Managerial ACCOUNTING. STACEY WHITECOTTON Arizona State University. ROBERT LIBBY Cornell University. FRED PHILLIPS University of Saskatchewan

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1 Rev.Confirming Pages Second Edition Managerial ACCOUNTING STACEY WHITECOTTON Arizona State University ROBERT LIBBY Cornell University FRED PHILLIPS University of Saskatchewan whi25516_fm_i-xxxvi.indd iii 22/11/12 4:26 PM

2 MANAGERIAL ACCOUNTING, SECOND EDITION Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. Previous edition No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper DOW/DOW ISBN MHID Senior Vice President, Products & Markets: Kurt L. Strand Vice President, General Manager, Products & Markets: Brent Gordon Vice President, Content Production & Technology Services: Kimberly Meriwether David Director: Tim Vertovec Executive Director of Development: Ann Torbert Brand Manager: Donna Dillon Development Editor: Rebecca Mann Content Development Editor: Emily Hatteberg Director of Digital Content: Patricia Plumb Digital Development Editor: Julie Hankins Senior Marketing Manager: Kathleen Klehr Manager, Content Production: Mary Conzachi Lead Project Manager: Christine A. Vaughan Content Project Manager: Rachel Townsend Senior Buyer: Michael R. McCormick Senior Designer: Matt Diamond Cover/Interior Designer: Cover Image: Content Licensing Specialist: Joanne Mennemeier Photo Researcher: Typeface: 10.5/12 Goudy Oldstyle Std Compositor: Laserwords Private Limited Printer: R. R. Donnelley All credits appearing on page or at the end of the book are considered to be an extension of the copyright page. Library of Congress Cataloging-in-Publication Data Whitecotton, Stacey. Managerial accounting/stacey Whitecotton, Arizona State University, Robert Libby, Cornell University, Fred Phillips, University of Saskatchewan. Second Edition. pages cm Includes index. ISBN-13: (alk. paper) ISBN-10: (alk. paper) 1. Managerial accounting. I. Libby, Robert. II. Phillips, Fred. III. Title. HF W dc The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill, and McGraw-Hill does not guarantee the accuracy of the information presented at these sites.

3 Dedication To Mark, Riley, and Carley! Thanks for your love, patience, and inspiration. STACEY WHITECOTTON Herman and Doris Hargenrater, Laura Libby, Oscar and Selma Libby ROBERT LIBBY I dedicate this book to the best teachers I ve ever had: my Mom and Dad, Barb, Harrison, and Daniel. FRED PHILLIPS v

4 A Letter to Instructors As accounting instructors, we all face the challenge of getting our students to realize that accounting is both interesting and important. Whether you re teaching accounting majors, marketing majors, or theater majors, you know that motivation is the key to student success, and so do we. Now, more than ever, students need to be engaged, even entertained, to learn accounting. Managerial Accounting utilizes the same pedagogical approach that Bob Libby and Fred Phillips have perfected in their financial accounting texts. Stacey Whitecotton brings a conversational writing style, student-friendly examples, and an understanding of modern managerial accounting. The result is a managerial accounting book that is engaging, relevant, and easy for students to understand. Managerial Accounting uses three distinct features to accomplish these objectives: An integrated focus company approach. Each chapter is written around a real-world business that students are familiar with, such as Starbucks Coffee, Apple, and Toyota Motor Company. The chapter narrative and examples revolve around the focus company, so that it reads like an integrated business story rather than a series of disjointed definitions and examples. In some cases, the same focus company is carried across chapters to tie together interrelated topics like cost behavior and CVP or planning and control. A focus on products and services that students can easily visualize and understand. Most accounting students have never been inside a factory and will not work for a traditional manufacturing company. Yet many managerial accounting topics require students to understand how products are made. We use products and services that students encounter every day, such as coffee, pizza, and the iphone. Because the context is familiar, it is easier for students to apply the concepts and calculations. In addition, companies like California Pizza Kitchen and Cold Stone Creamery are a blend of manufacturing, retail, and service, which helps students see that managerial accounting applies to all types of organizations. An emphasis on decision making. Solid decision-making skills make good sense no matter what path your life takes, and Managerial Accounting helps students understand how accounting is used to make business decisions. We know most students will not go on to be accountants, but whether they end up in business environments, serving the public, or simply managing their own money, Managerial Accounting will stimulate students interests and foster their decision-making skills. We wrote Managerial Accounting with the goal of engaging and motivating students to learn managerial accounting. We strive to help students understand how the decisions they make in their daily lives relate to the decisions made in businesses every day. We believe that accounting is best learned in context. If the business context is familiar, the accounting content will be less challenging and more easily understood. This makes Managerial Accounting the perfect accounting text for today s students. Stacey Whitecotton Robert Libby Fred Phillips vii

