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2 -1
Basic
M anagementAccounting
Concepts
CHAPTER
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1. Describe the cost assignment process.2. Define tangible and intangible products and
explain why there are different product costdefinitions.
3. Prepare income statements for manufacturingand service organizations.
4. Outline the differences between functional- based and activity-based managementaccounting systems.
Objectives
After studying thischapter, you should
be able to:
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Exactly what ismeant by cost?
Cost is the cash or cash-equivalent valuesacrificed for goods and services that is
expected to bring a current or future benefit to the organization.
I see Its a dollarmeasure of the
resources used toachieve a given
benefit.
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Traceability is the ability to assign a cost to acost object in an economically feasible way bymeans of a cause-and-effect relationship.
Direct costs are those costs that can be easilyand accurately traced to a cost object.
Example: I f a hospital is the cost object,
the cost of heating andcooli ng the hospital isa direct cost.
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I ndirect costs are those costs that cannot beeasily and accurately traced to a cost object.
Example: The salary of a plant manager, where
departments within the plant are def inedas the cost objects.
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2 -9 I nter face of Services withM anagement Accounting
1. Intangibility
2. Perishability
3. Inseparability
4. Heterogeneity
Services cannot be stored. No patent protection.Cannot display or
communicate services.Price difficult to set.
Derived Properties
Services benefits expirequickly.
Services may be repeatedoften for one customer.
Customer directly
involved with production of service.
Centralized mass production of servicesdifficult.
Wide variation in service products possible.
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2 -10 I nter face of Services withM anagement Accounting
No inventories.Strong ethical code.Price difficult to set.Demand for more accurate
cost assignments.
Impact on ManagementAccounting
No inventories. Need for standards and
consistent high quality.
Costs often accounted
for by customer type.Demand for measure-
ment and control ofquality to maintainconsistency.
Productivity and qualitymeasurement andcontrol must beongoing.
Total quality manage-ment critical.
1. Intangibility
2. Perishability
3. Inseparability
4. Heterogeneity
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Product cost is a cost assignment that
supports a well-specified managerialobject. Thus, what product cost means
depends on the managerial objective
being served.
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Design
Produce
Market
Distribute
Service Develop
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2 -13 Product Costing Defini tions
Pricing DecisionsProduct-Mix Decisions
Strategic ProfitabilityAnalysis
Strategic Design DecisionsTactical Profitability
Analysis
External FinancialReporting
Research andDevelopment
Production
Marketing
CustomerService
Value-Chain
Product Costs
Production
Marketing
CustomerService
Operating Product
Costs
Traditional Product
Costs
Production
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Direct mater ials are those materials that are directlytraceable to the goods or services being produced.
Steel in an automobileWood in furniture
Alcohol in cologne
Denim in jeans
Braces for correcting teeth
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The Product
DirectMaterials
DirectLabor
ManufacturingOverhead
Manufacturing CostsNextPag e
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Direct Materials
Those materials that becomean integral part of the product and
that can be conveniently traced directly to it.
Example: A radio installed in an automobile
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Direct labor is the labor that is directly traceable tothe goods or services being produced.
Workers on an assemblyline at Chrysler
A chef in a restaurant
A surgical nurse attendingan open heart operation
Airline pilot
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Direct Labor
Those labor costs that can be easily traced toindividual units of product.
Example: Wages paid to automobile assembly workers
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Manufacturing costs that cannot be traced directly tospecific units produced.
Manufacturing Overhead
Examples: Indirect labor and indirect materials
Wages paid to employeeswho are not directly
involved in production.
Examples:maintenance workers,
janitors and security guards.
Materials used to supportthe production process.
Examples: lubricants and cleaning
supplies used in theautomobile assembly plant.
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Overhead are all other production costs.
Depreciation on buildingand equipment
Maintenance
Supplies
SupervisionPower
Property taxes
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Noninventoriable (period) costsare expensed in the period in
which they are incurred.
Salaries and commissions ofsales personnel (marketing)
Advertising (marketing)Legal fees (administrative)Printing the annual report
(administrative)
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Selling andAdministrative
Expenses
PeriodCosts
Manufacturing Cost Flows
FinishedGoods
Cost of
GoodsSold
Selling andAdministrative
ManufacturingOverhead
Work inProcess
Direct Labor
Costs
Income
StatementExpenses
Material Purchases Raw Materials
Balance SheetInventories
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Prime Cost :
Direct Materials Costs + Direct Labor Costs
Conversion Cost:
Direct Labor Costs + Overhead Costs
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ExternalFinancialStatements
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2 -25 Manufacturing OrganizationIncome Statement
For the Year Ended December 31, 2004
Sales $2,800,000
Less cost of goods sold:
Beginning finished goods inventory $ 500,000
Add: Cost of goods manufactured 1,200,000Cost of goods available for sale $1,700,000
Less: Ending finished goods inventory 300,000 1,400,000
Gross margin $1,400,000
Less operating expenses:Selling expenses $ 600,000
Administrative expenses 300,000 900,000
Income before taxes $ 500,000
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Direct materials:
Beginning inventory $200,000Add: Purchases 450,000Materials available $650,000Less: Ending inventory 50,000Direct materials used $ 600,000
Direct labor 350,000Manufacturing overhead:
Indirect labor $122,500Depreciation 177,500Rent 50,000Utilities 37,500Property taxes 12,500Maintenance 50,000 450,000
Total manufacturing costs added $1,400,000
Statement of Cost of Goods ManufacturedFor the Year Ended December 31, 2004
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Total manufacturing costs added $1,400,000
Add: Beginning work in process 200,000Total manufacturing costs $1,600,000Less: Ending work in process 400,000Cost of goods manufactured $1,200,000
Work in process consists of all
partially completed units found in production at a given point in time.
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2 -30 Activity-BasedManagement Model
Resources
Activities
Products and
Customers
Cost View
DriverAnalysis
PerformanceAnalysis
Process View
Why? What? How Well?
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1. Unit-based drivers
2. Allocation-intensive3. Narrow and rigid product
costing4. Focus on managing cost
5. Sparse activity information
6. Maximization of individualunit performance
7. Use of financial measures of performance
1. Unit- and nonunit-baseddrivers
2. Tracing intensive3. Broad, flexible product
costing
4. Focus on managingactivities
5. Detailed activityinformation
6. Systematic performancemaximization7. Use of both financial and
nonfinancial measures of performance
Functional-Based Activity-Based
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The End
Chapter Two
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