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Mastery Problem: Introduction to Managerial Accounting Able Baker Charlie Company Charles Maxwell is starting a cheesecake bakery, Able Baker Charlie Company, to produce and sell different avored cheesecakes to restaurants and the general public. He has just begun his study of accounting, and is a bit confused about the many types of reports he has read about and how they will help him run his business. He asks you to help him clarify what the differences between managerial accounting and financial accounting are. He's also wondering how to set up his inventory, how to classify the ecosts of his business, and how to ll in some missing information. Managerial vs. Financial Select whether the following characteristics are most often associated with managerial accounting or nancial accounting. Primarily used for internal decision making Managerial Accounting Generally Accepted Accounting Principles (GAAP) must be used Financial Accountinu Prepared statements usually pertain to the company as a whole Financial Accounting rather than individual departments or products Information provided will often be subjective, such as estimated Managerial Accounting future results Often prepared on an as-needed basis rather than at xed intervals Managerial Accounting Cost classification Charles has provided some of the costs he expects to incur as follows. Decide on the classications that could be applied to each of these costs using the table provided. The cost object in each case is the cheesecake. (Select "Yes" or "No" from the below dropdowns.) Product Period Direct Direct Factory Selling Administratlu Cost Cost Cost Materials Labor Overhead Expense Expense Eggs used to make cheesecakes Yes No Yes No No No No Baker's wages Yes No No Yes No No No Delivery driver wages No Yes No No No Yes No Depreclation of office computers No Yes No No No No Yes Power to run the cheesecake ovens Yes No lilo lilo Yes lilo No President's salary No Yes No No No No Yes Sales commissions No Yes No No No Yes No Factory supervisor salary Ya No No No Yes No No Financial Statements Charles found some sample income statements and balance sheets on the Internet, and asked which of them might be most appropriate for a manufacturing business like his. Review income statements A and B, and balance sheets C and D. Determine which income statement and balance sheet would be most appropriate for a manufacturing business like Able Baker Charlie Company. Income Statement A Sample Company A Income Statement For the Year Ended December 31, 20Y8 Sales $42,000 6 + E] 8:11 v2.cengagenow.com counting Baker Charlie Company, to taurants and the general public. He nfused about the many types of run his business. He asks you to rial accounting and financial ventory, how to classify the formation. often associated with managerial Managerial Accounting st be used Financial Accounting as a whole Financial Accounting estimated Managerial Accounting fixed intervals Managerial Accounting incur as follows. Decide on the costs using the table provided. The Direct Factory Selling Administrative Direct Indirect Prime Conversion Expense Expense Cost Cost Cost Cost Labor Overhead No No No No Yes No Yes No No No Yes No No No Yes No No Yes No No No Yes No Yes No Yes No No Yes No No No No Yes No Yes No No Yes No Yes No No Yes No No No Yes alance sheets on the Internet, and manufacturing business like his. ets C and D. Determine which appropriate for a manufacturing + 3 . . .8=114 .. as E} (D v2.cengagenow.com [Ii Total liabilities and stockholders' equity $55,900 (9 Balance Sheet D Sample Company D Balance Sheet December 31, 20Y8 Assets cash $20,300 Amounts receivable (net) 10,000 inventory: a Direct materials $2,500 Work in process 1,500 Finished goods 2,000 Total inventory 6,000 Supplies 2,100 Land 17,000 Total assets $55,900 Liabilities Accounts payable $17,500 Stockholders' Equity Common stock $19,000 Retained eamlngs 19,100 Total stockholders' equity 38.100 Total liabilities and stockholders' equity $55,900 Which income statement is most appropriate for a manufacturing business? Income statement A Which balance sheet is most appropriate for a manufacturing business? Balance sheet D Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to gure out some of the amounts. Review the following data and fill in the missing amounts on thi chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to rr the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred In period Total manufacturing costs incurred In period Total manufacturing costs incurred in period 53,000 50% of materials Inventory on Jan. 31 $12,000 3 times the direct labor Incurred $29,400 70% of Cost of Goods Manufactured $10,000 less than Cost of Goods Sold Account Balance: 1000!!!\" Jl- 31 Materials Inve ntorv Work in Process Inventory 21,000 g Finished Goods inventory 6 Feb. ll Coat: Incurred $_ 6.000 3 3.000 Direct Materials Used [:] Direct Labor incurred 15,500 Factory Overhead Incurred Cost of Goods Sold