5 Meet the Authors Stacey Whitecotton Stacey Whitecotton is an associate professor in the School of Accountancy at Arizona State University. She received her PhD and Masters of Accounting from The University of Oklahoma and her BBA from Texas Tech University. Stacey teaches managerial accounting and has received numerous awards for outstanding teaching at the undergraduate and graduate level. She also serves as the Associate Dean for the W.P. Carey MBA program. Stacey s research interests center around the use of decision aids to improve the decision-making behavior of financial analysts, managers, and auditors. Her research has been published in The Accounting Review, Organizational Behavior and Human Decision Processes, Behavioral Research in Accounting, Auditing: A Journal of Practice and Theory, and The Journal of Behavioral Decision Making. Stacey and her husband Mark enjoy traveling and the many outdoor activities Arizona has to offer with their two children, Riley and Carley. Robert Libby Robert Libby is the David A. Thomas Professor of Accounting at Cornell University, where he teaches the introductory financial accounting course. He previously taught at the University of Illinois, Pennsylvania State University, the University of Texas at Austin, the University of Chicago, and the University of Michigan. He received his BS from Pennsylvania State University and his MAS and PhD from the University of Illinois; he is also a CPA. Bob is a widely published author and researcher specializing in behavioral accounting. He was selected as the AAA Outstanding Educator in 2000, received the AAA Outstanding Service Award in 2006, and received the AAA Notable Contributions to the Literature Award in 1985 and He is the only person to have received all three of the Association s highest awards for teaching, service, and research. He has published numerous articles in The Accounting Review; Journal of Accounting Research; Accounting, viii

6 Organizations, and Society; and other accounting journals. He has held a variety of offices including vice president in the American Accounting Association and is a member of the American Institute of CPAs and the editorial boards of The Accounting Review; Accounting, Organizations, and Society; and the Journal of Accounting Literature. Fred Phillips Fred Phillips is a professor and the George C. Baxter Chartered Accountants of Saskatchewan Scholar at the University of Saskatchewan, where he teaches introductory financial accounting. He also has taught introductory accounting at the University of Texas at Austin and the University of Manitoba. Fred has an undergraduate accounting degree, a professional accounting designation, and a PhD from the University of Texas at Austin. He previously worked as an audit manager at KPMG. Fred s main career interest is accounting education. He has been recognized with more than 20 awards, as chosen by his students and peers. In 2006, Fred was awarded the title Master Teacher at the University of Saskatchewan. In 2011, he was admitted to the 3M National Teaching Fellowship, the highest honor for undergraduate teaching in Canada. In the same year, he won a national competition for an instructional case that is integrated throughout assignment materials in Chapters 5 12 of this textbook. In 2012, Fred received the L. S. Rosen Outstanding Educator Award, the American Accounting Association s Innovation in Auditing and Assurance Education Award, and the American Accounting Association s Award for Outstanding Research in Accounting Education. His peer-reviewed publications include educationfocused research and instructional cases in Issues in Accounting Education, as well as professional judgment studies in the Journal of Accounting Research and Organizational Behavior and Human Decision Processes, among others. Fred is a current member of the Teaching, Curriculum, & Learning and Two- Year College sections of the American Accounting Association. In his spare time, he likes to work out, drink iced cappuccinos, and relax with his family. ix

7 Rev.Confirming Pages Preparing Students for Success in Business From the award-winning, market-leading Libby/Phillips author team comes a modern, relevant, and engaging textbook for today s managerial accounting student. Whitecotton/Libby/Phillips Managerial Accounting brings lively and engaging coverage of managerial accounting topics and decision-making focus to the managerial accounting course. Pair Managerial Accounting with Phillips/Libby/Libby Fundamentals of Financial Accounting, 4e, to provide a truly comprehensive solution to your students. Chapters 5 & 6 Focus Company: Starbucks Coffee Chapters 8 & 9 Focus Company: Cold Stone Creamery Chapters 10 & 11 Focus Company: Apple x whi25516_fm_i-xxxvi.indd x 22/11/12 4:27 PM

8 Managerial Accounting by Whitecotton/Libby/Phillips This text prepares students for success in business by incorporating three key components that will motivate and guide them through managerial accounting: Managerial accounting in the context of real business Managerial accounting instructors face significant challenges: how to engage students in the managerial accounting course, how to keep them motivated throughout the course, and how to teach them accounting in a way that connects conceptual understanding to the real world. Managerial Accounting engages and motivates students by presenting accounting in the context of recognizable companies such as Starbucks, Toyota, California Pizza Kitchen, and Apple, and then integrates those companies throughout the chapter discussions. Managerial accounting with a focus on decision making Most students taking managerial accounting will not become accounting majors and accountants; instead, they will use accounting information in their professional lives to make business decisions. Managerial Accounting shows students how managers use accounting information to make business decisions in companies they know from their everyday lives. This approach helps students develop the analytical and critical thinking skills they will need to succeed in their future careers. Managerial accounting with the aid of technology Today s students have diverse learning styles and numerous commitments. They want technology supplements that will help them study more efficiently and effectively. McGraw-Hill Connect Accounting, which includes adaptive and interactive study features such as LearnSmart and Guided Examples, as well as a repository of additional resources tied directly to Managerial Accounting will improve students engagement in and out of class, help them maximize their study time, and make their learning experience more enjoyable. I would describe Whitecotton as the best introductory managerial textbook that I have used, because of its writing style, its inclusion of only relevant material, its choice of focus companies that students easily relate to, and the common sense manner in which the material is explained Laura Ilcisin, University of Nebraska at Omaha This is one of the best textbooks for the introductory managerial accounting course. The book covers all of the relevant topics for this course and is extremely well organized. Each chapter begins with solid learning objectives linked to the text and uses a focus company, which relates to the students, to illustrate the concepts of the chapter. Ronald O. Reed, University of Northern Colorado xi

