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MD DALIM #921746 8/5/07 CYAN MAG YELO BLK gar26703_fmse_i-xxi.indd Page i 1/12/07 5:30:34 AM ssen Managerial Accounting /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page ii 1/12/07 5:30:45 AM ssen /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page iii 1/12/07 5:30:52 AM ssen /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES Managerial Accounting Tw e l f t h E d i t i o n Ray H. Garrison, D.B.A., CPA Professor Emeritus Brigham Young University Eric W. Noreen, Ph.D., CMA Professor Emeritus University of Washington Peter C. Brewer, Ph.D., CPA Miami University—Oxford, Ohio Boston Burr Ridge, IL Dubuque, IA Madison, WI New York San Francisco St. Louis Bangkok Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto gar26703_fmse_i-xxi.indd Page iv 1/12/07 5:30:58 AM ssen /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES Dedication To our families and to our many colleagues who use this book. MANAGERIAL ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 0 9 8 7 ISBN 978-0-07-352670-6 MHID 0-07-352670-3 Editorial director: Stewart Mattson Executive editor: Tim Vertovec Developmental editor II: Sarah Wood Executive marketing manager: Krista Bettino Senior media producer: Elizabeth Mavetz Lead project manager: Pat Frederickson Senior production supervisor: Debra R. Sylvester Senior designer: Kami Carter Photo research coordinator: Lori Kramer Photo researcher: Keri Johnson Supplement producer: Ira C. Roberts Lead media project manager: Brian Nacik Cover designer: Pam Verros, pvdesign Cover images: © Masterfile Interior designer: Pam Verros, pvdesign Typeface: 10.5/12 Times Roman Compositor: Techbooks Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Garrison, Ray H. Managerial accounting / Ray H. Garrison, Eric W. Noreen, Peter C. Brewer.—12th ed. p. cm. Includes index. ISBN-13: 978-0-07-352670-6 ISBN-10: 0-07-352670-3 1. Managerial accounting. I. Noreen, Eric W. II. Brewer, Peter C. III. Title. HF5657.4.G37 2008 658.15’11—dc22 2006102821 www.mhhe.com /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page v 1/12/07 5:30:58 AM ssen About the Authors Ray H. Garrison is emeritus professor of accounting at Brigham Young University, Provo, Utah. He received his BS and MS degrees from Brigham Young University and his DBA degree from Indiana University. As a certified public accountant, Professor Garrison has been involved in management consulting work with both national and regional accounting firms. He has published articles in The Accounting Review, Management Accounting, and other professional journals. Innovation in the classroom has earned Professor Garrison the Karl G. Maeser Distinguished Teaching Award from Brigham Young University. Eric W. Noreen is a globe-trotting academic who has held appointments at institutions in the United States, Europe, and Asia. He is emeritus professor of accounting at the University of Washington. He received his BA degree from the University of Washington and MBA and PhD degrees from Stanford University. A Certified Management Accountant, he was awarded a Certificate of Distinguished Performance by the Institute of Certified Management Accountants. Professor Noreen has served as associate editor of The Accounting Review and the Journal of Accounting and Economics. He has numerous articles in academic journals including: the Journal of Accounting Research; the Accounting Review; the Journal of Accounting and Economics; Accounting Horizons; Accounting, Organizations and Society; Contemporary Accounting Research; the Journal of Management Accounting Research; and the Review of Accounting Studies. Professor Noreen has won a number of awards from students for his teaching. Managerial Accounting Twelfth Edition v /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page vi 1/12/07 5:31:00 AM ssen About the Authors Peter C. Brewer is a professor in the Department of Accountancy at Miami University, Oxford, Ohio. He holds a BS degree in accounting from Penn State University, an MS degree in accounting from the University of Virginia, and a PhD from the University of Tennessee. He has published 30 articles in a variety of journals including: Management Accounting Research, the Journal of Information Systems, Cost Management, Strategic Finance, the Journal of Accountancy, Issues in Accounting Education, and the Journal of Business Logistics. Professor Brewer is a member of the editorial boards of Issues in Accounting Education and the Journal of Accounting Education. His article “Putting Strategy into the Balanced Scorecard” won the 2003 International Federation of Accountants’ Articles of Merit competition and his articles “Using Six Sigma to Improve the Finance Function” and “Lean Accounting: What’s It All About?” were awarded the Institute of Management Accountants’ Lybrand Gold and Silver Medals in 2005 and 2006. He has received Miami University’s Richard T. Farmer School of Business Teaching Excellence Award and has been recognized on two occasions by the Miami University Associated Student Government for “making a remarkable commitment to students and their educational development.” He is a leading thinker in undergraduate management accounting curriculum innovation and is a frequent presenter at various professional and academic conferences. Prior to joining the faculty at Miami University, Professor Brewer was employed as an auditor for Touche Ross in the firm’s Philadelphia office. He also worked as an internal audit manager for the Board of Pensions of the Presbyterian Church (U.S.A.). He frequently collaborates with companies such as Harris Corporation, Ghent Manufacturing, Cintas, Ethicon Endo-Surgery, Schneider Electric, Lenscrafters, and Fidelity Investments in a consulting or case writing capacity. vi Garrison Noreen Brewer /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page vii 1/12/07 5:31:01 AM ssen Garrison—Leading Textbook, Leading Technology The wide array of technology assets that come with Managerial Accounting aren’t addons thrown in at the last minute: They’re extensions of the textbook itself, that work in unison to make managerial accounting as easy as possible to learn. You may be tempted to put aside your CD and registration cards, planning to “get to them later”; you may even want to discard them outright. Don’t do it! These supplements can offer you tremendous help as you go through the course; the sooner you become familiar with them, the sooner you can enjoy the immense benefits they have to offer. Here’s what you need to know to get the most out of Managerial Accounting’s technology package. iPod Content Harness the power of one of the most popular technology tools you use today–the Apple