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Introduction to Managerial Accounting

Introduction to Managerial Accounting. Introduction to Managerial Accounting. Chapter 16 Exercises. Managerial Cost Classifications. In-Class Exercise (Form groups and work exercise) : Exercise No. Page E16-20 988 Classifying Costs. Managerial Cost Classifications.

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Introduction to Managerial Accounting

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  1. Introduction to Managerial Accounting Introduction to Managerial Accounting Chapter 16 Exercises

  2. Managerial Cost Classifications • In-Class Exercise (Form groups and work exercise): • Exercise No.Page E16-20 988 Classifying Costs

  3. Managerial Cost Classifications • Exercise E16-20: • Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. • For each cost given in the exercise, determine if the cost is a product cost or a period cost. • If the cost is a product cost, further determine if the cost is a direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). • Then determine if the product cost is a prime cost, conversion cost, or both. • If the cost is a period cost, further determine if the cost is a selling expense or administrative expense.

  4. Managerial Cost Classifications

  5. Managerial Cost Classifications End of Exercise

  6. Schedule of Cost of Goods Manufactured • In-Class Exercise (Form groups and work exercise): • Exercise No.Page E16-22 989 Schedule of Cost of Goods Manufactured

  7. Schedule of Cost of Goods Manufactured Exercise E16-22: Knight Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2014. InventoriesBeginningEndingRaw Materials $ 56,000 $ 23,000Work-in-Process 103,000 63,000Finished Goods 41,000 48,000 Other Information:Depreciation, plant building and equipment…… $ 16,000Raw materials purchases………………………….. 159,000Insurance on plant…………………………………... 22,000Sales salaries………………………………………… 46,000Repairs and maintenance – plant………………… 8,000Indirect labor…………………………………………. 32,000Direct labor……………………………………………. 122,000Administrative expenses…………………………… 59,000 Requirements:(1) Use the information to prepare a schedule of cost of goods manufactured.(2) Compute unit product cost if Knight manufactured 2,160 lamps.

  8. Schedule of Cost of Goods Manufactured

  9. Schedule of Cost of Goods Manufactured End of Exercise

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