9 Rev.Confirming Pages Engaging Features and Relevant Pedagogy One of the greatest strengths of Whitecotton is the focus companies. The utilization of these companies allows students to connect managerial accounting concepts to real-world enterprises. Managerial Accounting has a variety of features that complement the way you teach and the way today s students learn. From study tips and advice to guide students through difficult topics to clear and relevant examples, each chapter offers students the tools they need to succeed. Chapter 4 Focus Company: Toyota Tal Kroll, Ozarks Technical Community College This is a freshly written managerial accounting textbook. It addresses a complete range of managerial accounting topics critical to today s business environment. The language is as easy to understand as the discussion is in depth. I would definitely recommend [this book] to my colleagues as a good choice for the course. Chapter 7 Focus Company: Mattel Toys Chapter Openers Focus Companies Each chapter of Managerial Accounting opens with an engaging scenario or story using a familiar company. The same focus company is used throughout the entire chapter so that students can see how the concepts and calculations apply to a realworld company they are already familiar with. CHAPTER 10 Decentralized Performance Evaluation YOUR LEARNING OBJECTIVES LO 10-1 FOCUS COMPANY: Apple Inc. There s an App for That List and explain the advantages and disadvantages of decentralization. Ronald Zhao, Monmouth University LO A pple Computers Inc. began in 1976 when two guys named Steve started building circuit boards in a garage to sell to fellow computer geeks at the Homebrew Computer Club. Steve Wozniak was the technical wizard who built the computers, while Steve Jobs was an ambitious entrepreneur looking to start his own company. When they got their first big order for 50 computers, their biggest problem was figuring out how to buy the component parts when they had little cash and no assets to use as collateral for a loan. But Steve Jobs somehow convinced a local parts supplier to let them buy parts on 30-day credit terms. As Steve Wozniak tells it, Steve is very persuasive. We d get the parts and then stuff them into the circuit boards, have them soldered, get them back in the garage and test them. And we could turn the whole cycle around in ten days and get paid. It worked really great because we had only one level of management. 1 At the start of a company s life, the individual owners can make all of the decisions about how to build, market, distribute, and price their products and services. But as a company grows, takes on outside investors, expands into new regions, introduces new products, and hires employees to manage various parts of the business, it is no longer possible for the owners to be directly involved in every aspect of the company s operations. Instead, owners must delegate responsibility to employees and managers to make decisions on their behalf. The delegation of responsibility and decision-making authority throughout an organization is called decentralization. LO 10-2 Describe the different types of responsibility centers and explain how managers in each type are evaluated. Describe the four dimensions of the balanced scorecard and explain how they are used to evaluate managerial performance. LO 10-4 Compute and interpret return on investment, investment turnover, and profit margin. LO 10-5 Compute and interpret residual income. LO 10-6 Explain how transfer prices are set in decentralized organizations. 1 Stephen Wozniak, Homebrew and How the Apple Came to Be, n.d., homebrew_and_how_the_apple.php. 412 whi25516_ch10_ indd /10/12 3:46 PM whi25516_ch10_ indd /10/12 3:46 PM xii whi25516_fm_i-xxxvi.indd xii 22/11/12 4:27 PM

