ma1_mod1
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Management AccountingFundamentals
Module 1Basic concepts of management
accounting
Lectures and handouts by:Shirley Mauger, HB Comm, CGA
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MA1 Modules1. Basic concepts of management accounting2. Job-order costing3. Process costing4. Cost behavior and cost-volume-profit analysis5. Activity-based costing and service department costing6. Absorption and variable costing and budgeting7. Standard costs for materials, labour, and variable
overhead8. Flexible budgets and decentralization9. Relevant costs for decision making and inventory
management10. Pricing and trends in management accounting
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These materials focus on course content ascontained in the lesson notes and the textbook
Audio and visual lectures are designed to be usedtogether
Past examinations are not updated with newmaterial
Review technical updates
Introductory Course Information
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4 Keep up with the modules on a weeklybasis
Do the practice problems provided witheach audio lecture
Do additional problems from pastexaminations from the CGA website
Keep in mind the MA1 examination blueprint
Overall study tips.
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Module 1 - Table of Contents
Course introduction1.1 The managers need for information1.2 Comparing financial and managerial accounting1.3 Organizational structure1.4 The changing business environment1.5 Ethical standards1.6 General cost classifications1.7 Cost classifications on financial statements1.8 Costs for planning, costing, and decision makingReview: Just in time inventory and calculating balancesReview: Manufacturing statements and cost
classificationReview: Multiple choice
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3456
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Part Content
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Part 1
The managers need for informationComparing financial and managerial
accountingOrganizational structure
Topics 1.1-1.3
MA1 MODULE 1
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7Part 1 The managers need for information (Topic 1.1)Describe the role of management accountants in anorganization. (level 2)
DecisionMaking
Formulating long-and short-term
plans (Planning)
Measuringperformance(Controlling)
Implementing plans (Directingand Motivating)
Comparing actualto planned
performance(Controlling)
Garrison, Noreen, Chesley, Carroll, Managerial Accounting, 6th Canadian edition, 2004 p. 6
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Part 1 The managers need for information (Topic 1.1)
DecisionMaking
Formulating long-and short-term
plans (Planning)
Measuringperformance(Controlling)
Implementing plans (Directingand Motivating)
Describe the role of management accountants in anorganization. (level 2)
Garrison, Noreen, Chesley, Carroll, Managerial Accounting, 6th Canadian edition, 2004 p. 6
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Part 1 The managers need for information (Topic 1.1)
DecisionMaking
Formulating long-and short-term
plans (Planning)
Measuringperformance(Controlling)
Implementing plans (Directingand Motivating)
Comparing actualto planned
performance(Controlling)
Describe the role of management accountants in anorganization. (level 2)
Garrison, Noreen, Chesley, Carroll, Managerial Accounting, 6th Canadian edition, 2004 p. 6
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Part 1 Comparing financial and managerial accounting(Topic 1.2)
Identify the major differences and similarities betweenfinancial and managerial accounting. (level 2)
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FinancialAccounting
ManagerialAccounting
External reporting Internal reportingEmphasis on past Emphasis on futureData is objectiveand verifiable
Emphasis on datarelevance
Summarized data Can be detailedGAAP oriented Not GAAP oriented
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Part 1 Organizational structure (Topic 1.3)
Identify job descriptions as either line or staff positions andexplain the problems that can arise between the two. (level 2)
Board of directors
CEO
VP of financeVP of
manufacturingDirector of
humanresources
Treasurer Controller
Vancouverplant
Hong Kongplant
Decentralizationdelegation of
authority
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Part 1 Organizational structure (Topic 1.3)
Identify job descriptions as either line or staff positions andexplain the problems that can arise between the two. (level 2)
Board of directors
CEO
VP of financeVP of
manufacturingDirector of
humanresources
Treasurer Controller
Vancouverplant
Hong Kongplant
Line positions:directly related toachievement of thebasic objectives of anorganization.
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Part 1 Organizational structure (Topic 1.3)
Identify job descriptions as either line or staff positions andexplain the problems that can arise between the two. (level 2)
Board of directors
CEO
VP of financeVP of
manufacturingDirector of
humanresources
Treasurer Controller
Vancouverplant
Hong Kongplant
Staff positions:support and assist linepositions.
