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Introduction to Managerial Accounting
Chapter 18 © 2015 Pearson Education, Limited.

© 2015 Pearson Education, Limited.
Learning Objectives Define managerial accounting and understand how it is used Describe the difference between service, merchandising, and manufacturing companies Classify costs for service, merchandising, and manufacturing companies © 2015 Pearson Education, Limited.

Learning Objectives Prepare an income statement and schedule of cost of goods manufactured for a manufacturing company and calculate cost per item Calculate cost per service for a service company and cost per item for a merchandising company © 2015 Pearson Education, Limited.

Define managerial accounting and understand how it is used
Learning Objective 1 Define managerial accounting and understand how it is used © 2015 Pearson Education, Limited.

Financial Accounting versus Managerial Accounting
Managerial accounting involves Planning Choose goals Decide how to achieve goals Controlling Implement plans Evaluate results Managerial accounting involves the activities of planning and controlling. When creating a plan, managers choose goals and then decide how to achieve them. Controlling requires the implementation of those plans and an evaluation by comparing the actual results to the plan. A budget is a common example of a plan. Compare actual results to plan (budget) © 2015 Pearson Education, Limited.

Financial Accounting versus Managerial Accounting
The primary users of financial accounting information are external to the business—for example, investors, creditors, and government authorities. The purpose of providing this information to the external users is to assist investors and creditors in making decisions about investing in the business or lending money to the business. Financial accounting reports the past results of the company, and the information must be prepared in accordance with Generally Accepted Accounting Principles. Financial statements are prepared quarterly or annually for the company as a whole, and it is important that the reports provide adequate disclosures. Managerial accounting, on the other hand, focuses on internal users, such as managers and employees. The information reported is intended to help managers with planning and controlling. As such, the focus is on the future. Managerial accounting does not have to follow GAAP. Its reports are more detailed than financial accounting reports, providing information about product lines, departments, or territories. So, rather than reporting on the whole company, managerial accounting reports on parts of the company. The concern is for how the reports that are generated will affect employee behavior. © 2015 Pearson Education, Limited.

Today’s Business Environment
Shift toward a service economy Global competition Time-based competition Advanced information systems such as Enterprise Resource Planning (ERP) E-commerce Just-in-time (JIT) management Total quality management (TQM) Recent trends indicate that companies that provide services are a growing part of the economy. According to the recent Census, 70% of businesses provide services. In addition, more and more companies are choosing to conduct business in the global marketplace. To compete in the digital age, time is of the essence. Customers expect quick responses to their needs. To achieve this, businesses often use an enterprise resource planning system, which is a software system that can integrate all of a company’s functions, departments, and data into a single system. In addition, companies engage in e-commerce, using the Internet to give customers access to company and product information 24/7. Just-in-time management means that the business produces products just in time to satisfy the needs of its customers. This reduces the company’s costs because there is less inventory to store and insure. It also reduces the risk of the inventory becoming obsolete. Adoption of the Total Quality Management philosophy is another emerging trend. TQM means that the company is continuously looking for ways to improve its products and processes. As a result, the company can reduce product defects, and this leads to higher customer satisfaction. © 2015 Pearson Education, Limited.

Ethical Standards from the Institute of Management Accountants (IMA)
Competence Confidentiality Integrity Credibility The Institute for Management Accountants has developed standards to help managerial accountants deal with challenges they may face in performing their jobs. The first standard is competence, which requires a certain level of professional expertise as well as continual development of skills and knowledge. This also involves recognizing any limitations that would prevent the successful performance of one’s duties. Competency means that the managerial accountant will follow laws and any applicable technical standards. Any recommendations he or she makes will be accurate, clear, concise, and timely. Confidentiality requires that the managerial accountant will only disclose information to the appropriate parties. Information obtained by working for a company should not be used for unethical or illegal advantage. Integrity involves avoiding any conflicts of interest. Finally, credibility means that the managerial accountant will communicate information fairly and objectively. Any information that is relevant to a decision should be disclosed. If an ethical situation is encountered, the managerial accountant should follow the organization’s established policies. If additional steps are needed, he or she should discuss the ethical situation with: 1) an immediate supervisor; 2) an objective adviser; and, if necessary, 3) an attorney. © 2015 Pearson Education, Limited.