10 Bring Managerial Accounting Content to Life How s It Going? Self-Study Practice Research shows that students learn best when they actively engage in the learning process. Self- Study Practice quizzes ask students to pause at critical points throughout each chapter to ensure they understand the material presented before moving ahead. Coach s Tips Every student needs encouragement and Coach s Tips are just one of the ways Managerial Accounting fulfills that need. Coach s Tips appear throughout the text offering tips, advice, and suggestions about how to learn the key concepts. How s it going? Self-Study Practice 1. Which of the following statements best describes the difference between financial accounting and managerial accounting? a. Managerial accounting targets external stakeholders while financial accounting targets individuals within the company. b. Financial accounting relies more on subjective, future-oriented information than managerial accounting does. c. A major focus of managerial accounting is the preparation of the income statement, while a major focus of financial accounting is the preparation of the budget. d. Managerial accounting tends to focus on relevant, subjective, and future-oriented information while financial accounting relies primarily on objective, reliable, and historical information. 2. Which of the following statement(s) regarding the key management functions is (are) false? (You may select more than one answer.) a. Planning/organizing involves setting both long-term objectives and the shortterm tactics necessary to achieve those objectives. b. Directing/leading involves comparing actual results to planned objectives and making adjustments as necessary. c. Each of the management functions (planning/organizing, directing/leading, and controlling) is completely independent of the others. d. All of the above. After you have finished, check your answers against the solutions in the margin. Merchandising companies sell the goods that manufacturers produce. Merchandisers that sell exclusively to other businesses are called wholesalers. Merchandisers that sell to the general public are called retailers. For example, Sam s Club started out as a wholesaler and then expanded into the retail market. Other well-known retailers include Walmart, Macy s, Bed Bath & Beyond, and Safeway. Service companies provide a service to customers or clients. A few well-known service providers are Hilton Hotels, Southwest Airlines, Expedia.com, and Federal Express. Many small businesses provide services to consumers and other businesses, including hair salons, law firms, architects, and home repair specialists. The best way to know whether you are reading the chapter carefully enough is to see how well you do on a short exercise. Therefore, at important points throughout each chapter, you will find an exercise that will reinforce the concepts you have just learned and provide feedback on how well you learned them. We urge you not to skip these practices. When you are finished, check your answers against the solution in the margin. 1. d 2. b and c. (Item b describes controlling, not directing/leading. Item c is false because the management functions are interdependent.) COACH S TIP Restaurants such as CPK are part of the food service industry. Do you think CPK is most similar to a manufacturing firm, a merchandising firm, or a service firm? Compare your answer to the discussion below. Solution to Self-Study Practice Spotlight Features Each chapter includes Spotlight features focusing on important concepts, such as decision making or ethics. These features are designed to further engage students and provide instructors with material for in-class discussion. New to this edition are Spotlight on Service features that highlight how service firms use managerial accounting to make decisions. whi25516_ch01_ indd 9 I think the Coach s Tips are extremely helpful to answer those nagging questions that pop up as students prepare for class. I wish they had been in texts when I was a student! Myra Bruegger, Southeastern Community College 18/09/12 11:41 AM Spotlight on Decision Making Good decision making is essential in business, whether you are preparing, using, or analyzing accounting information. Spotlight on Decision Making features use real-world examples to illustrate the relevance of accounting to decision making. Spotlight on Ethics Making ethical business decisions is more crucial than ever. Spotlight on Ethics features convey the importance of acting responsibly in business. Spotlight on Service The majority of today s students will graduate prepared to take a job in the country s ever-growing service sector. New Spotlight on Service features describe how key managerial accounting topics apply to the types of service companies by which students may someday be employed. SPOTLIGHT ON Service Turning Unused Capacity into Revenue xiii

11 Review and Practice Material Build a Each chapter of Managerial Accounting is followed by an extensive variety of endof-chapter material that examines and integrates concepts presented in the chapter. The text is very well written and makes many of the difficult concepts accessible to students.... The end of chapter material is also written at several levels and allows the instructor to mix and match learning objectives and difficulty levels to create challenging but informative assignments. Kristian Mortenson, Oregon State University Demonstration Case End-of-chapter review material begins with a demonstration case that provides another self-study opportunity for students. The demonstration case is practice material that mimics what students will see in the homework. The accompanying solution allows students to check their understanding of the material before completing and submitting homework for a grade. It can also serve as a study tool for exams. REVIEW THE CHAPTER DEMONSTRATION CASE Pacific Pool Company (PPC) builds custom swimming pools for homeowners in California, Arizona, and Nevada. PPC uses material requisition forms and direct labor time tickets to trace direct materials and direct labor costs to specific jobs. Manufacturing overhead is applied to jobs at a rate of $100 per direct labor hour. During the first month of operations, the company recorded the following transactions: (a) Purchased $200,000 in raw materials. (b) Issued the following materials to production: $130,000 was directly traceable to specific jobs. $20,000 was not directly traceable to specific jobs. (c) Recorded the following labor costs (paid in cash): Direct labor $50,000 Construction supervision 30,000 (d) Recorded the following actual manufacturing overhead costs: Construction insurance $ 5,000 CHAPTER SUMMARY Assign indirect costs to products or services using a single volume-based cost driver. (p. 148) A traditional cost system assigns indirect (overhead) costs to products or services using a volume-based measure, such as the number of direct labor hours, machine hours, or units produced. This system, while simple, assumes that all indirect costs are driven by volume and ignores other factors, such as the complexity of the production process and other nonvolume drivers of cost. Unlike traditional cost systems that rely strictly on volume-based allocation measures, activity-based costing (ABC) systems include measures that capture something other than the sheer volume of units produced or customers served. Classify activities as unit-, batch-, product-, or facility-level activities. (p. 152) Activity-based costing systems capture the following types of activities: LO 4-1 LO 4-2 Chapter Summary by Learning Objectives Each chapter concludes with an endof-chapter summary that revisits the learning objectives from the beginning of the chapter. Key Terms Each chapter includes a list of the key terms introduced in the chapter and page references for those terms. Full definitions for all key terms are found in the back of the text. KEY TERMS Actual Manufacturing Costs p. 54 Allocation Base p. 46 Cost Driver p. 46 Cost of Goods Completed p. 53 Cost of Goods Manufactured p. 53 Cost of Goods Sold p. 49 whi25516_ch02_ indd 65 See complete definitions in glossary at back of text. Direct Labor Time Ticket p. 45 Finished Goods Inventory p. 49 Indirect Materials p. 49 Job Cost Sheet p. 44 Job Order Costing p. 42 Materials Requisition Form p. 44 Overapplied Overhead p. 56 Predetermined Overhead Rate p. 46 Process Costing p. 41 Raw Materials Inventory p. 49 Underapplied Overhead p /09/12 12:09 PM Work in Process Inventory p. 49 xiv

