N
Quick Study 1-7 (10 minutes)
Cost of goods sold is computed as:
U
Finished goods inventory, beginning ................................................
$ 500
Cost of goods manufactured ..............................................................
4,000
R
Goods available for sale .....................................................................
4,500
Less finished goods inventory, ending .............................................
700
SE
Cost of goods sold ..............................................................................
$3,800
Quick Study 1-8 (10 minutes)
D
Finished goods inventory, beginning .........................................
$ 345,000
Cost of goods manufactured .......................................................
918,000
Goods available for sale ..............................................................
1,263,000
O
Less finished goods inventory, ending ......................................
283,000
$ 980,000
Cost of goods sold .......................................................................
C
Alternative calculation using T-account:
Finished Goods Inventory
S
Beginning 345,000
COGM 918,000
980,000 COGS
Ending 283,000
3
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
, Wild and Shaw, Managerial Accounting 8e Solutions Manual: Chapter 1
Quick Study 1-9 (5 minutes)
Cost of goods sold is computed as:
Merchandise inventory, beginning ....................................................
$12,000
Cost of merchandise purchased ........................................................
85,000
Goods available for sale .....................................................................
97,000
Less merchandise inventory, ending ................................................
18,000
Cost of goods sold ..............................................................................
$79,000
N
Quick Study 1-10 (10 minutes)
U
(1) (2) (3)
Cost of merchandise purchased......... $181,000 $140,000 $289,000
R
Merchandise inventory, beginning ..... 106,000 21,000 28,000
Merchandise inventory, ending .......... 82,000 33,000 50,000
SE
Cost of goods sold ............................... 205,000 128,000 267,000
Calculations:
(1) $106,000 + Purchases - $205,000 = $82,000 Purchases = $181,000
D
(2) Beg. Inv. + $140,000 - $128,000 = $33,000 Beg. Inv. = $21,000
(3) $28,000 + $289,000 - $267,000 = End. Inv. End. Inv. = $50,000
O
C
S
4
Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursedocs. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now