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oma1ech01sm
Chapter1
IntroductiontoManagementAccounting
ShortExercises
（5-10min.）S1-1
FA1.Helpsinvestorsmakeinvestmentdecisions
MA2.Providesdetailedreportsonpartsofthecompany
MA3.Helpsinplanningandcontrollingoperations
MA4.Reportscaninfluenceemployeebehavior
FA5.ReportsmustfollowGenerallyAcceptedAccountingPrinciples（GAAP）
FA6.Reportsauditedannuallybyindependentcertifiedpublicaccountants
（10min.）S1-2
e1.Providinghigh-quality,reliableproducts/servicesforareasonablepriceinatimelymanner
f2.Payingtaxesinatimelymanner
d3.Providingasafe,productiveworkenvironment
a 4.Generatingaprofit
b5.Repayingprincipalplusinterestinatimelymanner
（10min.）S1-3
d 1.Aphilosophyofdelightingcustomersbyprovidingthemwithsuperiorproductsandservices.Requiresimprovingqualityandeliminatingdefectsandwaste.
c 2.UseoftheInternetforsuchbusinessfunctionsassalesandcustomerservice.Enablescompaniestoreachthousandsofcustomersaroundtheworld.
a 3.Softwaresystemsthatintegrateallofacompany’sworldwidefunctions,departments,anddataintoasinglesystem.
b 4.Asysteminwhichacompanyproducesjustintimetosatisfyneeds.Suppliersdelivermaterialsjustintimetobeginproduction,andfinishedunitsarecompletedjustintimefordeliverytocustomers.
（5-10min.）S1-4
Revenuefromhaircuts
$4,900
Hairsuppliesexpense
700
Buildingrentexpense
1,400
Utilities
100
Depreciationonequipment
60
Totaloperatingexpenses
$2,260
NetOperatingIncome
$2,640
Unitcostofonehaircut=
totaloperatingcosts÷totalnumberofhaircuts
$2,260÷220haircuts=$10.27perhaircut
（5min.）S1-5
TheGlassPro
CostofGoodsSoldComputation
Costofgoodssold:
Beginninginventory
$8,200
Purchases
$41,000
Freightin
2,800
43,800
Costofgoodsavailableforsale
52,000
Endinginventory
（5,000）
Costofgoodssold
$47,000
（5-10min.）S1-6
RusticGear
FitApparel
Sales
$102,000
（d）$203,200
Costofgoodssold
Beginninginventory
（a）11,800
31,000
Purchasesandfreightin
51,000
（e）60,000
Costofgoodsavailablefor
sale
（b）62,800
91,000
Endinginventory
1,800
1,800
Costofgoodssold
61,000
（f）89,200
Grossmargin
$41,000
$114,000
Sellingandadministrative
expenses
（c）30,000
83,000
Operatingincome
$11,000
（g）$31,000
a.$11,800（Costofgoodsavailableforsale,$62,800[seeb.below]minuspurchases,$51,000）
b.$62,800（Costofgoodssold,$61,000,plusendinginventory,$1,800）
c.$30,000（Grossmargin,$41,000,minusoperatingincome,$11,000）
（continued）S1-6
d.$203,200（Grossmargin,$114,000,pluscostofgoodssold,$89,200[seef.below]）
e.$60,000（Costofgoodsavailableforsale,$91,000,minusbeginninginventory,$31,000）
f.$89,200（Costofgoodsavailableforsale,$91,000,minusendinginventory,$1,800）
g.$31,000（Grossmargin,$114,000,minussellingandadministrativeexpenses,$83,000）
Suggestedapproach:
Solveinthefollowingorder:
（b）,（a）,and（c）.Then（e）,（f）,（d）,and（g）.
（5min.）S1-7
Man
1.Costofgoodsmanufactured
S,Mer,Man
2.TheCEO’ssalary
Mer,Man
3.Costofgoodssold
S,Mer,Man
4.Buildingrentexpense
S,Mer,Man
5.Customerserviceexpense
（5min.）S1-8
101Cookies
ComputationofDirectMaterialsUsed
Directmaterialsused:
Beginningmaterialsinventory
$4,200
Purchasesofdirectmaterials
$6,700
Freight-in
100
6,800
Availableforuse
11,000
Endingmaterialsinventory
（1,600）
Directmaterialsused
$9,400
（5-10min.）S1-9
2
a.Artists’wages
4
b.Wagesofwarehouseworkers
1
c.Paper
5
d.Depreciationonequipment
4
e.Manufacturingplantmanager’ssalary
5
f.Propertytaxesonmanufacturingplant
3
g.Glueforenvelopes
（5-10min.）S1-10
Reqs.1and2
Listofmanufacturingoverheaditemsandamounts:
Glueforframes
$400
Plantdepreciationexpense
6,500
Plantforeman’ssalary
3,000
Plantjanitor’swages
1,100
Oilformanufacturingequipment
150
SunProCompany
TotalManufacturingOverheadComputation
Manufacturingoverhead:
Glueforframes
$400
Plantdepreciationexpense
6,500
Plantforeman’ssalary
3,000
Plantjanitor’swages
1,100
Oilformanufacturingequipment
150
Totalmanufacturingoverhead
$11,150
Itemsexcludedandwhy:
（1）glueforframes（itisnotcost-effectivetotracethelow-cost
gluetoindividualglasses）,
（2）depreciationoncompanycars（marketingexpense）,（3）interestexpense（financingexpense）,（4）companypresident’ssalary（administrativeexpense）,and（5）lenses（directmaterials）
（5min.）S1-11
Max-FliGolfCompany
ScheduleofCostofGoodsManufactured
YearEndedDecember31,2010
Beginningworkinprocessinventory
$6,000
Add:
Directmaterialsused
15,000
Directlabor
7,000
Manufacturingoverhead
18,000
Totalmanufacturingcostsincurred
duringyear
40,000
Totalmanufacturingcoststo
accountfor
46,000
Less:
Endingworkinprocessinventory
（3,000）
Costofgoodsmanufactured
$43,000
（5-10min.）S1-12
a.Periodcost
b.Inventoriableproductcost*
c.Inventoriableproductcost
d.Periodcost
e.Inventoriableproductcost
f.Periodcost
g.Inventoriableproductcost
h.Inventoriableproductcost
i.Periodcost
*Sincethesoftwareisfortrackinginventory,thecostwouldbe
associatedwithproduction.Itwouldthereforelikelybe
classifiedaspartofmanufacturingoverhead,aninventoriable
cost.However,somecompaniesmightconsiderthesoftware
anadministrativecost,whichwouldbeaperiodcost.