12 Strong Foundation for Future Success PRACTICE MATERIAL QUESTIONS 1. What is the difference between a volume-based cost 11. Consider a company that offers drivers education and driver and a non-volume-based cost driver? defensive driving courses. Give an example of each of the 2. Explain the statement that traditional costing systems use following activities: customer level, group level, service volume-based allocation measures. level, facility level. 3. What are the potential negative consequences of a 12. Explain the difference between the activity-rate method traditional volume-based costing system? and the activity-proportion method of ABC. 4. How does activity-based costing differ from traditional 13. Define activity-based management and explain how it is costing systems? related to activity-based costing. 5. What types of business might use activity-based costing? 14. What is benchmarking? How does it benefit a company? 6. Describe the two stages of activity-based costing. 15. What is a non-value-added activity? Considering the construction company in question 10, give an example of a 7. Identify the categories (hierarchy) of activities in value-added and a non-value-added activity. an activity-based costing system for a manufacturing company. 16. What are the four types of quality costs that comprise total quality management (TQM)? 8. How do the ABC categories (hierarchy) in a service company differ from those in a manufacturing company? 17. What is target costing? How does activity-based management play a role in target costing? 9. Why must costs be classified into different categories for ABC? What is the basis for these categories? 18. Explain the concept of a just-in-time inventory system. 10. Consider a construction company that builds semi-custom What is its primary benefit? homes. Give an example of each of the following activities: 19. Briefly discuss the advantages and disadvantages of facility level, product level, batch level, and unit level. activity-based costing and activity-based management. MULTIPLE CHOICE 1. Traditional (non-abc) cost systems assign indirect (overhead) costs on the basis of a. Non-volume-based cost drivers. b. Unit- or volume-based cost drivers. c. Activity-based cost drivers d. Facility-level cost drivers. 2. Both traditional and ABC cost systems focus on assigning: a. Direct costs. c. Manufacturing costs. b. Indirect costs. d. Nonmanufacturing costs. 3. Which of the following is a volume-based allocation Use the following information for the next five questions: Hi-Def Video Company makes two types of digital DVD players, economy and deluxe, with the following per-unit cost information: Economy (8,000 units) Deluxe (2,000 units) Direct materials $50 $100 Direct labor Manufacturing overhead?? Manufacturing cost per unit?? Questions Each chapter includes questions that ask students to explain and discuss terms and concepts from the chapter. These openended questions provide a great jumping off point for class discussion. Multiple-Choice Questions Each chapter includes 10 multiple-choice questions that let students practice basic concepts. Solutions for all questions are provided in the back of the text. Mini-Exercises Mini-exercises in each chapter illustrate and ask students to apply learning objectives from the chapter to a simple scenario. LO 4-1, 4-6 MINI-EXERCISES M4-1 Comparing Traditional and ABC Systems Catarina Company is considering a switch from its traditional costing system to an activity-based system. It has compiled the following information regarding its product lines: Traditional Costing ABC Revenue $325,000 $325,000 Overhead Product X 52,000 71,000 Product Y 50,000 31,000 $102,000 $102,000 whi25516_ch04_ indd /09/12 2:26 PM LO 4-3 LO 4-3 Explain why the overhead costs for each product could be so different between the two costing systems. M4-2 Identifying Cost Drivers in an ABC System Patterson makes electronic components for handheld games and has identified several activities as components of manufacturing overhead: factory rent, factory utilities, quality inspections, materials handling, machine setup, employee training, machine maintenance, inventory security costs, and supervisor salaries. For each activity that Patterson has identified, choose a cost driver to allocate that cost. Explain your reasoning. M4-3 Identifying Cost Drivers in an ABC System For each of the following activities, indicate the appropriate category (unit, batch, product, or facility level) and suggest a possible cost driver for each pool: 1. Factory utilities. LO 4-2, 4-3, 4-8 EXERCISES whi25516_ch04_ indd 174 E4-1 Classifying Activities According to Level, Determining Value-Added or Non-value-Added Lindwood Company manufactures coffee cups in several different sizes and has identified the following activities in its manufacturing process: Storing inventory Creating molds Pouring plaster Firing pots in kiln Sanding and finishing Painting Performing quality control Exercises 25/10/12 8:47 AM Exercises illustrate and ask students to apply single and multiple learning objectives from the chapter. Animated, narrated Guided Examples that walk through a similar exercise in a step-by-step fashion are available for select exercises when enabled by instructors in Connect Accounting. xv whi25516_ch04_ indd /09/12 2:26 PM

