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

Wild ggand ggShaw, ggManagerial ggAccounting Solutions ggManual: ggChapter
8e 1




1
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McGraw Hill.

, Wild ggand ggShaw, ggManagerial ggAccounting Solutions ggManual: ggChapter
8e 1


Conceptsand Principles gg




QUICK STUDIES ww




Quick Study 1-1 (5 minutes)
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1.
Its primary users are company managers Managerial
..............................
2. Its information is often available onlyafter an audit is complete . Financial
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3. Its primaryg g g g focus is on g g the organization as g g a whole
ggFinancial
..............
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)
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1. Indirect cost gg



2. Direct cost gg



3. Indirect cost gg



4. Indirect cost gg



5. Direct cost gg




Quick Study 1-3 (10 minutes)
gg gg gg g g




1. Direct materials gg



2. Factory overhead gg



3. Direct labor gg



4. Factory overhead gg



5. Factory overhead gg



6. Direct materials gg




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Copyright gg© gg2022 ggby ggMcGraw ggHill.
All ggrights ggreserved. ggNo ggreproduction ggor ggdistribution ggwithout ggthe ggprior ggwritten ggconsent ggof
McGraw Hill.

, Wild ggand ggShaw, ggManagerial ggAccounting Solutions ggManual: ggChapter
8e 1


Quick Study 1-4 (10 minutes)
gg gg gg g g




1. Product cost gg



2. Period cost gg



3. Product cost gg



4. Period cost gg



5. Product cost gg



6. Period cost gg



7. Period cost gg



8. Product cost gg




Quick Study 1-5 (10 minutes)
gg gg gg g g




1. Prime cost gg



2. Conversion cost gg gg (Glue g g is g g an g g indirect g g material)
3. Both
4. Conversion cost gg



5. Conversion cost gg



6. Prime cost gg




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

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


......................
gg



Work in process inventory, ending $ 30,000
gg


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


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Copyright gg© gg2022 ggby ggMcGraw ggHill.
All ggrights ggreserved. ggNo ggreproduction ggor ggdistribution ggwithout ggthe ggprior ggwritten ggconsent ggof
McGraw Hill.

, Wild ggand ggShaw, ggManagerial ggAccounting Solutions ggManual: ggChapter
8e 1


Quick Study 1-6 (continued)
gg gg gg




Alternative calculation using T-account:
gg g g g g



Work in Process ww ww



Inventory ggww


Beginning 26,000
Direct materials 74,000
g g


Direct labor 55,000
g g


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



Quick Study 1-7 (10 minutes)
gg gg gg g g




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




Quick Study 1-8 (10 minutes)
gg gg gg g g




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


918,000 g g


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

g g

Less finished goods inventory, ending 283,000 g g

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


..............................................
gg




Alternative calculation using T-account:
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Finished Goods ww



Inventory ggww



4
Copyright gg© gg2022 ggby ggMcGraw ggHill.
All ggrights ggreserved. ggNo ggreproduction ggor ggdistribution ggwithout ggthe ggprior ggwritten ggconsent ggof
McGraw Hill.