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Part 2
The changing business environmentEthical standards
General cost classifications
Topics 1.4-1.6
MA1 MODULE 1
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Just-in-time systems Total quality management Process re-engineering Theory of constraints
Part 2 The changing business environment (Topic 1.4)
Explain the basic concepts underlying just-in-time (JIT),total quality management (TQM), process re-engineering, and the theory of constraints (TOC). (level 2)
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Just-in-time systemsPart 2 The changing business environment (Topic 1.4)
Purpose: Better working capital position Reduced need for storage More responsive
Implementation: Goods are pulled through the system not pushed Use of reliable suppliers and good communication systems Focused factories with optimized plant layouts Better machinery with reduced set-up reduces throughput
time Multi-skilled workers Zero defects
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Total quality management
Part 2 The changing business environment (Topic 1.4)
Purpose:Focus on quality and productivity
Implementation: Focus on serving customers Focus on continuous improvement Systematic problem solving by front line workers TOOLS
Plan-do-check-act cycle Benchmarking
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Process re-engineering
Part 2 The changing business environment (Topic 1.4)
Purpose:Radically redesign business processes to ensure value is
added and cycle time is reducedImplementation: Simplify processes Eliminate non-value-added activities in a process
PROBLEM: It takes too long to take customer ordersSOLUTION: Let customers enter their own order information
online
CONCERN: Employee resistance because of job loss
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Theory of constraints
Part 2 The changing business environment (Topic 1.4)
Purpose:Importance of managing constraints
Implementation: Focus on the weakest point in the process Use continuous improvement to strengthen this point in
the process
PROBLEM: You cant take any more pizza orders becauseyou have only one oven.
SOLUTION: Buy another oven
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Managers need for information
Members shall not be associated with any informationwhich the member knows, or ought to know, to befalse or misleading, whether by statement oromission.
(Code of Ethical Principles and Rules of Conduct -CGA Canada)
Managers are responsible to: Shareholders through the board of directors Workers
Part 2 Ethical standards (Topic 1.5)
Explain the importance of upholding ethical standards. (level 2)
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Part 2 General cost classifications (Topic 1.6)
Identify and give examples of each of the three basic costelements involved in the manufacture of a product. (level 2)
Merchandising
MegaLoMart
Buy finished goods.Sell finished goods.
Manufacturer Buy raw materials. Produce and sell finished
goods.
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Part 2 General cost classifications (Topic 1.6)
Identify and give examples of each of the three basic costelements involved in the manufacture of a product. (level 2)
Merchandising
MegaLoMart
Buy finished goods.Sell finished goods.
Manufacturer Buy raw materials. Produce and sell finished
goods.
Retail inventory Finished goodsWork in processRaw materials
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Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
DirectMaterials
Tires, seat, handlebars
Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
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DirectMaterials
Tires, seat, handlebars Direct Labour
Workers who assemble bikes
Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
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Manufacturing Overhead
DirectMaterials
Tires, seat, handlebars Direct Labour
Workers who assemble bikes
Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
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Manufacturing Overhead
Indirect labourIndirect materials
HeatElectricity
RentEtc.
Part 2 General cost classifications (Topic 1.6)
Manufacturing Overhead
Any manufacturing costthat cannot easily be tracedto the product
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DirectMaterials
Tires, seat, handlebars Direct Labour
Workers who assemble bikes
Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
Prime Cost
Manufacturing Overhead
Indirect labourIndirect materials
HeatElectricity
RentEtc. 28
DirectMaterials
Tires, seat, handlebars Direct Labour
Workers who assemble bikes
Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
Conversion costManufacturing
OverheadIndirect labour
Indirect materialsHeat
ElectricityRentEtc. 29
DirectMaterials
Tires, seat, handlebars Direct Labour
Workers who assemble bikes
Part 2 General cost classifications (Topic 1.6)
Manufacturing costs
Productcosts
Manufacturing Overhead
Indirect labourIndirect materials
HeatElectricity
RentEtc. 30
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Part 2 General cost classifications (Topic 1.6)
Product costs(inventoriable)
Period costs
Direct materials Direct labour Manufacturing
overhead
Assigned toinventory
Selling costs Administrative
costs
Expensed on theincome statement
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Part 2 General cost classifications (Topic 1.6)
Product costs(inventoriable)
Period costs
Direct materials Direct labour Manufacturing
overhead
Assigned toinventory
Selling costs Administrative
costs
Expensed on theincome statement
Become cost ofgoods sold aftera sale takes place
Expensed inperiod in whichthey are incurred
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Part 3
Cost classifications onfinancial statements
Topic 1.7
MA1 MODULE 1
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Part 3 Cost classifications on financial statements(Topic 1.7)
Prepare and explain the cost classifications on amanufacturing income statement. (level 2)
Finished goods
Directmaterials
WorkIn process
Manufacturing inventories
Flow of Costs Example
AJ Bike Co. had $5,000 of direct materials inventoryon January 1
Direct MaterialsJan.1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
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Flow of Costs Example
Purchases during the period amounted to $18,000and ending inventory was $3,000.
