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www.downloadslide.com Apple iPod® Content Our innovative approach allows you to download audio and video presentations directly onto your iPod and take learning materials with you wherever you go. Whether it’s in the car, on the train, or waiting between classes—it’s easy to get a quick refresher on key course content. Now review and study time is as easy as putting in headphones! Visit the Wild Online Learning Center at www.mhhe.com/wildMA2e to learn more about available iPod content. CourseSmart accounting McGraw-Hill Connect™ Accounting Visit the Online Learning Center at www.mhhe.com/wildMA2e to purchase access to McGraw-Hill Connect Plus Accounting. 2010 EDITION Managerial Accounting John J. Wild Ken W. Shaw 2010 EDITION Has your instructor chosen to use McGraw-Hill Connect in your Accounting class? If so, you have the option of purchasing Connect Plus Accounting which includes an Interactive Online Version of the Textbook at 55% of the cost of the printed text. Connect Plus software gives you 24/7 direct access to an online edition of the text while you work assignments within the Connect system at your own pace and on your own schedule. Simply click the “eBook Hint” links to jump directly to relevant content in the online edition of the text. iPod Content Available MD DALIM #994494 11/18/08 CYAN MAG YELO BLK CourseSmart is a new way to find and buy eTextbooks. At CourseSmart you can save up to 50% of the cost of your print textbook, reduce your impact on the environment, and gain access to powerful web tools for learning. You can search, highlight, take notes and share with friends, as well as print the pages you need. Try a free chapter to see if it’s right for you. Visit www.CourseSmart.com and search by title, author, or ISBN. Managerial Accounting For the Price-Conscious Student on the Go… Looking for easy, interactive, and eco-friendly ways to study? We have the answers: Media Integrated ® Wild Shaw ISBN 978-0-07-337958-6 MHID 0-07-337958-1 90000 9 780073 379586 www.mhhe.com www.mhhe.com/wildMA2e wiL79581_fm_i-xxviii,1 11/25/2008 12:52 am Page i pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com Managerial Accounting 2010 Edition John J. Wild University of Wisconsin at Madison Ken W. Shaw University of Missouri at Columbia Boston Burr Ridge, IL Dubuque, IA 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 wiL79581_fm_i-xxviii,1 11/26/2008 1:24 am Page ii pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM: www.downloadslide.com To my wife Gail and children, Kimberly, Jonathan, Stephanie, and Trevor. To my wife Linda and children, Erin, Emily, and Jacob. MANAGERIAL ACCOUNTING: 2010 EDITION Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2010, 2007 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 ISBN MHID 978-0-07-337958-6 0-07-337958-1 Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim Vertovec Executive editor: Steve Schuetz Senior developmental editor: Christina A. Sanders Executive marketing manager: Sankha Basu Managing editor: Lori Koetters Full service project manager: Sharon Monday, Aptara®, Inc. Lead production supervisor: Carol A. Bielski Lead designer: Matthew Baldwin Senior photo research coordinator: Lori Kramer Photo researcher: Sarah Evertson Senior media project manager: Jennifer Lohn Cover and interior design: Matthew Baldwin Cover image: © Getty Images Typeface: 10.5/12 Times Roman Compositor: Aptara®, Inc. Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Wild, John J. Managerial accounting / John J. Wild, Ken W. Shaw.—2010 ed. p. cm. Includes index. ISBN-13: 978-0-07-337958-6 (alk. paper) ISBN-10: 0-07-337958-1 (alk. paper) 1. Managerial accounting. I. Shaw, Ken W. II. Title. HF5657.4.W523 2010 658.1511—dc22 2008047781 www.mhhe.com wiL79581_fm_i-xxviii,1 11/25/2008 12:52 am Page iii pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com iii Dear Colleagues/Friends, As we roll out the new edition of Managerial Accounting, we thank each of you who provided suggestions to enrich this textbook. As teachers, we know how important it is to select the right book for our course.This new edition reflects the advice and wisdom of many dedicated reviewers, focus group participants, students, and instructors. Our book consistently rates number one in customer loyalty because of you.Together, we have created the most readable, concise, current, and accurate managerial accounting book available today. We are thrilled to welcome Ken Shaw to the Managerial Accounting team with this edition. Ken's teaching and work experience, along with his enthusiasm and dedication to students, fit nicely with