>TRY IT! Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA): 1. Helps creditors make lending decisions. 2. Helps in planning and controlling operations. 3. Is not required to follow GAAP. 4. Has a focus on the future. 5. Summary reports prepared quarterly or annually. FA MA MA MA FA © 2015 Pearson Education, Limited.

Service, Merchandising, and Manufacturing Companies
Type of Company What the Company Sells Service Time Skills Knowledge Merchandising Resells products bought from supplier Manufacturing Use labor, equipment, supplies, and facilities to convert raw materials into finished products. Businesses can be classified as service, merchandising, or manufacturing companies. The earlier financial accounting chapters of the text discussed service businesses and merchandisers. This chapter introduces manufacturers. The three categories of businesses differ in what they offer to the customer. A service company offers its time, skills, and knowledge for a fee. Merchandisers buy products from supplies and then resell them to customers. A manufacturer produces goods by converting raw materials into a finished product. To do this, the company must use labor, equipment, supplies, and facilities. © 2015 Pearson Education, Limited.

Type of Company Largest Expense Service Salaries and Wages Expense Merchandising Cost of Goods Sold Manufacturing Typically, the largest expense for service companies is salaries and wages. For merchandisers and manufacturers, the largest expense is usually cost of goods sold. © 2015 Pearson Education, Limited.

Type of Company Types of Inventory Service None Merchandising Merchandise Inventory Manufacturing Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Service companies have no inventories. Merchandisers have one inventory account—merchandise inventory. Manufacturers have three different inventory accounts: raw materials inventory, work-in-process inventory, and finished goods inventory. Raw materials inventory consists of materials used to make a product. The raw materials for a bakery would include flour, sugar, and eggs. Work-in-process inventory includes goods that have been started in the manufacturing process but are not yet complete. Using the bakery example, bread dough ready for baking would be found in the work-in-process inventory account. Finished goods inventory contains completed goods that have not yet been sold. In a bakery, finished cakes or loaves of bread would be examples of finished goods inventory. © 2015 Pearson Education, Limited.

Type of Company Types of Costs Service Period Merchandising Product Manufacturing For businesses that provide a service, all expenses are period costs. Merchandisers and manufacturers have some expenses that are period costs and some expenses that are product costs. © 2015 Pearson Education, Limited.

Period Cost versus Product Cost
Expensed when incurred Product Part of inventory Expensed when sold (cost of goods sold) So, let’s discuss the difference between period and product costs. Period costs are expensed in the same accounting period in which they are incurred. Selling and administrative costs are period costs. Product costs are the costs of purchasing or making a product. The costs are first recorded as an asset in an inventory account. For merchandisers, this is the merchandise inventory account. For manufacturers, this is the raw materials inventory, the work-in-process inventory, and the finished goods inventory. Once the product is sold, the costs are expensed as cost of goods sold. © 2015 Pearson Education, Limited.

Income Statements of Service, Merchandising, and Manufacturing Companies Comparing the income statements for the three types of businesses, we see in Exhibit 18-4 that the service company has the simplest income statement. In contrast, merchandisers and manufacturers report cost of goods sold and gross profit. External financial reports generally do not show the calculation of cost of goods sold. However, the details of the computation is often included in internal management reports, as shown Exhibit 18-4. © 2015 Pearson Education, Limited.

Cost of Goods Sold for a Merchandiser and a Manufacturer
Beginning Merchandise Inventory + Purchases and Freight In Cost of Goods Available for Sale – Ending Merchandise Inventory Cost of Goods Sold Manufacturer Beginning Finished Goods Inventory + Cost of Goods Manufactured Cost of Goods Available for Sale – Ending Finished Goods Inventory Cost of Goods Sold Let’s take a closer look at the calculation of cost of goods sold. For a merchandiser, the formula begins with the beginning balance in the merchandise inventory account. To that, we add purchases and freight-in. The sum is the cost of goods available for sale. To compute the cost of goods sold, we then subtract the ending balance of the merchandise inventory. A manufacturer’s calculation differs slightly. We start with the beginning balance of the finished goods inventory. The next step is to add the cost of goods manufactured, which gives us the cost of goods available for sale. Finally, we subtract the ending balance in the finished goods inventory account to arrive at the cost of goods sold © 2015 Pearson Education, Limited.

