Solution Manual for Managerial Accounting, 8th edition by John Wild, ken Shaw, Barbara Chiappetta, Verified Chapters 1 - 13, Complete Newest Version

Wild and Shaw, Managerial Accounting 8e Solutions Manual: Chapter 1




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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



ConceptsandPrinciples

QUICK STUDIES ww




Quick Study 1-1 (5 minutes)
1.
Its primary users are company managers Managerial
..............................
2. Its informationis oftenavailableonly afteran audit iscomplete. Financial
ww ww ww




3. Its primary focus is on the organization whole Financial as a
..............
4. Its principles and practices are relatively flexible........................ Managerial
5. It focuses mainlyon past results.................................................. Financial


Quick Study 1-2 (10 minutes)
1. Indirect cost
2. Direct cost
3. Indirect cost
4. Indirect cost
5. Direct cost

Quick Study 1-3 (10 minutes)
1. Direct materials
2. Factory overhead
3. Direct labor
4. Factory overhead
5. Factory overhead
6. Direct materials




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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
8. Product cost



Quick Study 1-5 (10 minutes)

1. Prime cost
2. Conversion cost (Glue is an indirect material)
3. Both
4. Conversion cost
5. Conversion cost
6. Prime cost



Quick Study 1-6 (10 minutes)
Ending work in process inventory is computed as:
Work in process inventory, beginning ............... $ 26,000

Direct materials used....................................... 74,000
Direct labor used .............................................. 55,000
Factoryoverhead ............................................. 95,000
Total manufacturing costs.............................. 224,000
Total cost of work in process 250,000
.............................. 220,000
Less cost of goods manufactured ......................
Work in process inventory, ending $ 30,000
.....................



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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 ww ww



Inventory ww



Beginning 26,000
Direct materials 74,000
Direct labor 55,000
Factory 95,000
overhead
220,000 COGM
Ending 30,000



Quick Study 1-7 (10 minutes)

Cost of goods sold is computed as:
Finished goods inventory, beginning $ 500
.................
Cost of goods manufactured 4,000
...............................
Goods available for sale ...................................... 4,500
Less finished goods inventory, ending 700
..............
Cost of goods sold ............................................... $3,800


Quick Study 1-8 (10 minutes)
Finished goods inventory, beginning $ 345,000
................
Cost of goods manufactured 918,000
..............................
Goods available for sale ..................................... 1,263,000
Less finished goods inventory, ending 283,000
.............
Cost of goods sold .............................................. $ 980,000


Alternative calculation using T-account:
Finished Goods ww



Inventory ww



Beginning 345,000
COGM 918,000
980,000 COGS
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Copyright © 2022 by McGraw Hill.
All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill.