Solution Manual for MANAGERIAL ACCOUNTING Version 2.0 by Kurt Heisinger and Joe Hoyle



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Solution Manual for MANAGERIAL ACCOUNTING Version 2.0 by Kurt Heisinger and Joe Hoyle

Solution Manual for MANAGERIAL ACCOUNTING Version 2.0 by Kurt Heisinger and Joe Hoyle

This textbook goes back to the basics of managerial accounting to present the material in a straightforward and coherent way for students. Managerial Accounting presents realistic managerial scenarios, continual reinforcement of the material, and relevant coverage of ethics in accounting history.

Table of Content

Brief Contents
About the Authors
Chapter 1: What Is Managerial Accounting?
Characteristics of Managerial Accounting
Follow-Up at Sportswear Company
Planning and Control Functions Performed by Managers
Key Finance and Accounting Personnel
Organizational Structure
Chief Financial Officer
Internal Auditor
Not All Organizations Are Alike!
Ethical Issues Facing the Accounting Industry
Computerized Accounting Systems
How Big Is Your Company?
What Information Is Needed?
Enterprise Resource Planning System
Using Spreadsheet Software
Cost Terminology
Manufacturing Costs
Direct Materials
Direct Labor
Manufacturing Overhead
Nonmanufacturing Costs
Selling Costs
General and Administrative Costs
Presentation of Manufacturing and Nonmanufacturing Costs in Financial Statements
How Product Costs Flow through Accounts
Product Costs on the Balance Sheet
Raw Materials
Work in Process
Finished Goods
Product Costs on the Income Statement
Income Statements for Manufacturing Companies
Inventory Cost Flow Equation
Manufacturing Versus Merchandising Income Statements
End-of-Chapter Exercises
Chapter 2: How Is Job Costing Used to Track Production Costs?
Differentiating Job Costing from Process Costing
Job Costing
Process Costing
How a Job Costing System Works
Purchasing Raw Materials
Assigning Direct Material Costs to Jobs
Using a Job Cost Sheet
Assigning Direct Labor Costs to Jobs
Assigning Manufacturing Overhead Costs to Jobs
Using a Predetermined Overhead Rate
Calculating the Predetermined Overhead Rate
Selecting an Allocation Base
Why Use a Predetermined Overhead Rate?
Using a Manufacturing Overhead Account
Underapplied and Overapplied Overhead
Closing the Manufacturing Overhead Account
Alternative Approach to Closing the Manufacturing Overhead Account
Job Costing in Service Organizations
Direct Materials
Direct Labor
Chapter Wrap-Up: Summary of Cost Flows at Custom Furniture Company
Revenue and Cost Information for Custom Furniture Company
Analysis of Job Profitability at Custom Furniture Company
End-of-Chapter Exercises
Chapter 3: How Does an Organization Use Activity-Based Costing to Allocate Overhead Costs?
Why Allocate Overhead Costs?
Approaches to Allocating Overhead Costs
Plantwide Allocation
Product Costs Using the Plantwide Allocation Approach at SailRite
Department Allocation
Using Activity-Based Costing to Allocate Overhead Costs
ABC in Action at SailRite Company
Product Costs Using the Activity-Based Costing Approach at SailRite
Comparison of ABC to Plantwide Costing at SailRite
Advantages and Disadvantages of ABC
ABC Cost Flows
Recap of Three Allocation Methods
Using Activity-Based Management to Improve Operations
Using Activity-Based Costing (ABC) and Activity-Based Management (ABM) in Service Organizations
Service Organization Example of ABC
Service Organization Example of ABM
Variations of Activity-Based Costing (ABC)
External Reporting and Internal Decision Making
Allocating Service Department Costs Using the Direct Method
The Hierarchy of Costs
Measuring the Costs of Controlling and Improving Quality
End-of-Chapter Exercises
Chapter 4: How Is Process Costing Used to Track Production Costs?
Comparison of Job Costing with Process Costing
Product Cost Flows in a Process Costing System
Direct Materials
Direct Labor
Manufacturing Overhead
Transferred-In Costs
Finished Goods
Cost of Goods Sold
Determining Equivalent Units
The Weighted Average Method
The Four Key Steps of Assigning Costs
Journalizing Costs Assigned to Units Completed and Transferred
Preparing a Production Cost Report
How Do Managers Use Production Cost Report Information?
Beware of Fixed Costs
End-of-Chapter Exercises
Chapter 5: How Do Organizations Identify Cost Behavior Patterns?
Cost Behavior Patterns
Variable Costs
Using Different Activities to Measure Variable Costs
Fixed Costs
Committed Versus Discretionary Fixed Costs
Mixed Costs
Short Term Versus Long Term and the Relevant Range
Short Term Versus Long Term
The Relevant Range
How Cost Behavior Patterns Are Used
Cost Estimation Methods
Account Analysis
High-Low Method
Scattergraph Method
Regression Analysis
Summary of Four Cost Estimation Methods
The Contribution Margin Income Statement
The Relevant Range and Nonlinear Costs
Appendix: Performing Regression Analysis with Excel
End-of-Chapter Exercises