Balance Sheets of Service, Merchandising, and Manufacturing Companies
Referring again to Exhibit 18-4, you will notice that the balance sheets also differ among the three types of businesses. As we discussed earlier, service businesses have no inventory. Merchandisers have one inventory account—merchandise inventory. And we see that manufacturers list their three types of inventory: raw materials, work-in-process, and finished goods. © 2015 Pearson Education, Limited.

>TRY IT! Match the accounting terminology to the examples. 6. Service company a. Salaries paid to lawyers 7. Merchandising company b. Makes cast iron pans 8. Manufacturing company c. Tires used in the manufacture of automobiles 9. Period cost d. Department store 10. Product cost e. Dentist office © 2015 Pearson Education, Limited.

Classify costs for service, merchandising, and manufacturing companies
Learning Objective 3 Classify costs for service, merchandising, and manufacturing companies © 2015 Pearson Education, Limited.

Direct and Indirect Costs
Can be easily and cost-effectively traced to a cost object Indirect CANNOT be easily and cost-effectively traced to a cost object Costs can be classified as either direct or indirect. A direct cost is easily and cost-effectively traced to a cost object. A cost object is anything for which managers need a separate breakdown of its component costs. Some examples of cost objects are: a product, a department, a sales territory, or an activity. In manufacturing, cost objects are usually units of product. Indirect costs, on the other hand, CANNOT be easily and cost-effectively traced to a cost object. The salary of the production supervisor is an example of an indirect cost. The production supervisor manages the factory operations for all of the products the company manufactures. Therefore, it is difficult to trace the cost of the supervisor to a specific product. A manufacturer’s product costs will include both direct and indirect costs. © 2015 Pearson Education, Limited.

Product Costs Direct materials (DM) Direct labor (DL) Manufacturing overhead (MOH) Indirect material Indirect labor Manufacturers have three categories of product costs. The first category, direct materials, consists of raw materials that are converted into a finished product. Direct materials can be easily and cost-effectively traced to the product, so they are considered to be direct costs. An example of direct materials would be the processors that are used to make Smart Touch Learning’s touch screen tablet computers. Direct labor is the labor cost of employees who convert raw materials into finished products. Direct labor is also a direct cost because it, too, can be easily and cost-effectively traced to the product. An example of direct labor would be the wages of the workers who assemble the tablets at Smart Touch Learning. Manufacturing overhead is sometimes referred to as factory overhead or indirect manufacturing costs. It is an indirect cost because is difficult to trace to specific products. Overhead includes all manufacturing costs other than direct materials and direct labor. In other words, it includes all of the supporting production activities. Some examples of manufacturing overhead would be factory rent, insurance on the factory and its equipment, depreciation on the factory and factory equipment, repair and maintenance on the factory and its production equipment, utilities at the factory, and property taxes for the factory. Looking at manufacturing overhead in more detail, there are two components: indirect materials and indirect labor. Indirect materials are raw materials used in production that are either difficult or not cost-effective to trace to the product. An example would be the solder used in assembling the motherboard on Smart Touch Learning’s tablets. Indirect labor is the labor costs for activities that support the production process but either cannot be conveniently traced directly to specific finished products or are not large enough to justify tracing to the specific product. The production supervisor and janitors and maintenance employees at the factory are all examples of indirect labor. © 2015 Pearson Education, Limited.

Product and Period Costs
Exhibit 18-5 lists some of the costs for Smart Touch Learning. We have classified the costs as being either product costs or period costs. Period costs are selling and administrative expenses. The product costs are then categorized as direct materials, direct labor, or manufacturing overhead. © 2015 Pearson Education, Limited.

Prime and Conversion Costs
Direct materials and direct labor together are referred to as prime costs. Conversion costs are a combination of direct labor and manufacturing overhead. © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 11. Wages of assembly line workers © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 11. Wages of assembly line workers Product Direct labor Prime and conversion © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 12. Wages of the office receptionist © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 12. Wages of the office receptionist Period © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 13. Property taxes on the factory © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 13. Property taxes on the factory Product Manufacturing overhead Conversion © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 14. Sugar and flour used to make cookies © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 14. Sugar and flour used to make cookies Product Direct materials Prime © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. Salary of the factory maintenance supervisor © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 15. Salary of the factory maintenance supervisor Product Manufacturing overhead Conversion © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 16. Salary of the sales manager © 2015 Pearson Education, Limited.

