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Managerial Accounting

by: Alberto Maza

Managerial Accounting 2410

Alberto Maza
GPA 3.5
Managerial Accounting
Marcia Countryman

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About this Document

Notes Week 1
Managerial Accounting
Marcia Countryman
Class Notes
25 ?




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This 3 page Class Notes was uploaded by Alberto Maza on Monday January 25, 2016. The Class Notes belongs to 2410 at University of Missouri - St. Louis taught by Marcia Countryman in Winter 2016. Since its upload, it has received 50 views. For similar materials see Managerial Accounting in Accounting at University of Missouri - St. Louis.


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Date Created: 01/25/16
NOTES WEEK 1 1 What are the 3 basic manufacturing cost classi cations Direct Labor DL consists of labor costs that can be easily physically and conveniently traced to individually units of product It is sometimes called quottouch laborquot Ex assemblyline workers at Toyota Direct Materials DM materials that become an integral part of a nished product and whose costs can be conveniently traced to it Also called raw materials Ex plastics produced by Du Pont are a raw material used by HewlettPackard in its personal computers Manufacturing overhead MO it includes all manufacturing costs except direct materials and direct labor Manufacturing overhead includes items such as indirect materials indirect labor maintenance and repairs on production equipment Ex costs associated with operating the factory 2What are the 2 types of nonmanufacturing costs Selling costs costs that are incurred to secure customer orders and get the nished product to the costumer These costs are also called quotordergettingquot or quotorder lling costsquot Ex advertising shipping sales travel sales commissions Administrative costs costs associated with the general management of an organization rather than with manufacturing or selling Ex executive compensation general accounting secretarial 3 Product Costs VS Period Costs Product Costs refers to the cost used to create a product It includes direct labor direct materials consumable production supplies and factory overhead Period Costs refers to any cost that cannot be capitalized into period expenses inventory or xed assets It is closely associated with the passage of time Practice 22 The cost of a hard drive installed in a computer Product cost DM The cost of advertising in the Puget Sound User newspaper Period cost Selling cost The wages of employees who assemble computers from components Product cost DL Saes commissions paid to company s sales people Period cost Selling cost The wages of the assemble of the shop s supervisor Product cost MO Depreciation on equipment Product cost MO Rent on the facility in the industrial park Product cost MO Practice 23 Depreciation on salesperson s cars Period Cost Rent on equipment used in the factory Product Cost Lubricants used for machine maintenance Product Cost Saaries of personnel who work in the nished goods warehouse Period Cost Soap and paper towels used by factory workers at the end of a shift Product Cost Factory supervisor s salary Product Cost Heat water and power consumed in the factory Product Cost Materials used for boxing products for shipment overseas Period Cost Advertising costs Period Cost Workers compensation insurance for factory employees Product Cost Depreciation on chairs and tables in the factory lunchroom Product Cost The wages of the receptionist in the administrative of ces Period Cost Cost of leasing the corporate jet used by the company s executives Period Cost The cost of renting rooms at a Florida resort for the annual sales conference Period Cost The cost of packaging the company s product Product Cost


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