managerial accounting (9th edition): part 1.pdf (Managerial accounting)

Managerial Accounting NINTH EDITION This page intentionally left blank Managerial Accounting NINTH EDITION Susan V. Crosson, M.S. Accounting, C.P.A Santa Fe College Belverd E. Needles, Jr., Ph.D., C.P.A., C.M.A. DePaul University Managerial Accounting, Ninth Edition Susan Crosson, Belverd Needles Vice President of Editorial, Business: Jack W. Calhoun Editor in Chief: Rob Dewey Executive Editor: Sharon Oblinger © 2011, 2008 South-Western, Cengage Learning Photo Credits: p. 3, Dorling Kindersley/Getty Images; p. 45, Caro/Alamy; p. 91, Lori Adamski Peek /Workbook Stock/Getty Images; p. 129, Tim Boyle/Newsmakers/ Getty Images; p. 167, AP Photo/Carlos Osorio; p. 207, Ben Bloom/Getty images; p. 249, Laura Doss/Fancy/PhotoLibrary; p.301, Ben Blankenburg/istockphoto; p. 345, UPI Photo/ Kevin Dietsch/Newscom; p. 393, Jupiterimages; p. 433, Monkey Business Images, 2009/ Used under license from Shutterstock.com; p. 471, AP Photo/Mark Lennihan; p. 517, © Richard Levine/Alamy; p. 555 AP Photo/Martin Mejia Supervising Developmental Editor: Katie Yanos Sr. Marketing Manager: Kristen Hurd Marketing Coordinator: Heather Mooney Sr. Marketing Communications Manager: Libby Shipp Content Project Manager: Darrell Frye ALL RIGHTS RESERVED. 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Cengage Learning WebTutor™ is a trademark of Cengage Learning. Library of Congress Control Number: 2009943379 Student Edition ISBN 10: 0-538-74280-1 Student Edition ISBN 13: 978-0-538-74280-1 Instructors Edition ISBN 10: 0-538-74281-X Instructors Edition ISBN 13: 978-0-538-74281-8 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit www.cengage.com Purchase any of our products at your local college store or at our preferred online store www.cengagebrain.com Printed in the United States of America 1 2 3 4 5 6 7 14 13 12 11 10 BRIEF CONTENTS 1 The Changing Business Environment: A Manager’s Perspective 2 Cost Concepts and Cost Allocation 3 Costing Systems: Job Order Costing 4 Costing Systems: Process Costing 5 Value-Based Systems: ABM and Lean 6 Cost Behavior Analysis 206 7 The Budgeting Process 248 8 Performance Management and Evaluation 9 Standard Costing and Variance Analysis 10 Short-Run Decision Analysis 392 11 Capital Investment Analysis 432 2 44 90 128 166 300 344 12 Pricing Decisions, Including Target Costing and Transfer Pricing 470 13 Quality Management and Measurement 14 Financial Analysis of Performance APPENDIX A Present Value Tables 516 554 604 v This page intentionally left blank CONTENTS Preface xv About the Authors xxix CHAPTER 1 The Changing Business Environment: A Manager’s Perspective DECISION POINT 씰 A MANAGER’S FOCUS WAL-MART STORES, INC. 3 2 Achieving Continuous Improvement 17 The Role of Management Accounting 4 Performance Measures: A Key to Achieving Organizational Objectives 19 Management Accounting and Financial Accounting: A Comparison 4 Management Accounting and the Management Process 5 Using Performance Measures in the Management Process 19 The Balanced Scorecard 20 Benchmarking 22 Value Chain Analysis 11 Primary Processes and Support Services 12 Advantages of Value Chain Analysis 13 Managers and Value Chain Analysis 13 Standards of Ethical Conduct 22 A LOOK BACK AT 씰 WAL-MART STORES, INC. STOP & REVIEW 25 27 CHAPTER ASSIGNMENTS 29 Continuous Improvement 15 Management Tools for Continuous Improvement 16 CHAPTER 2 Cost Concepts and Cost Allocation DECISION POINT 씰 A MANAGER’S FOCUS THE HERSHEY COMPANY 45 Cost Information 46 Managers’ Use of Cost Information 46 Cost Information and Organizations 46 Cost Classifications and Their Uses 46 Cost Traceability 47 Cost Behavior 48 Value-Adding Versus Nonvalue-Adding Costs 48 Cost Classifications for Financial Reporting 48 Financial Statements and the Reporting of Costs 50 44 Income Statement and Accounting for Inventories 50 Statement of Cost of Goods Manufactured 51 Cost of Goods Sold and a Manufacturer’s Income