>TRY IT! Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then, determine if the product cost is a prime cost and/or a conversion cost. 16. Salary of the sales manager Period © 2015 Pearson Education, Limited.

Income Statement— Manufacturing Company
Exhibit 18-7 shows the income statement for Smart Touch Learning once the company started producing its own touch screen tablet computers. Notice the calculation of cost of goods sold which we have previously discussed. The activity that occurred in the finished goods inventory account provides the information needed for this calculation. The cost of goods sold is a product cost. It is subtracted from net sales revenue to determine gross profit. Then, selling and administrative expenses are subtracted to determine the operating income. The selling and administrative expenses are period costs. © 2015 Pearson Education, Limited.

Manufacturing Company: Product Costs and Period Costs
Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Purchases of Raw Materials plus Freight In Raw Materials Inventory It is important to understand the flow of a manufacturer’s product costs in order to understand how to calculate cost of goods manufactured. Exhibit 18-8 illustrates these relationships. We begin with the purchase of raw materials and the cost of freight-in. These costs are added to the raw materials inventory account. © 2015 Pearson Education, Limited.

Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Purchases of Raw Materials plus Freight In Raw Materials Inventory Direct labor Work-in-Process Inventory Manufacturing Overhead The cost of direct materials used becomes part of the work-in-process inventory. As the manufacturer uses direct labor and manufacturing overhead to convert the materials into work-in-process inventory, these costs are also added to the work-in-process inventory. © 2015 Pearson Education, Limited.

Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Purchases of Raw Materials plus Freight In Raw Materials Inventory Direct labor Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead When the manufacturing process is completed, the costs are transferred to finished goods inventory. © 2015 Pearson Education, Limited.

Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Balance Sheet Purchases of Raw Materials plus Freight In Raw Materials Inventory Product Costs Direct labor Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead The direct materials, direct labor, and manufacturing overhead are all product costs The raw materials inventory, work-in-process inventory, and finished goods inventory appear on the balance sheet. © 2015 Pearson Education, Limited.

Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Balance Sheet Purchases of Raw Materials plus Freight In Raw Materials Inventory Product Costs when sales occur Direct labor Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead The cost of any finished goods that are sold becomes cost of goods sold. Note that the product costs remain in inventory accounts on the balance sheet until the product is sold. © 2015 Pearson Education, Limited.

Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Balance Sheet Income Statement Purchases of Raw Materials plus Freight In Raw Materials Inventory Sales Revenue Product Costs when sales occur minus Direct labor Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead Cost of goods sold is an item on the income statement. It is subtracted from sales revenue to determine gross profit. Selling and administrative expenses are then deducted to determine operating income. equals Gross Profit minus Selling and Administrative Expenses equals Operating Income © 2015 Pearson Education, Limited.

Exhibit 18-8 Manufacturing Company: Product Costs and Period Costs Balance Sheet Income Statement Purchases of Raw Materials plus Freight In Raw Materials Inventory Sales Revenue Product Costs when sales occur minus Direct labor Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Product Costs Manufacturing Overhead As we discussed previously, cost of goods sold contains product costs, and selling and administrative expenses are period costs. equals Gross Profit minus Selling and Administrative Expenses Period Costs equals Operating Income © 2015 Pearson Education, Limited.

Schedule of Cost of Goods Manufactured
Beginning Work-in-Process Inventory + Direct Materials used + Direct Labor + Manufacturing Overhead – Ending Work-in-Process Inventory Cost of Goods Manufactured Simply put, cost of goods manufactured is equal to beginning work-in-process inventory plus direct materials used plus direct labor plus manufacturing overhead less ending work-in-process inventory. © 2015 Pearson Education, Limited.