our continuing commitment to develop cutting–edge classroom materials for instructors and students. Throughout the writing process, we steered this book in the manner you directed.This path of development enhanced this book's technology and content, and guided its clear and concise writing. Reviewers, instructors, and students say this book's enhanced technology caters to different learning styles and helps students better understand accounting. McGraw-Hill Connect Accounting offers new features to improve student learning and to assist instructor grading. Our iPod content lets students study on the go, while our Algorithmic Test Bank provides an infinite variety of exam problems. You and your students will find all these tools easy to apply. We owe the success of this book to our colleagues who graciously took time to help us focus on the changing needs of today's instructors and students.We feel fortunate to have witnessed our profession's extraordinary devotion to teaching. Your feedback and suggestions are reflected in everything we write. Please accept our heartfelt thanks for your dedication in helping today's students understand and appreciate accounting. With kindest regards, John J. Wild Ken W. Shaw wiL79581_fm_i-xxviii,1 11/25/2008 12:52 am Page iv pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com iv Driving Student and Instructor Success Managerial Accounting 2e Help your students steer towards success by giving them the tools they need to accelerate in today’s managerial accounting course. This book helps drive student success by providing leading accounting content that engages students–with innovative technology. One of the greatest challenges students confront in a managerial accounting course is seeing the relevance of materials.This book tackles this issue head on with engaging content and a motivating style. Students are motivated with reading materials that are clear and relevant.This book leads the pack in engaging students. Its chapter-opening vignettes showcase dynamic, successful, entrepreneurial individuals and companies guaranteed to interest and excite readers.This edition’s featured companies (Best Buy, Circuit City, RadioShack, and Apple) engage students with their operations which are great vehicles for learning managerial accounting. This book also delivers innovative technology to help drive student success. McGraw-Hill Connect Accounting provides students with instant grading feedback for assignments that are completed online. Connect Plus integrates an online version of the textbook with our Connect homework management system. An algorithmic test bank in Connect offers infinite variations of numerical test bank questions.This book also offers accounting students portable iPod-ready content. We're confident you'll agree that Wild and Shaw’s Managerial Accounting (MA) will put your students in the driver’s seat to success. wiL79581_fm_i-xxviii,1 11/25/2008 12:52 am Page v pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com v John J. Wild is a distinguished professor of accounting at the University of Wisconsin at Madison. He previously held appointments at Michigan State University and the University of Manchester in England. He received his BBA, MS, and PhD from the University of Wisconsin. Professor Wild teaches accounting courses at both the undergraduate and graduate levels. He has received numerous teaching honors, including the Mabel W. Chipman Excellence-in-Teaching Award, the departmental Excellence-in-Teaching Award, and the Teaching Excellence Award from the 2003 and 2005 business graduates at the University of Wisconsin. He also received the Beta Alpha Psi and Roland F. Salmonson Excellence-in-Teaching Award from Michigan State University. Professor Wild has received several research honors and is a past KPMG Peat Marwick National Fellow and is a recipient of fellowships from the American Accounting Association and the Ernst and Young Foundation. Professor Wild is an active member of the American Accounting Association and its sections. He has served on several committees of these organizations, including the Outstanding Accounting Educator Award,Wildman Award, National Program Advisory, Publications, and Research Committees. Professor Wild is author of Financial Accounting, Fundamental Accounting Principles, Financial and Managerial Accounting, and College Accounting, each published by McGraw-Hill/Irwin. His research articles on accounting and analysis appear in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Contemporary Accounting Research, Journal of Accounting, Auditing and Finance, Journal of Accounting and Public Policy, and