Chapter 1 Work in Process Inventory (WIP) cost of products that are partially complete Controlling function of keeping activities in accordance with plans Managerial accounting primarily concerned with internal users and reports pertain to subunits of the entity Direct materials materials that can be physically and directly associate with manufacturing a product Planning function of setting goals and objectives Manufacturing overhead indirect costs of manufacturing a product Financial accounting primarily concerned with external users and reports pertain to entity as a whole Period costs costs are non-inventoriable (selling, G&A) Value chain all business procedures associated with providing a product or service Directing function of coordinating...