（5min.）S1-13
a.Providingearningsinformationtoyourbrotherbeforeitispubliclyannouncedviolatestheconfidentialitystandard.
b.Stealingfromyouremployerisaviolationoftheintegritystandard.
c.Skippingcontinuingeducationsessionscouldviolatetherequirementtomaintainprofessionalcompetence.Ifyourcompanypaidforyoutoattendtheconference,skippingthesessionsalsoviolatestheintegritystandard.
d.Failingtoreadthespecificationsofthesoftwarepackagebeforepurchasingitviolatesthecompetencestandard.
e.Failingtoprovidejobdescriptioninformationtomanagementbecauseyoufearitmaybeusedtocutapositioninyourdepartmentviolatesthecredibilitystandard.
Exercises
（5min.）E1-14
a.CompaniesmustfollowGAAPintheirfinancialaccountingsystems.
b.Financialaccountingdevelopsreportsforexternalparties,suchascreditorsandshareholders.
c.Whenmanagerscomparethecompany’sactualresultstotheplan,theyareperformingthecontrollingroleofmanagement.
d.Managersaredecisionmakersinsideacompany.
e.Financialaccountingprovidesinformationonacompany’spastperformance.
f.ManagementaccountingsystemsarenotrestrictedbyGAAP,butarechosenbycomparingthecostsversusthebenefitsofthesystem.
g.Choosinggoalsandthemeanstoachievethemistheplanningfunctionofmanagement.
（5min.）E1-15
a.Just-in-time（JIT）manufacturing isamanagementphilosophythatfocusesonproducingproductsasneededbythecustomer.
b.Thegoaloftotalqualitymanagement（TQM）istopleasecustomersbyprovidingthemwithsuperiorproductsandservicesbyeliminatingdefectsandwaste.
c.EnterpriseResourcePlanning（ERP）canintegrateallofacompany’sworldwidefunctions,departments,anddata.
d.Firmsadopte-commercetoconductbusinessontheInternet.
（5-10min.）E1-16
BuddyGrooming
IncomeStatement
MonthofNovember
Revenuefromgrooming
$15,600
Wages
$4,300
Groomingsuppliesexpense
1,700
Buildingrentexpense
1,400
Utilities
260
Depreciationonequipment
180
Totaloperatingexpenses
$7,810
NetOperatingIncome
$7,790
Unitcosttogroomonedog=
Totaloperatingexpenses÷totalnumberofdogsgroomed
$7,810÷690dogs=$11.32perdog
（5-10min.）E1-17
Georgie’sGrooming
IncomeStatement
QuarterEndedMarch31,2011
Revenuefromgrooming
$46,300
100%
Wages
$16,700
Groomingsuppliesexpense
4,000
Buildingrentexpense
2,500
Utilities
1,100
Depreciationonfurnitureandequipment
300
Totaloperatingexpenses
$24,600
53%
NetOperatingIncome
$21,700
47%
b.Unitcosttogroomonedog=
Totaloperatingexpenses÷totalnumberofdogsgroomed
$24,600÷2,700dogs=$9.11perdog
（15min.）E1-18
Req.1
GonzalesBrushCompany
IncomeStatement
YearEndedDecember31,2011
Salesrevenue
$128,500
100%
Costofgoodssold:
Beginninginventory
$7,400
Purchases
62,800
Costofgoodsavailableforsale
70,200
Endinginventory
6,000
Costofgoodssold
64,200
50%
Grossprofit
64,300
50%
Sellingandadministrative
expenses
45,400
35%
OperatingIncome
$18,900
15%
Req.2
Unitcostofonehairbrush=
totalcostofgoodssold÷totalnumberofbrushessold
$64,200÷5,700=$11.26perbrush
（15-20min.）E1-19
FlyntCorp.
WhiteCorp.
FitApparel
Beginningworkin
processinventory
（a）10,700
$40,000
$2,100
Directmaterialsused
$14,900
$35,000
（g）$3,600
Directlabor
10,100
20,100
1,100
Manufacturingoverhead:
（b）20,700
10,700
900
Totalmanufacturing
costsincurredduring
year
45,700
（d）65,800
（h）5,600
To
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