other journals. He is past associate editor of Contemporary Accounting Research and has served on several editorial boards including The Accounting Review. Professor Wild, his wife, and four children enjoy travel, music, sports, and community activities. Ken W. Shaw is an associate professor of accounting and the CBIZ/MHM Scholar at the University of Missouri. He previously was on the faculty at the University of Maryland at College Park. He received an accounting degree from Bradley University and an MBA and PhD from the University of Wisconsin. He is a Certified Public Accountant with work experience in public accounting. Professor Shaw teaches financial accounting at the undergraduate and graduate levels. He received the Williams Keepers LLC Teaching Excellence award in 2007, was voted the “Most Influential Professor” by the 2005 and 2006 School of Accountancy graduating classes, and is a two-time recipient of the O'Brien Excellence in Teaching Award. He is the advisor to his School's chapter of Beta Alpha Psi, a national accounting fraternity. Professor Shaw is an active member of the American Accounting Association and its sections. He has served on many committees of these organizations and presented his research papers at national and regional meetings. Professor Shaw's research appears in the Journal of Accounting Research; Contemporary Accounting Research; Journal of Financial and Quantitative Analysis; Journal of the American Taxation Association; Journal of Accounting, Auditing, and Finance; Journal of Financial Research; Research in Accounting Regulation; and other journals. He has served on the editorial boards of Issues in Accounting Education and the Journal of Business Research, and is treasurer of the American Accounting Association’s FARS. Professor Shaw is co-author of Fundamental Accounting Principles and College Accounting, both published by McGraw-Hill. In his leisure time, Professor Shaw enjoys tennis, cycling, music, and coaching his children's sports teams. wiL79581_fm_i-xxviii,1 11/25/2008 9:47 pm Page vi pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com vi Engaging Content Managerial Accounting content continues to set the standard.This book describes key managerial accounting concepts clearly and concisely. For example, Chapter 1 sets the stage for student success by explaining cost classifications and the reporting of production activities. Also, take a look at Chapter 3, which presents a clear 4-step method for process costing involving analysis of (1) physical flow, (2) equivalent units, (3) cost per equivalent unit, and (4) cost assignment and reconciliation. And finally, overhead variances are shown in Chapter 8 with ample visual aids–see samples below. Managerial Accounting also motivates students with engaging chapter openers. Students identify with them and can even picture themselves as future entrepreneurs. Cost Item By Behavior By Traceability By Function Bicycle tires . . . . . . . . . . . . . . . . . . . Variable Direct Product Wages of assembly worker* Advertising . . . . . . . . . . . . Production manager’s salary Office depreciation . . . . . . Variable Fixed Fixed Fixed Direct Indirect Indirect Indirect Product Period Product Period . .. .. .. . . . . . . . . . . . . . . . . . . . . . . . . Step 1: Determine the Physical Flow of Units A physical flow reconciliation is a report that reconciles (1) the physical units started in a period with (2) the physical units completed in that period. A physical flow reconciliation for GenX is shown in Exhibit 3.12 for April. Units to Account For Units Accounted For Beginning goods in process inventory . . . . . . . Units started this period . . . . Total units to account for . . . Units completed and transferred out . . . . . . . . . . . . . . . Ending goods in process inventory . . . Total units accounted for . . . . . . . . . . 30,000 units 90,000 units 120,000 units 100,000 units 20,000 units 120,000 units Variable Overhead Variance* reconciled Actual Overhead AH  AVR Applied Overhead SH  SVR AH  SVR Spending Variance (AH  AVR)  (AH  SVR) Efficiency Variance (AH  SVR)  (SH  SVR) Variable Overhead Variance * AH actual direct labor hours; AVR overhead rate. State-of-the-Art Technology actual variable overhead rate; SH standard direct labor hours; SVR standard variable accounting Managerial Accounting offers the most advanced and comprehensive technology on the market in a seamless, easy-to-use platform. As students learn in different ways, Managerial Accounting provides a technology smorgasbord that helps students learn more effectively and efficiently. Connect Accounting, eBook options, and iPod content