University:
Grand Rapids Community College
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

289

Pages:

2
Author:

stud_ice13

Here are the solutions for the Quick Study (QS) problems: QS 14-1: Managerial vs. Financial Accounting 1. Its primary users are company managers - Managerial Accounting 2. Its information is often available only after an audit is complete Financial Accounting 3. Its primary focus is on the organization as a whole - Financial Accounting 4. Its principles and practices are relatively flexible - Managerial Accounting 5. It focuses mainly on past results - Financial Accounting QS 14-2: Classifying Direct and Indirect Costs 1. 2. 3. 4. 5. Electricity used in the production plant - Indirect Labor used on the football production line - Direct Salary of manager who supervises the entire plant - Indirect Depreciation on maintenance equipment used in the plant - Indirect Leather used to produce footballs - Direct QS 14-3: Classifying Direct Materials, Direct Labor, and Overhead 1. 2. 3. 4. 5. 6. Rubber used to form the cores - Direct Materials Factory maintenance - Factory Overhead Wages paid to assembly workers - Direct Labor Glue used in binding rubber cores to felt covers - Factory Overhead Depreciation on factory equipment - Factory Overhead Cans to package the balls - Direct Materials QS 14-4: Classifying Product and Period Costs 1. 2. 3. 4. 5. 6. Factory insurance - Product Cost Sales commissions - Period Cost Depreciation on factory equipment - Product Cost Depreciation on office equipment - Period Cost Rent on factory building - Product Cost Tax accountant salary - Period Cost 7. Office manager salary - Period Cost 8. Indirect labor in making goods - Product Cost QS 14-5: Identifying Prime and Conversion Costs 1. 2. 3. 4. 5. 6. Wood used to build the guitar body - Prime Cost Glue used to bind the guitar wood - Conversion Cost Wages paid to assembly workers - Both Depreciation on factory equipment - Conversion Cost Rent on factory building - Conversion Cost Wood to build the guitar bridge - Prime Cost QS 14-6: Computing Ending Work in Process Inventory You’ll need specific data like total manufacturing costs, beginning work in process, and cost of goods manufactured for this calculation. Once these are available: Ending Work in Process Inventory=Beginning Work in Process+Total Manufacturi ng Costs−Cost of Goods Manufactured\text{Ending Work in Process Inventory} = \text{Beginning Work in Process} + \text{Total Manufacturing Costs} - \text{Cost of Goods Manufactured}Ending Work in Process Inventory=Beginning Work in Process+To tal Manufacturing Costs−Cost of Goods Manufactured QS 14-7 to QS 14-20 Each of these requires specific numerical data, formulas, and completion based on the given parameters. If you can provide the values for each problem, I can walk through the calculations for each.