100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Class notes for Chapter 14: Managerial Accounting $6.20
Add to cart

Class notes

Class notes for Chapter 14: Managerial Accounting

 9 views  0 purchase
  • Course
  • Institution

Hello! I am providing you with class notes regarding Chapter 14: Managerial Accounting from the book: e-Book: Financial & Managerial Accounting, Third Edition, Weygandt Kimmel & Kiesco, Wiley. ISBN-13: 978-1-119-39160-9. The document is provided as a PDF.

Preview 2 out of 8  pages

  • November 1, 2022
  • 8
  • 2022/2023
  • Class notes
  • Florence akebe
  • The document consist of class notes regarding chapter 14 - managerial accounting
avatar-seller
Chapter 14: Managerial
Accounting
Learning Objectives:

Identify the features of managerial accounting and the functions of
management.

Describe the classes of manufacturing costs and the differences between
product and period costs.

Demonstrate how to compute the cost of goods manufactured and prepare
financial statements for a manufacturer.

Discuss trends in managerial accounting.

Must-know formulas:

Direct Materials Used

Direct Materials Used = Beginning Direct Materials + Direct Materials Purchased
- Ending Direct Materials

Work-in-Progress (WIP) Inventory

Cost of Goods Manufactured = Manufacturing COsts Incurred + Beggining
Work-in-Process Inventory - Ending Work-in-Process Inventory

Cost of Good Sold (COGS)

COGS = Beginning Finished Goods Inventory + Cost of Goods Manufactured -
Ending Finished Goods Inventory

Total Manufacturing Costs

Total Manufacturing Costs = Direct Materials Costs + Direct Labour Costs +
Current Period Manufacturing Overhead Costs

Total Costs of Work-in-Process Inventory

Total Costs of Work-in-Process Inventory = Beggining Work-in-Process Inventory
+ Total Manufacturing Costs

Cost of Goods Manufactured (COGM)




Chapter 14: Managerial Accounting 1

, COGM = Total Cost of Work-in-Process Inventory - Ending Work-in-Process
Inventory

COGM = Beginning Work-in-Process Inventory + Manufacturing Costs Incurred -
Ending Work-in-Process Inventory

Manufacturing Costs Incurred

Manufacturing Costs Incurred = Direct Materials Used + Direct Labour +
Manufacturing Overhead

Product Costs
Product Costs = Direct Costs + Manufacturing Overhead/Indirect Costs

Direct Costs

Direct Costs = Direct Materials Costs + Direct Labour Costs

Period Costs

Period Costs = Selling Expenses + Administrative Expenses




Chapter 14: Managerial Accounting 2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller edashukri. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.20. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

50843 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$6.20
  • (0)
Add to cart
Added