13 The Whitecotton/Libby/Phillips text is a well-written book... The text uses companies that students are familiar with to illustrate managerial accounting concepts. It provides a variety of end-of-chapter questions as well as check-points throughout the chapters for students to use to gauge their level of understanding. Holly Sudano, Florida State University Problems (Sets A and B) Each chapter includes two problem sets to help students develop decision-making skills. One set can be used in class and the other can be assigned for homework. GROUP A PROBLEMS PA4-1 Assigning Costs Using Traditional System, ABC System Hazelnut Corp. manufactures lawn ornaments. It currently has two product lines, the basic and the luxury. Hazelnut has a total of $171,500 in overhead. The company has identified the following information about its overhead activity cost pools and the two product lines: Activity Cost Pools Cost Driver Cost Assigned to Pool Quantity/Amount Consumed by Basic Quantity/Amount Consumed by Luxury LO 4-1, 4-3, 4-4, 4-6 Materials handling Quality control Machine maintenance Number of moves Number of inspections Number of machine hours $ 14, moves 50 moves $ 37, inspections 125 inspections $120,000 5,000 machine 5,000 machine hours hours LEVEL UP Level-Up Questions In each chapter, particularly challenging questions, designated by the level-up icon, require students to combine multiple concepts to advance to the next level of accounting knowledge. xvi LO 5-S1 SKILLS DEVELOPMENT CASES whi25516_ch04_ indd 183 S5-1 Video Case Assignment: Identifying Cost Behavior and Predicting Difference in Variable and Absorption Costing Go to and search for How It s Made, a television show produced by the Discovery Channel that shows how thousands of products and services are created. Find a product that interests you and answer the following questions: What product did you choose and how is it made? Identify two variable costs of making this product. What makes it a variable cost? Identify two fixed costs of making this product. What makes it a fixed cost? Identify one step cost of making this product. What makes it a step cost? Identify one mixed cost of making this product. What makes it a mixed cost? Skills Development Cases 26/10/12 8:07 AM Each chapter offers cases designed to help students develop critical thinking skills. These cases allow for group discussions and projects. New video cases ask students to watch a webbased video about a real product or service. Students use the concepts they learned throughout the chapter to answer questions about the video, bringing the concepts to life.

14 What s New in the Second Edition? In response to feedback and guidance from numerous managerial accounting faculty, the authors have made many important changes to the second edition of Managerial Accounting, including the following: Integrated new focus companies, including Apple and California Pizza Kitchen. Increased coverage of how managerial accounting is used in service settings, including adding a new Spotlight on Service feature in select chapters. Added context and discussion to explain why managers need certain types of information, not just how to compute it. Streamlined exhibits throughout to provide further visual support to narrative concepts. Added Excel screenshots and step-by-step instructions to exhibits, where appropriate, to reflect real-world practice. Re-sequenced the capital budgeting chapter to immediately follow the decentralized performance evaluation chapter for a more logical flow of material. Updated all end-of-chapter material, increased the quantity of exercises for key topics, and enhanced material by adding: Video-based Skills Development cases to select chapters. New Level-Up questions and designations. Redesigned end-of-chapter supplements to distinguish them from the main body of the chapter so that instructors can choose to include or ignore them more easily. CHAPTER 1 Focus Company: California Pizza Kitchen New focus company (California Pizza Kitchen) provides nuance to the discussion of what constitutes a service company, a manufacturing company, and a merchandising company. Reorganized the chapter to emphasize the functions of management and the role of decision making in managerial accounting. Modified cost terminology section to enhance readability and integration among the concepts. Used actual cost data provided in California Pizza Kitchen s annual report to explain the various cost terms. Added new exhibit summarizing the cost terminology with key questions to ask. Revised end-of-chapter material. CHAPTER 2 Focus Company: Toll Brothers Added a section describing the use of job order costing in a service firm. Revised sections that cover predetermined overhead rate and actual versus applied overhead to further clarify these concepts for students. Added more contextual discussion to cost of goods manufactured section to anchor calculations. Revised end-of-chapter material. CHAPTER 3 Focus Company: CK Mondavi New Spotlight on Service feature describing the use of process costing in the medical claims field. Added discussion of transferred-in costs to complete the explanation of how costs move through a process costing system. Modified narrative and supporting equations throughout to promote clarity. Consolidated coverage of the FIFO method in the end-ofchapter supplement. Revised end-of-chapter material. CHAPTER 4 Focus Company: Toyota Motor Company Changed the focus from a U.S.-based plant to a Japanese facility to encourage students to think about cost management in a global context. Simplified the ABC example by limiting it to three activity cost pools and only two product lines. NEW Spotlight on Decision Making describing the supply chain disruptions/production delays that resulted from the Japanese tsunami and Toyota s product recalls that makes cost management topics such as JIT and TQM more concrete. Added an extended example that applies ABC to a university setting to illustrate how ABC can be used in nonmanufacturing settings. Revised end-of-chapter material. CHAPTER 5 Focus Company: Starbucks Restructured chapter to clarify the relationship among the various methods for analyzing mixed costs. xvii