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
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Flow of Costs Example
How much direct materials were used?
$5,000 + $18,000 $3,000 = $20,000
Direct MaterialsJan. 1 5,000
Where are materials used recorded?
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
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Flow of Costs Example
How much direct materials were used?
$5,000 + $18,000 $3,000 = $20,000
Direct MaterialsJan. 1 5,000
To the work in process inventory account
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,000to WIP
20,000
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Flow of Costs Example
Direct labour costs were $10,500
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,00010,50020,000
to WIP
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Flow of Costs Example
Manufacturing overhead costs were $19,500
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,00010,50019,50020,000
to WIP
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Flow of Costs Example
What were the total manufacturing costs incurred?$20,000 + $10,500 + $19,500 = $50,000
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,000to WIP
20,00010,50019,500
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Flow of Costs Example
Assume that the work in process inventory at thebeginning of the period was $3,000, and $3,500 at the
end of the period.
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,00010,50019,500
Jan. 1 3,000
Dec.31 3,500
20,000to WIP
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Flow of Costs Example
What is the cost of goods manufactured?
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,000to WIP
20,00010,50019,500
Jan. 1 3,000
Dec.31 3,500
$3,000 + $20,000 + $10,500 + $19,500 $3,500 = $49,500
49,500to finishedgoods
49,500
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Flow of Costs Example
Assume that the finished goods inventory at thebeginning of the period was $1,000, and $1,500 at the
end of the period.What is the cost of goods sold?
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,000to WIP
20,00010,50019,500
Jan. 1 3,000
Dec.31 3,500
49,500to finishedgoods
49,500Jan. 1 1,000
Dec.31 1,500
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Flow of Costs Example
Cost of goods sold
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,000to WIP
20,00010,50019,500
Jan. 1 3,000
Dec.31 3,500
49,500to finishedgoods
49,500
$1,000+$49,500-$1,500=$49,000
Jan. 1 1,000
Dec.31 1,500
49,000 tocost ofgoodssold
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Finishedgoods
inventory
Revenues
Cost ofgoods sold
Operatingexpenses
Balance sheet
= Operating Income
whensalesoccur
deduct
Work in processinventory
PeriodCosts
Direct materialsinventory
= Gross margin
Part 3 Cost classifications on financial statements(Topic 1.7)
deduct
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Incomestatement
Revenues
Cost ofgoods sold
Incomestatement
Operatingexpenses
= Operating Income
deduct
PeriodCosts
= Gross margin
Part 3 Cost classifications on financial statements(Topic 1.7)
deduct
Beginningfinished goods
inventory
Cost of goodssold
plusCost of goodsmanufactured
deductEnding
finished goodsinventory= Cost of
goods sold 47
Direct materials Beginning inventory Add: purchasesDeduct: Ending inventoryRaw materials available for usein production
Direct labour
Schedule of cost ofgoods manufactured
= Total manufacturing costsAdd: Beginning work in processDeduct: Ending work in process= Cost of goods manufactured
Part 3 Cost classifications on financial statements(Topic 1.7)
Beginningfinished goods
inventory
Cost of goodssold
plusCost of goodsmanufactured
deductEnding
finished goodsinventory= Cost of
goods sold
Manufacturing overhead
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Stop the audio and prepare a schedule of cost ofgoods manufactured based on the figures in these Taccounts then come back and listen to the solution.