Statement 53 Inventory Accounts in Manufacturing Organizations 54 Document Flows and Cost Flows Through the Inventory Accounts 54 The Manufacturing Cost Flow 56 Elements of Product Costs 58 Prime Costs and Conversion Costs 59 Computing Product Unit Cost 59 vii viii Contents CHAPTER 3 Product Cost Measurement Methods 60 Computing Service Unit Cost 62 Allocating Overhead: The ABC Approach 67 Cost Allocation 63 STOP & REVIEW Allocating the Costs of Overhead 63 Allocating Overhead: The Traditional Approach 65 CHAPTER ASSIGNMENTS 69 71 74 Costing Systems: Job Order Costing DECISION POINT 씰 A MANAGER’S FOCUS COLD STONE CREAMERY, INC. 91 Product Unit Cost Information and the Management Process 92 Planning 92 Performing 92 Evaluating 92 Communicating 92 Product Costing Systems 93 Job Order Costing in a Manufacturing Company 95 Materials 96 Labor 98 CHAPTER 4 A LOOK BACK AT 씰 THE HERSHEY COMPANY 90 Overhead 98 Completed Units 99 Sold Units 99 Reconciliation of Overhead Costs 100 A Job Order Cost Card and the Computation of Unit Cost 101 A Manufacturer’s Job Order Cost Card and the Computation of Unit Cost 101 Job Order Costing in a Service Organization 102 A LOOK BACK AT 씰 COLD STONE CREAMERY, INC. STOP & REVIEW CHAPTER ASSIGNMENTS 109 Costing Systems: Process Costing DECISION POINT 씰 A MANAGER’S FOCUS DEAN 105 107 128 The Process Costing System 130 Patterns of Product Flows and Cost Flow Methods 131 Accounting for Units 136 Accounting for Costs 139 Assigning Costs 139 Process Costing for Two or More Production Departments 141 Cost Flows Through the Work in Process Inventory Accounts 132 Preparing a Process Cost Report Using the Average Costing Method 143 Computing Equivalent Production 133 Accounting for Units 143 Accounting for Costs 145 Assigning Costs 145 FOODS 129 Equivalent Production for Direct Materials 134 Equivalent Production for Conversion Costs 135 Summary of Equivalent Production 135 Preparing a Process Cost Report Using the FIFO Costing Method 136 A LOOK BACK AT 씰 DEAN FOODS STOP & REVIEW 148 151 CHAPTER ASSIGNMENTS 153 ix Contents CHAPTER 5 Value-Based Systems: ABM and Lean DECISION POINT 씰 A MANAGER’S FOCUS LA-Z-BOY, INC. 167 Value-Based Systems and Management 168 Value Chains and Supply Chains 169 Process Value Analysis 170 Value-Adding and Non-Value-Adding Activities 171 Value-Based Systems 171 Activity-Based Management 171 Managing Lean Operations 172 CHAPTER 6 166 The New Operating Environment and Lean Operations 176 Just-in-Time (JIT) 176 Continuous Improvement of the Work Environment 178 Accounting for Product Costs in a JIT Operating Environment 178 Backflush Costing 180 Comparison of ABM and Lean 184 A LOOK BACK AT 씰 LA-Z-BOY, INC. Activity-Based Costing 172 STOP & REVIEW The Cost Hierarchy and the Bill of Activities 173 CHAPTER ASSIGNMENTS 185 188 190 Cost Behavior Analysis DECISION POINT 씰 A MANAGER’S FOCUS FLICKR 206 207 Cost Behavior and Management 208 The Behavior of Costs 208 Mixed Costs and the Contribution Margin Income Statement 214 The Engineering Method 214 The Scatter Diagram Method 214 The High-Low Method 215 Statistical Methods 217 Contribution Margin Income Statements 217 Breakeven Analysis 220 Using an Equation to Determine the Breakeven Point 221 The Breakeven Point for Multiple Products 222 Using C-V-P Analysis to Plan Future Sales, Costs, and Profits 225 Applying C-V-P to Target Profits 225 A LOOK BACK AT 씰 FLICKR STOP & REVIEW 228 231 CHAPTER ASSIGNMENTS 233 Cost-Volume-Profit Analysis 218 CHAPTER 7 The Budgeting Process DECISION POINT 씰 A MANAGER’S FOCUS FRAMERICA CORPORATION 249 The Budgeting Process 250 Advantages of Budgeting 250 Budgeting and Goals 251 Budgeting Basics 251 The Master Budget 253 248 Preparation of a Master Budget 253 Budget Procedures 256 Operating Budgets 257 The Sales Budget 257 The Production Budget 258 The Direct Materials Purchases Budget 259 The Direct Labor Budget 261

managerial accounting (9th edition): part 1

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