15 Modified Excel exhibits to reflect software updates and present calculations in a more intuitive way. Revised end-of-chapter material. CHAPTER 6 Focus Company: Starbucks Revised introductory language to ensure a smooth transition from one method of CVP analysis to the next. Restructured methods to clarify the connection between the two main types of analysis: break even and target profit. NEW Spotlight on Service feature describing Netflix s quest for higher profits through price increases. Modified and added to discussion of how CVP analysis can be applied to various decisions to keep the material relevant for students and provide them with additional insight into how CVP analysis is utilized in real businesses. Revised end-of-chapter material. CHAPTER 7 Focus Company: Mattel NEW Spotlight on Service feature describing how travel sites like priceline.com help airlines address excess capacity issues. Added structure to each managerial accounting decision discussion in the form of relevant questions to help frame the decision alternatives and guide the decision-making process. Revised end-of-chapter material. CHAPTER 8 Focus Company: Cold Stone Creamery Collapsed first three learning objectives into one that focuses on the context of budgeting why the master budget is important, who creates the budget, and the behavioral issues that impact its creation. Added further context to discussion of the master budget components and how they tie together. Revised all exhibits to be Excel screenshots to reflect real-world practices. Revised cash budget discussion to enhance student understanding and connect more directly with other budgets presented in the chapter. Added summary exhibit that shows all budget components and how they impact one another. Revised discussion of budgeting in nonmanufacturing firms to present a merchandise purchases budget. Revised end-of-chapter material. CHAPTER 9 Focus Company: Cold Stone Creamery Added a section called Variance Analysis to better connect the introduction of the flexible budget to the discussion of variances and how to calculate them. Streamlined exhibits illustrating variance analysis to clarify the calculation of each and its relationship to the other variances discussed. Modified discussion of key variances to enhance student understanding. Moved all discussion of fixed overhead variances to end-ofchapter supplement so instructors who don t wish to cover the material can disregard it more easily. Revised end-of-chapter material. CHAPTER 10 Focus Company: Apple NEW focus company (Apple) that incorporates real statistics from Apple s performance to make the discussion of financial performance measures more relevant to students. Moved the balanced scorecard discussion forward to emphasize the importance of aligning managers goals with that of the organization in both financial and nonfinancial ways. Added a brief discussion of economic value added (EVA) to the section covering performance evaluation of financial measures that introduces students to the concept without overwhelming them with the detail that s more appropriate for advanced courses. Revised end-of-chapter material. Wow! I love Chapter 10. Apple is an awesome example to illustrate the concepts in this chapter. It is a pleasure to read and it makes sense to organize the subtopics in this way. It is difficult for me to move my eyes away from reading this chapter. Chuo-Hsuan (Jason) Lee, SUNY Plattsburgh xviii

16 CHAPTER 11 Focus Company: Apple Re-sequenced this chapter to immediately follow the decentralized performance evaluation chapter. NEW focus company (Apple) to make the discussion of capital investment decisions more relevant to students. NEW Spotlight on Decision Making describing how the payback method can impact the decision to refinance a home loan. Streamlined time value of money coverage in the main body of chapter so that most of the discussion can be found in the end-of-chapter supplement and easily used for student review purposes. Added example of calculating net present value with uneven cash flows. Modified Excel exhibits to reflect software updates and present calculations in a more intuitive way. Expanded discussion of profitability index to clarify its use as an extension of the net present value method. Revised end-of-chapter material. New Spotlight on Business Decisions showing disparity between net income and operating cash flows prior to Lehman Brothers collapse. New Supplement 12B demonstrating use of T-account approach to preparing an indirect method statement of cash flows. New demonstration case illustrating preparation of indirect method SCF from comparative balance sheet and income statement information. Updated information regarding focus company. Revised end-of-chapter material. CHAPTER 13 Focus Company: Lowe s Updated information regarding focus company and contrast company (Home Depot), including all narrative interpreting and comparing financial results. Expanded demonstration case to illustrate horizontal and vertical analyses. Revised end-of-chapter material. CHAPTER 12 Focus Company: Under Armour New discussion to tie cash flow patterns to stages of corporate lifecycle (deleted discussion of cash flow ratios). xix