Direct MaterialsJan. 1 5,000
Part 3 Cost classifications on financial statements(Topic 1.7)
Work in process Finished goods
18,000
Dec.31 3,000
20,000to WIP
20,00010,50019,500
Jan. 1 3,000
Dec.31 3,500
49,500to finishedgoods
49,500Jan. 1 1,000
Dec.31 1,500
49,000 tocost ofgoodssold
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Schedule of Cost of Goods Manufactured
Direct materials: Beginning raw materials inventory $ 5,000 Add: Purchases of raw materials 18,000 Raw materials available for use 23,000 Deduct: Ending raw materials inventory 3,000 Raw materials used in production $20,000Direct labour 10,500Manufacturing overhead 19,500Total manufacturing costs 50,000Add: Beginning work in process inventory 3,000
53,000Deduct: Ending work in process inventory 3,500Cost of goods manufactured $49,500
Part 3 Cost classifications on financial statements(Topic 1.7)
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Schedule of Cost of Goods Manufactured
Direct materials: Beginning raw materials inventory $ 5,000 Add: Purchases of raw materials 18,000 Raw materials available for use 23,000 Deduct: Ending raw materials inventory 3,000 Raw materials used in production $20,000Direct labour 10,500Manufacturing overhead 19,500Total manufacturing costs 50,000Add: Beginning work in process inventory 3,000
53,000Deduct: Ending work in process inventory 3,500Cost of goods manufactured $49,500
Part 3 Cost classifications on financial statements(Topic 1.7)
To cost of goods soldon the income statement 51
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Part 4
Costs for planning, costing, anddecision making
Topic 1.8
MA1 MODULE 1
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Product and period cost Cost object Direct cost and indirect cost Variable and fixed cost Differential cost Opportunity cost Sunk cost Labour costs Overtime premium Idle time Fringe benefits
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
Compare, contrast, and give an example of each of thefollowing types of costs: product and period; variable andfixed; direct and indirect; differential, opportunity, and sunk.(level 1)
Activity 1-1
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Product cost: Inventoriable costs Associated with purchase and manufacture of goods Recorded as an asset when the products associated with
them are not yet sold Expensed when product is sold (as cost of goods sold)
e.g. Direct materials, direct labour, manufacturing overhead
Period cost: Not associated with purchase and manufacture of goods Expensed in period incurrede.g. Selling and administrative expenses
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
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Cost object: Anything for which cost data are desirede.g. A desk, a textbook
Direct cost: Any cost that can be easily traced back to the cost objecte.g. Wood for a desk, paper for a textbook
Indirect cost: Any cost that cannot be easily trace back to the cost objecte.g. depreciation of cutting equipment, glue for a textbook
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
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Variable cost:Total cost changes in directproportion to activityUnit cost stays the samee.g. The cost of skateboardsfor a sports retailer is variable.
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
Skateboards sold
Cos
t of s
kate
boar
ds
Numberof skate-
boardssold
Costper
skate-board
Totalcost ofskate-
boards1 $150 $1502 $150 $300
10 $150 $1,500
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Fixed cost:Total cost remains constantregardless of changes inactivityUnit cost becomes smaller asthe activity increases. e.g. The rental cost for thesports retailers shop is fixed
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
Skateboards sold
Cos
t of s
tore
rent
Numberof skate-
boardssold
Cost ofrent per
skate-board
Totalcost of
rent
1 $2,000 $2,0002 $1,000 $2,000
10 $200 $2,000
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Differential (incremental) cost: The change in costs that are considered between
alternatives.e.g. Buying preassembled skateboards versus assembling
them at the store.
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
Pre-assembled
In storeassembly
Direct materials XDirect labour XVariable overhead XOutside purchaseprice
X
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Opportunity cost: Benefits lost because one course of action was taken
as opposed to another
e.g. The dollars in lost sales because the space taken up toassemble skateboards cannot be used to sellsnowboards.
Sunk cost: Any cost that has already been incurred and cannot be
changed by any future decision
e.g. The cost of a feasibility analysis for a project.
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
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Classification of labour costs Overtime premium
Paid to workers who work above normal time requirements. TREATMENT: Applied as direct labour if the overtime is job
specific, otherwise treated as overhead Idle time
Unproductive timee.g. waiting for materials or machine downtime
TREATMENT: Direct labour cost if it is job specific,otherwise treated as overhead
Fringe benefits Employer contributions to employee benefits
e.g. pension plans and life insurance TREATMENT: Base cost for direct labour. Overhead for
indirect labour
Part 4 Costs for planning, costing, and decision making(Topic 1.8)
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Part 5
Review questions:Just in time inventoryCalculating balances
(download the additional questions handout: ma1_mod1_handout1.pdf)
MA1 MODULE 1
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Question 1 June 1998Handout page 1Required:a. Outline and discuss briefly the four key elements that are
necessary in the successful operation of a JIT inventorysystem
b. The JIT philosophy states that management should focusits efforts on simplification and on elimination of waste.Identify and discuss briefly the three ideas that are key tothis philosophy
c. Identify three benefits that can result from theimplementation of a JIT inventory system
Part 5 Review questions: Just-in-time inventory
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
63
Question 2 December 1993Handout page 3Required:Compute the following
a. Direct labour
b. Ending work-in-process inventory
c. Goods available for sale
d. Ending finished goods inventory
e. Operating expenses
Part 5 Review questions: Calculating balances
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
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Question 2 December 1993Handout page 3Required:Compute the following
a. Direct labour
b. Ending work-in-process inventory
c. Goods available for sale
d. Ending finished goods inventory
e. Operating expenses
Part 5 Review questions: Calculating balances
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
65
Question 2 December 1993Handout page 3Required:Compute the following
a. Direct labour
b. Ending work-in-process inventory
c. Goods available for sale
d. Ending finished goods inventory
e. Operating expenses
Part 5 Review questions: Calculating balances
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
66
Part 6
Review questions:Manufacturing financial
statementsCost classification
(download the additional questions handout: ma1_mod1_handout1.pdf)
MA1 MODULE 1
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67
Question 6 March 1992Handout page 4Required:a. Prepare the cost of goods manufactured statement for
Zewing Co. for the year ended November 30, 1991 ingood form.
