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An Introduction to Managerial
Accounting
Chapter 10
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
10-2
Learning Objectives
1. Distinguish between managerial and financial accounting.
2. Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead.
3. Explain the effects on financial statements of product costs versus general, selling, and administrative costs.
4. Prepare a schedule of cost of goods manufactured and sold.
5. Distinguish product costs from upstream and downstream costs.
6. Explain how product costing differs in service, merchandising and manufacturing companies.
7. Show how just-in-time inventory can increase profitability.
8. Identify and explain the standards contained in IMA’s Statement of Ethical Professional Practice.
9. Identify emerging trends in accounting (Appendix A).
10-3
Product
Product Costing
Managers need to know the cost of their products and services.
Costing
Cost Plus Pricing
A common business practice.
10-4
Product Costs in Manufacturing Companies
Materials Labor Overhead
10-5
Transforming Cash into Finished Goods
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