iPod. Our innovative approach allows you to download audio and video presentations right into your iPod and take learning materials with you wherever you go. You just need to visit the Online Learning Center at www.mhhe.com/garrison12e to download our iPod content. For each chapter of the book you will be able to download audio narrated lecture presentations, managerial accounting videos, and even self-quizzes designed for use on various versions of iPods. The iPod content can be downloaded quickly and easily from the enclosed DVD without the need to spend the additional download time. It makes review and study time as easy as putting on headphones. Topic Tackler Plus Topic Tackler Topic Tackler provides focused help on the two most challenging topics in every chapter. How do you use Topic Tackler? Take your pick: PLUS • • • • Watch a short, high-quality video presentation. Review the topic highlights with a graphical slide show. Practice on numerous interactive exercises. Follow the links to more information on the World Wide Web. However you want to use it, Topic Tackler is the perfect tool for review sessions, or just for some quick reinforcement as you read. Look for the Topic Tackler icon while you read—that means you’ll find Topic Tackler ready to help you on that particular subject. Turn to the inside front cover to learn how to get started using Topic Tackler! One Pass eliminates the frustration of remembering multiple access codes for different online resources. Now you can use the access code found on your OnePass card to register and create one password for access to your book’s online resources. By having just one access code for everything, you can go back and forth between tutorials as you study. Managerial Accounting Twelfth Edition vii /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page viii 1/12/07 5:31:06 AM ssen Student Supplements McGraw-Hill’s Homework Manager® Online Learning Center (OLC) Practice makes perfect, and when it comes to managerial accounting, there’s often no better practice than working with the numbers yourself. Managerial Accounting provides a great many problems for your instructor to assign or for you to do on your own, but there are only so many problems you can fit into a textbook. That’s where McGraw-Hill’s Homework Manager comes in. When it comes to getting the most out of your textbook, the Online Learning Center is the place to start. The OLC follows Managerial Accounting chapter by chapter, offering all kinds of supplementary help for you as you read. OLC features include: McGraw-Hill’s Homework Manager duplicates problems from the textbook in a convenient, online format. You can work problems and receive instant feedback on your answers, taking as many tries as you want. Because McGraw-Hill’s Homework Manager uses specialized algorithms to generate values for each problem, it can produce infinite variations of certain text problems just by changing the values—you can practice on the same problem as many times as you need to, with fresh figures to work with every time. Your instructor will have already decided whether to make McGraw-Hill’s Homework Manager a part of your course, and he or she will create a course account and generate the assignments for you to do. Your McGraw-Hill’s Homework Manager user guide will include an access code enabling you to enroll; refer to the guide for help in creating your account. Talk to your instructor to be sure McGraw-Hill’s Homework Manager is available for you as you begin the course. viii Garrison Noreen • • • • • • • • Learning objectives Chapter overviews Internet-based activities Self-grading quizzes Links to text references Links to professional resources on the Web Job opportunity information Internet factory tours Before you even start reading Chapter 1, go to this address and bookmark it: www.mh h e .co m/ga rrison12e Remember, your Online Learning Center was created specifically to accompany Managerial Accounting—so don’t let this great resource pass you by! Brewer /Volumes/201/MHIY010/mhgar12/gar12fm CONFIRMING PAGES gar26703_fmse_i-xxi.indd Page ix 1/12/07 5:31:08 AM ssen Topic Tackler Plus Working Papers Available on the text Web site, Topic Tackler Plus helps you master difficult concepts in managerial accounting through a creative, interactive learning process. Designed for study outside the classroom, this material delves into chapter concepts with graphical slides and diagrams, Web links, video clips, and animations, all centered around engaging exercises designed to put you in control of your learning of managerial accounting topics. MHID: 0073203017 ISBN-13: 9780073203010 This study aid contains forms that help you organize your solutions to homework problems. Workbook/Study Guide MHID: 0073203025 ISBN-13: 9780073203027 This study aid provides suggestions for studying chapter material, summarizes essential points in each chapter, and tests your knowledge using self-test questions and exercises. Ready Notes MHID: 0073203092 ISBN-13: 9780073203096 This booklet provides Ready Slide exhibits in a workbook format for efficient note taking. Student Lecture Aid MHID: 0073203033 ISBN-13: 9780073203034 Much like the Ready Notes, this booklet offers a hardcopy version of all the Teaching Transparencies. You can annotate the material during the lecture and take notes in the space provided. Excel® Templates Prepared by Jack Terry of ComSource Associates, Inc., this spreadsheet-based software uses Excel to solve selected problems and cases in the text. These selected problems and cases are identified in the margin of the text with an appropriate icon. The Student Excel Templates are only available on the text’s Web site. Telecourse Guide MHID: 0073203009 ISBN-13: 9780073203003 This study guide ties the Dallas County Community College Telecourse directly to this text. Practice Set MHID: 0073396192 ISBN-13: 9780073396194 Authored by Janice L. Cobb of Texas Christian University, Doing the Job of the Managerial Accountant is a real-world application for the Introductory Managerial Accounting student. The case is based on an actual growing, entrepreneurial manufacturing company that is complex enough to demonstrate the decisions management must make, yet simple enough that a sophomore student can easily understand the entire operations of the company. The case requires the student to do tasks they would perform working as the managerial accountant for the company. The required tasks are directly related to the concepts learned in all managerial accounting classes. The practice set can be used by the professor as a teaching tool for class lectures, as additional homework assignments, or as a semester project. Managerial Accounting Twelfth Edition ix