Intro to Managerial Accounting by Catherina Wong https://padlet.com/wongcatherina/v7u6ul00ddkl1b43 Share your ideas and comment on others! en-us 2024-04-07 21:15:52 UTC 2024-04-07 21:33:02 UTC hello@padlet.com https://padlet.net/icons/png/1f9e0.png Managerial Accounting's Purpose wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842095 To provide internal accounting information/reports.

]]> 2024-04-07 21:19:52 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842095 Internal Users wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842149 2024-04-07 21:20:05 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842149 Sales Managers wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842253 2024-04-07 21:20:31 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842253 Production Managers wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842475 2024-04-07 21:21:25 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842475 Multiple-Step Income Statement wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842813 Sales - Cost of Goods Sold = Gross Profit

Gross Profit - Selling expenses - Administrative expenses = Operating income

]]> 2024-04-07 21:22:37 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945842813 Cost of Goods Sold wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843282 is a product cost. Merchandisers know their cost of goods sold from their purchasing costs of inventory. Manufacturers have to track their cost of production. Product costs are inventoried, stay on the balance sheet as assets when not sold.

]]> 2024-04-07 21:24:00 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843282 Selling and administrative expenses wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843448 are period costs. These costs are not inventoried. They are expensed in a period.

]]> 2024-04-07 21:24:39 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843448 Direct materials wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843614 are integral to the product and have significant costs.

]]> 2024-04-07 21:25:09 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843614 Direct labor wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843646 are wages of employees who work on the product directly.

]]> 2024-04-07 21:25:16 UTC https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843646 Factory overhead wongcatherina https://padlet.com/wongcatherina/v7u6ul00ddkl1b43/wish/2945843681 consist of all other costs to manufacture a product.

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