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

, Conceptsand Principles ss




QUICK STUDIES ww




Quick Study 1-1 (5 minutes)
ss ss s s s s




1.
Its primary users are company managers Managerial
..............................
2. Its information is often availableonlyafter anaudit is complete . Financial
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3. Its primarys s s s focus is on s s the organization as s s a whole
Financial
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..............
4. Its principles and practices are relatively flexible ................ Managerial
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5. It focuses mainly on past results .............................................. Financial
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Quick Study 1-2 (10 minutes)
s s ss s s s s




1. Indirect cost ss




2. Direct cost ss




3. Indirect cost ss




4. Indirect cost ss




5. Direct cost ss




Quick Study 1-3 (10 minutes)
s s ss s s s s




1. Direct materials ss




2. Factory overhead ss




3. Direct labor ss




4. Factory overhead ss




5. Factory overhead ss




6. Direct materials ss

,Quick Study 1-4 (10 minutes)
s s ss s s s s




1. Product cost ss




2. Period cost ss




3. Product cost ss




4. Period cost ss




5. Product cost ss




6. Period cost ss




7. Period cost ss




8. Product cost ss




Quick Study 1-5 (10 minutes)
s s ss s s s s




1. Prime cost ss




2. Conversion cost ss s s (Glue s s is s s an s s indirect s s material)
3. Both
4. Conversion cost ss




5. Conversion cost ss




6. Prime cost ss




Quick Study 1-6 (10 minutes)
s s ss s s s s




Ending work in process inventory is computed as:
ss ss ss ss ss s s s s




Work in process inventory, beginning ............... $
ss ss ss ss ss 26,000

Direct materials used ....................................... ss 74,000
Direct labor used ..............................................
ss 55,000
Factory overhead .............................................
ss ss 95,000
Total manufacturing costs ..............................
ss ss ss 224,000
Total cost of work in process 250,000
.............................. 220,000
Less cost of goods manufactured
s s s s s s s s



......................
ss




Work in process inventory, ending $ 30,000
s s



.....................

, Quick Study 1-6 (continued)
s s ss s s




Alternative calculation using T-account:
s s s s s s




Work in Process ww ww



Inventory ssww



Beginning 26,000
Direct materials 74,000 s s



Direct labor 55,000 s s



Factory 95,000
overhead
220,000 COGM
Ending 30,000



Quick Study 1-7 (10 minutes)
s s ss s s s s




Cost of goods sold is computed as:
ss s s s s s s s s s s




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


Quick Study 1-8 (10 minutes)
s s ss s s s s




Finished goods inventory, beginning $ 345,000
................
Cost of goods manufactured 918,000 s s s s




..............................
Goods available for sale .....................................
ss ss ss 1,263,000
ss

s s


Less finished goods inventory, ending 283,000 s s


.............
Cost of goods sold $ 980,000 s s s s s s



..............................................
ss




Alternative calculation using T-account:
s s s s s s




Finished Goods ww



Inventory ssww



Beginning 345,000
COGM 918,000