Chapter 6: How Is Cost-Volume-Profit Analysis Used for Decision Making?
Cost-Volume-Profit Analysis for Single-Product Companies
Break-Even and Target Profit
Break-Even Point in Units
Target Profit in Units
Profit Equation
Shortcut Formula
Break-Even Point in Sales Dollars
Contribution Margin per Unit
Contribution Margin Ratio
Target Profit in Sales Dollars
CVP Graph
Margin of Safety
Cost-Volume-Profit Analysis for Multiple-Product and Service Companies
Finding the Break-Even Point and Target Profit in Units for Multiple-Product Companies
Break-Even Point in Units and the Weighted Average Contribution Margin per Unit
Target Profit in Units
Finding the Break-Even Point and Target Profit in Sales Dollars for Multiple-Product and Service Com
Break-Even Point in Sales Dollars and the Weighted Average Contribution Margin Ratio
Target Profit in Sales Dollars
Important Assumptions
Margin of Safety
Using Cost-Volume-Profit Models for Sensitivity Analysis
Sensitivity Analysis: An Example
Expanding the Use of Sensitivity Analysis
Impact of Cost Structure on Cost-Volume-Profit Analysis
Using a Contribution Margin When Faced with Resource Constraints
Income Taxes and Cost-Volume-Profit Analysis
Using Variable Costing to Make Decisions
Impact of Absorption Costing and Variable Costing on Profit
Month 1: Number of Units Produced Equals Number of Units Sold
Month 2: Number of Units Produced Is Greater Than Number of Units Sold
Month 3: Number of Units Produced Is Less Than Number of Units Sold
Advantages of Using Variable Costing
End-of-Chapter Exercises
Chapter 7: How Are Relevant Revenues and Costs Used to Make Decisions?
Using Differential Analysis to Make Decisions
Make-or-Buy Decisions
Determining Differential Product Costs
Using a Summary Format for Differential Analysis
Product Line Decisions
Misleading Allocation of Fixed Costs
Including Opportunity Costs in Differential Analysis
Sunk Costs and Differential Analysis
Customer Decisions
Evaluating Customer Information
Using Activity-Based Costing to Assess Customer Profitability
Review of Cost Terms Used in Differential Analysis
Special Order Decisions
Special Order Considerations
Special Order Assumptions
Cost-Plus Pricing and Target Costing
Cost-Plus Pricing
Target Costing
Identifying and Managing Bottlenecks
Be Aware of Qualitative Factors
Appendix: Making Decisions Involving Joint Costs
The Physical Quantities Method
The Sales Value Method
Deciding Whether to Process Further
End-of-Chapter Exercises
Chapter 8: How Is Capital Budgeting Used to Make Decisions?
Capital Budgeting and Decision Making
The Present Value Formula
Present Value Tables
Net Present Value
The NPV Rule
Annuity Tables
The Internal Rate of Return
Other Factors Affecting NPV and IRR Analysis
Focusing on Cash Flows
Factoring in Inflation
Be Aware of Qualitative Factors
Ethical Issues
Short-Term Incentives Affect Long-Term Decisions
Modifying Cash Flow Estimates to Get Approval
The Payback Method
Payback Method Example
Weaknesses of the Payback Method
Wrap-Up of Chapter Example
Additional Complexities of Estimating Cash Flows
Investment Cash Outflows
Working Capital
The Effect of Income Taxes on Capital Budgeting Decisions
Appendix: Present Value Tables
End-of-Chapter Exercises
Chapter 9: How Are Operating Budgets Created?
Planning and Controlling Operations
The Planning Phase
The Control Phase
The Budgeting Process
The Master Budget
Sales Budget
Production Budget
Direct Materials Purchases Budget
Direct Labor Budget
Manufacturing Overhead Budget
Selling and Administrative Budget
Budgeted Income Statement
Capital Expenditures Budget
Cash Budget
Cash Collections from Sales
Cash Payments for Purchases of Materials
Other Cash Collections and Payments
Budgeted Balance Sheet
Wrap-Up of Chapter Example
Budgeting in Nonmanufacturing Organizations
Merchandising Organizations
Service Organizations
Not-for-Profit Organizations
Ethical Issues in Creating Operating Budgets
End-of-Chapter Exercises
Chapter 10: How Do Managers Evaluate Performance Using Cost Variance Analysis?
Flexible Budgets
Standard Costs
The Difference between Standard Costs and Budgeted Costs
Establishing Standard Cost
Direct Materials Standard Quantity and Standard Price
Direct Labor Standard Hours and Standard Rate
Variable Manufacturing Overhead Standard Quantity and Standard Rate
Ideal Standards and Attainable Standards
Controlling Operations through Standards
Direct Materials Variance Analysis
Direct Materials Price Variance Calculation
Direct Materials Quantity Variance Calculation
Possible Causes of Direct Materials Variances
Clarification of Favorable Versus Unfavorable
Direct Labor Variance Analysis
Direct Labor Rate Variance Calculation
Direct Labor Efficiency Variance Calculation
Possible Causes of Direct Labor Variances
Follow-Up Meeting at Jerry’s Ice Cream
Variable Manufacturing Overhead Variance Analysis
Variable Overhead Spending Variance Calculation