Schedule of Cost of Goods Manufactured
Exhibit 18-9 shows the schedule of cost of goods manufactured for Smart Touch Learning. Note that the total manufacturing costs incurred of $607,000 is the sum of the $355,000 of direct materials used, the $169,000 of direct labor, and the $83,000 of manufacturing overhead. This total manufacturing cost is then added to the beginning work-in-process inventory of $80,000 to determine the total manufacturing cost to account for of $687,000. Next, the $27,000 in ending work-in-process inventory is subtracted from the total manufacturing cost to account for to arrive at our final figure of $660,000 for cost of goods manufactured. © 2015 Pearson Education, Limited.

Flow of Costs through Inventory Accounts
Exhibit Flow of Costs Through Smart Touch Learning’s Inventory Accounts Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Beginning Inventory $ 70,000 Beginning Inventory $ 80,000 Beginning Inventory $ 0 + Purchases and Freight In 350,000 + Direct Materials Used 355,000 + Cost of Goods Manufactured 660,000 = Direct Materials Available for Use 420,000 + Direct Labor 169,000 = Cost of Goods Available for Sale 660,000 – Ending Inventory (65,000) + Manufacturing Overhead 83,000 – Ending Inventory (60,000) = Direct Materials Used $ 355,000 = Total Manufacturing Costs to Account For 687,000 = Cost of Goods Sold $ 600,000 – Ending Inventory (27,000) = Cost of Goods Manufactured $ 660,000 Exhibit diagrams the flow of costs through Smart Touch Learning’s inventory accounts. It is important to understand because we will be using these concepts in future chapters. In general, for each inventory account, we start with the beginning balance. Each account has items which are added to the beginning balance. The ending balance is subtracted to determine the amount that has been used or sold. Looking specifically at the raw materials inventory account, purchase and freight in are added to the beginning balance, and the ending balance is subtracted, leaving us with the amount of direct materials that were used. The cost of direct materials used then flows to the work-in-process inventory account. It is added to the beginning balance along with the cost of direct labor and the cost of manufacturing overhead, giving us the manufacturing costs to account for. The ending inventory is then subtracted to determine the cost of goods manufactured. Finally, the cost of goods manufactured flows to the finished goods inventory account and is added to the beginning balance and the ending balance. The result is cost of goods sold. © 2015 Pearson Education, Limited.

Manufacturing Company Unit Product Cost
Cost of goods manufactured # of units produced Knowing the unit product cost helps managers decide on the prices to charge for each product to ensure that each product is profitable. To calculate the unit product cost, we divide the cost of goods manufactured by the unit product cost. © 2015 Pearson Education, Limited.

If a manufacturing company’s cost of goods manufactured is $800,000, and 25,000 units were produced, what is the unit product cost? $800,000 25,000 units = $32 per unit © 2015 Pearson Education, Limited.

# of units sold × Unit product cost = Cost of Goods Sold Once the unit product cost is known, we can use that amount to calculate cost of goods sold. The number of units sold multiplied by the unit product cost equals cost of goods sold. © 2015 Pearson Education, Limited.

If a manufacturing company’s unit product cost is $32, and 20,000 items were sold, what is the cost of goods sold? $32 per unit × 20,000 units = $640,000 Cost of Goods Sold © 2015 Pearson Education, Limited.

>TRY IT! 17. ABC Manufacturing Company has the following data for 2015 (amounts in millions): Raw Materials Inventory, January 1 $ 5 Raw Materials Inventory, December 31 7 Work-in-Process Inventory, January 1 12 Work-in-Process Inventory, December Finished Goods Inventory, January 1 8 Finished Goods Inventory, December 31 6 Raw Materials Purchased, including Freight In 25 Direct Labor 36 Manufacturing Overhead 17 Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2015. © 2015 Pearson Education, Limited.

Service Company Cost per Service
Total costs # of services provided Now that we know how to calculate the cost per unit for a manufacturer, let’s take a look at how service companies and merchandisers compute a cost per unit. Service companies need to know the cost of providing each service so that a price can be set for the service. The formula is total costs divided by the total number of services provided. © 2015 Pearson Education, Limited.

Merchandising Company Cost per Unit
Total cost of goods sold # of units sold Similarly, merchandisers need to know the cost of each unit of product in order to set the price and determine profitability. The formula is total cost of goods sold divided by the total number of units sold. © 2015 Pearson Education, Limited.

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