17 Leading Technology Extends Learning McGraw-Hill Connect Accounting Less Managing. More Teaching. Greater Learning. TM McGraw-Hill Connect Accounting is an online assignment and assessment solution that connects students with the tools and resources needed to achieve success through faster learning, more efficient studying, and higher retention of knowledge. Online Assignments Connect Accounting helps students learn more efficiently by providing feedback and practice material when they need it, where they need it. Connect grades homework automatically and gives immediate feedback on any questions students may have missed. Intelligent Response Technology (IRT) IRT is a redesigned student interface for our end-of-chapter assessment content. The benefits include improved answer acceptance to reduce students frustration with formatting issues (such as rounding). Also, select questions have been redesigned to test students knowledge more fully. They now include tables for students to work through rather than requiring that all calculations be done offline. LearnSmart LearnSmart adaptive self-study technology within Connect Accounting helps students make the best use of their study time. LearnSmart provides a seamless combination of practice, assessment, and remediation for every concept in the textbook. LearnSmart s intelligent software adapts to students by supplying questions on a new concept when they are ready to learn it. With LearnSmart, students will spend less time on topics they understand and practice more on those they have yet to master. xx

18 Rev.Confirming Pages Beyond the Classroom Interactive Presentations Ideal for auditory and visual learners, interactive presentations provide engaging narratives of all chapter learning objectives in an interactive online format. The presentations are tied specifically to Managerial Accounting, 2e. They follow the structure of the text and are organized to match the learning objectives within each chapter. While the interactive presentations are not meant to replace the textbook in this course, they provide additional explanation and enhancement of material from the text chapter, allowing students to learn, study, and practice with instant feedback at their own pace. Guided Examples The Guided Examples in Connect Accounting provide a narrated, animated, step-by-step walk-through of select exercises similar to those assigned. These short presentations provide reinforcement when students need it most. As a student I need to interact with course material in order to retain it, and Connect offers a perfect platform for this kind of learning. Rather than just reading through textbooks, Connect has given me the tools to feel engaged in the learning process. Jennah Epstein Kraus, Student, Bunker Hill Community College Student Library The Connect Accounting Student Library gives students access to additional resources such as recorded lectures, online practice materials, an ebook, and more. xxi whi25516_fm_i-xxxvi.indd xxi 22/11/12 4:28 PM

19 McGRAW-HILL CONNECT ACCOUNTING FEATURES Connect Accounting offers a number of powerful tools and features to make managing assignments easier, so faculty can spend more time teaching. Simple Assignment Management and Smart Grading With Connect Accounting, creating assignments is easier than ever, so instructors can spend more time teaching and less time managing. Create and deliver assignments easily with selectable end-ofchapter questions and Test Bank items. Go paperless with the ebook and online submission and grading of student assignments. Have assignments scored automatically, giving students immediate feedback on their work and side-by-side comparisons with correct answers. Access and review each response; manually change grades or leave comments for students to review. Reinforce classroom concepts with practice tests and instant quizzes. Student Reporting Connect Accounting keeps instructors informed about how each student, section, and class is performing, allowing for more productive use of lecture and office hours. The progress-tracking function enables you to: View scored work immediately and track individual or group performance with assignment and grade reports. Access an instant view of student or class performance relative to learning objectives. Collect data and generate reports required by many accreditation organizations, such as AACSB and AICPA. Instructor Library The Connect Accounting Instructor Library is a repository for additional resources to improve student engagement in and out of class. You can select and use any asset that enhances your lecture. The Connect Accounting Instructor Library includes access to the ebook version of the text, videos, slide presentations, Solutions Manual, Instructor s Manual, and Test Bank. The Connect Accounting Instructor Library also allows you to upload your own files. xxii

20 McGraw-Hill Connect Plus Accounting McGraw-Hill reinvents the textbook learning experience for the modern student with Connect Plus Accounting. A seamless integration of an ebook and Connect Accounting, Connect Plus Accounting provides all of the Connect Accounting features plus the following: An integrated, media-rich ebook, allowing for anytime, anywhere access to the textbook. Media-rich capabilities like embedded audio/visual presentations, highlighting, and sharing notes. Dynamic links between the problems or questions you assign to your students and the location in the ebook where that concept is covered. A powerful search function to pinpoint key concepts for review. In short, Connect Plus Accounting offers students powerful tools and features that optimize their time and energy, enabling them to focus on learning. For more information about Connect Plus Accounting, go to or contact your local McGraw-Hill sales representative. Tegrity Campus: Lectures 24/7 Tegrity Campus is a service that makes class time available 24/7 by automatically capturing every lecture. With a simple one-click start-and-stop process, you capture all computer screens and corresponding audio in a format that is easily searchable, frame by frame. Students can replay any part of any class with easy-to-use browser-based viewing on a PC, Mac, ipod, or other mobile device. Educators know that the more students can see, hear, and experience class resources, the better they learn. In fact, studies prove it. Tegrity Campus s unique search feature helps students efficiently find what they need, when they need it, across an entire semester of class recordings. Help turn your students study time into learning moments immediately supported by your lecture. With Tegrity Campus, you also increase intent listening and class participation by easing students concerns about note-taking. Tegrity Campus will make it more likely you will see students faces, not the tops of their heads. To learn more about Tegrity, watch a 2-minute Flash demo at Students like the flexibility that Connect offers... They can complete their work and catch up on lectures anytime and anywhere. Professor Lisa McKinney, M.T.A., CPA, University of Alabama xxiii

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