Chapter 1 6 questions

Role of managerial accounting (1) Cost classifications (1) Manufacturing statements (4)

Managerial accounting internal, no indie audits, specific purpose

Manufacturing Costs Direct Materials Raw Materials basic materials and parts used in manu process Direct Labor Word of factory employees that can be physically and directly associated with product Manufacturing overhead Indirect materials not physically part of finished product or impractical to trace to finished products (nails, glue, etc, small items) Indirect labor work of factory employees that has no physical association with finished product (factory supervisor) Factory OH (keyword: factory or plant)

Product Costs are direct materials, direct labor, and manufacturing OH; integral to...