b. What were the prime costs incurred during 1991?
c. How much conversion costs were charged to work-in-process during 1991?
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
68
Question 6 March 1992Handout page 4Required:a. Prepare the cost of goods manufactured statement for
Zewing Co. for the year ended November 30, 1991 ingood form.
b. What were the prime costs incurred during 1991?
c. How much conversion costs were charged to work-in-process during 1991?
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
69
Question 6 March 1992Handout page 4Required:a. Prepare the cost of goods manufactured statement for
Zewing Co. for the year ended November 30, 1991 ingood form.
b. What were the prime costs incurred during 1991?
c. How much conversion costs were charged to work-in-process during 1991?
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
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70
Problem 2-19 page 71Handout page 5Required:1. Prepare a schedule of cost of goods manufactured
2. Prepare an income statement
3. Assume that the company produced the equivalent of10,000 units of product during the year. What was theaverage cost per unit for direct materials? What wasthe average cost per unit for factory depreciation?
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
71
Problem 2-19 page 71Handout page 5Required:1. Prepare a schedule of cost of goods manufactured
2. Prepare an income statement
3. Assume that the company produced the equivalent of10,000 units of product during the year. What was theaverage cost per unit for direct materials? What wasthe average cost per unit for factory depreciation?
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
72
Problem 2-19 page 71Handout page 5Required:a. Prepare a schedule of cost of goods manufactured
b. Prepare an income statement
c. Assume that the company produced the equivalent of10,000 units of product during the year. What was theaverage cost per unit for direct materials? What wasthe average cost per unit for factory depreciation?
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
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73
Problem 2-19 page 71Handout page 5Required:4. Assume that the company expects to produce 15,000
units of product during the coming year. What averagecost per unit and what total cost would you expect thecompany to incur for direct materials at this level ofactivity? For factory depreciation?
5. As the manager responsible for production costs,explain to the president any difference in the averagecosts per unit between (3) and (4).
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
74
Problem 2-19 page 71Handout page 5Required:4. Assume that the company expects to produce 15,000
units of product during the coming year. What averagecost per unit and what total cost would you expect thecompany to incur for direct materials at this level ofactivity? For factory depreciation?
5. As the manager responsible for production costs,explain to the president any difference in the averagecosts per unit between (3) and (4).
Part 6 Review questions: Manufacturing financialstatements
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
75
Problem 2-15 pages 68-69Handout page 6Required:Analyze each cost item and classify as:
Variable or fixed
Selling or administrative
Direct or indirect
Part 6 Review questions: Cost classification
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
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76
Part 7
Review questions:Multiple Choice Questions
(download the additional questions handout: ma1_mod1_handout1.pdf)
MA1 MODULE 1
77
Multiple choice questionsHandout pages 6 thru 10
June 1999 examPage 7 of handoutQ1
a. Calculate prime costb. Calculate conversion costc. Calculate cost of goods manufactured
Part 7 Review questions: Multiple choice
Stop the audio, read and attempt thequestion in the handout then come back tolisten to the solution.
78
Multiple choice questionsHandout pages 6 thru 10
June 2001 examPage 8 of handout
Q2 Calculate cost of goods manufacturedQ3 Calculate gross profit
Part 7 Review questions: Multiple choice
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Multiple choice questionsHandout pages 6 thru 10
Pages 9 thru 10 of handoutQ4 thru 13Theory questions
Part 7 Review questions: Multiple choice
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