are some of the options. Connect Plus Accounting takes learning to another level by integrating an online version of the book with all the power of Connect Accounting.Technology offerings follow: • • • Connect Accounting Connect Plus Accounting iPod content • • • Algorithmic Test Bank Online Learning Center ALEKS for the Accounting Cycle wiL79581_fm_i-xxviii,1 11/25/2008 9:48 pm Page vii pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com vii accounting accounting What Can McGraw-Hill Technology Offer You? Whether you are just getting started with technology in your course, or you are ready to embrace the latest advances in electronic content delivery and course management, McGraw-Hill/Irwin has the technology you need, and provides training and support that will help you every step of the way. Our most popular technologies, Connect Accounting and Connect Plus Accounting, are optional online homework management systems that allow you to assign problems and exercises from the text for your students to work out in an online format. Student results are automatically graded, and the students receive instant feedback on their work. Connect Plus adds an online version of the book. Students can also use the Online Learning Center with this book to enhance their knowledge. Plus we offer iPod content for students who want to study on the go. For instructors, we provide all of the crucial instructor supplements on one easy to use Instructor CD-ROM; we can help build a custom class Website for your course using PageOut; we can deliver an online course cartridge for you to use in Blackboard,WebCT, or eCollege; and we have a technical support team that will provide training and support for our key technology products. How Can Students Study on the Go Using Their iPod? iPod Content Harness the power of one of the most popular technology tools students use today–the Apple iPod. Our innovative approach allows students to download audio and video presentations right into their iPod and take learning materials with them wherever they go. Students just need to visit the Online Learning Center at www.mhhe.com/wildMA2e to download our iPod content. For each chapter of the book they will be able to download audio narrated lecture presentations and videos for use on various versions of iPods. iPod Touch users can even access selfquizzes. It makes review and study time as easy as putting in headphones. wiL79581_fm_i-xxviii,1 11/25/2008 9:48 pm Page viii pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com viii How does Technology drive How Can My Students Use the Web to Complete Their Homework? accounting McGraw-Hill Connect Accounting is a web-based assignment and assessment platform that gives students the means to better connect with their coursework, with their instructors, and with the important concepts that they will need to know for success now and in the future. With Connect Accounting instructors can deliver assignments, quizzes, and tests online. Nearly all the questions from the book are presented in an auto-gradable format and tied to the book's learning objectives. Instructors can edit existing questions and author entirely new problems. Track individual student performance—by question, assignment, or in relation to the class overall—with detailed grade reports. Integrate grade reports easily with Learning Management Systems (LMS) such as WebCT and Blackboard. By choosing Connect Accounting instructors are providing their students with a powerful tool for improving academic performance and truly mastering course material. Connect Accounting allows students to practice important skills at their own pace and on their own schedule. Importantly, students' assessment results and instructors' feedback are all saved online—so students can continually review their progress and plot their course to success. wiL79581_fm_i-xxviii,1 11/25/2008 9:49 pm Page ix pinnacle s-171:Desktop Folder:TEMPWORK:NOVEMBER.2008:Don't Delete (Jobs):MHBR101/WildMA/3009T:MHBR101-FM www.downloadslide.com your students to succeed? ix accounting Some instructors may also choose Connect Plus Accounting for their students. Like Connect Accounting, Connect Plus Accounting provides students with online assignments and assessments, plus 24/7 online access to an eBook—an online edition of the text—to aid them in successfully completing their work, wherever and whenever they choose. By simply clicking on the eBook button while in Connect, Connect Plus users will be linked directly to the relevant textbook materials without additional login requirements.This feature makes it quick and convenient to study and complete assignments online.