Variable Overhead Efficiency Variance Calculation
Possible Causes of Variable Manufacturing Overhead Variances
Determining Which Cost Variances to Investigate
Using Variance Analysis with Activity-Based Costing
Fixed Manufacturing Overhead Variance Analysis
Fixed Overhead Spending Variance Calculation
Fixed Overhead Production Volume Variance Calculation
Comparison of Fixed and Variable Overhead Variances
Appendix: Recording Standard Costs and Variances
Recording Direct Materials Transactions
Materials Price Variance
Materials Quantity Variance
Recording Direct Labor Transactions
Labor Rate and Efficiency Variances
Recording Manufacturing Overhead Transactions
Recording Finished Goods Transactions
Recording Cost of Goods Sold Transactions
Closing Manufacturing Overhead and Variance Accounts
End-of-Chapter Exercises
Chapter 11: How Do Managers Evaluate Performance in Decentralized Organizations?
Using Decentralized Organizations to Control Operations
Reasons to Decentralize
Advantages of Decentralizing Operations
Disadvantages of Decentralizing Operations
Maintaining Control over Decentralized Organizations
Cost Center
Profit Center
Investment Center
Comparing Segmented Income for Investment Centers
Revisiting Game Products, Inc.
Limitations of Using Segmented Income to Measure Performance
Using Return on Investment (ROI) to Evaluate Performance
Operating Income and Average Operating Assets
Computing Return on Investment at Game Products, Inc.
Issues with Return on Investment as a Performance Measure
Operating Income Calculation—A Closer Look
Excluding Allocated Overhead
Including Income Tax Expense
Average Operating Assets Calculation—A Closer Look
Using Net Book Value to Calculate Return on Investment
Using Gross Book Value to Calculate Return on Investment
Further Analysis of Return on Investment
Using Residual Income (RI) to Evaluate Performance
Calculating Residual Income
Limitation of Residual Income
Computing Residual Income at Game Products, Inc.
Using Economic Value Added (EVA) to Evaluate Performance
Computing Economic Value Added (EVA) for Game Products, Inc.
Weaknesses with EVA
Wrap-Up of Game Products, Inc.
Appendix: Transfer Prices between Divisions
Using the General Economic Transfer Pricing Rule
Transfer Pricing When Selling Division Is below Capacity
Transfer Pricing When Selling Division Is at Capacity
Using Cost to Set Transfer Price
Variable Cost
Full Absorption Cost
Negotiating Transfer Prices
Choosing the Best Approach to Establish a Transfer Price
End-of-Chapter Exercises
Chapter 12: How Is the Statement of Cash Flows Prepared and Used?
Purpose of the Statement of Cash Flows
Three Types of Cash Flow Activities
Four Key Steps to Preparing the Statement of Cash Flows
Using the Indirect Method to Prepare the Statement of Cash Flows
Step 1: Prepare the Operating Activities Section
Adjustment One: Adding Back Noncash Expenses
Adjustment Two: Adding Back Losses and Deducting Gains Related to Investing Activities
Adjustment Three: Adding and Subtracting Changes in Current Assets and Current Liabilities
Step 2: Prepare the Investing Activities Section
Step 3: Prepare the Financing Activities Section
Significant Noncash Investing and Financing Activities
Step 4: Reconcile the Change in Cash
Home Store, Inc., Update
Analyzing Cash Flow Information
Operating Cash Flow Ratio
Capital Expenditure Ratio
Free Cash Flow
Appendix: Using the Direct Method to Prepare the Statement of Cash Flows
Converting Sales to Cash Receipts
Converting Cost of Goods Sold to a Cash Basis
Converting Operating Expenses to a Cash Basis
Depreciation Expense
Converting Interest Expense to a Cash Basis
Loss on Sale of Equipment
Converting Income Tax Expense to a Cash Basis
End-of-Chapter Exercises
Chapter 13: How Do Managers Use Financial and Nonfinancial Performance Measures?
Trend Analysis of Financial Statements
Trend Analysis for the Income Statement and Balance Sheet
Current Assets and Current Liabilities
Noncurrent Assets and Noncurrent Liabilities
Shareholders’ Equity
Trend Analysis over Several Years
Common-Size Analysis of Financial Statements
Using Common-Size Analysis to Evaluate Trends within a Company
Using Common-Size Analysis to Evaluate Competitors
Ratio Analysis of Financial Information
Profitability Ratios
Gross Margin Ratio
Profit Margin Ratio
Return on Assets
Return on Common Shareholders’ Equity
Earnings per Share
Short-Term Liquidity Ratios
Current Ratio
Quick Ratio
Receivables Turnover Ratio
Inventory Turnover Ratio
Long-Term Solvency Ratios
Debt to Assets
Debt to Equity
Times Interest Earned
Market Valuation Measures
Market Capitalization
Price-Earnings Ratio
Wrap-Up of Chapter Example
Nonfinancial Performance Measures: The Balanced Scorecard
End-of-Chapter Exercises
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Solution Manual for MANAGERIAL ACCOUNTING Version 2.0 by Kurt Heisinger and Joe Hoyle