Fundamental Managerial Accounting Concepts 4th (forth) by Thomas Edmonds

By Thomas Edmonds

Basic Managerial Accounting ideas 4e by way of Edmonds/Edmonds/Tsay/Olds makes a speciality of recommendations which are remoted and brought in a logical series. The authors deliberately restrict the scope of the fabric to aid scholars construct a high-quality origin of crucial recommendations in managerial accounting. basic Managerial Accounting suggestions 4e is equipped in a particular means, quite within the first six chapters. the target is to set up a coherent, integrative framework that allows scholars to construct wisdom in stepwise model. The authors? objective is for college students to appreciate the underlying ideas of accounting, not only memorize content..

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Extra info for Fundamental Managerial Accounting Concepts 4th (forth) edition

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2 12 CONFIRMING PAGES Lawson Manufacturing Company paid production workers wages of $100,000. It incurred materials costs of $120,000 and manufacturing overhead costs of $160,000. Selling and administrative salaries were $80,000. Lawson started and completed 1,000 units of product and sold 800 of these units. The company sets sales prices at $220 above the average per unit production cost. Based on this information alone, determine the amount of gross margin and net income. What is Lawson’s pricing strategy called?

3 Assume that all transactions except 6, 8, and 10 are cash transactions. 1. Acquired $15,000 cash by issuing common stock. 2. Paid $2,000 for materials that were used to make products. All products started were completed during the period. 3. Paid $1,200 for salaries of selling and administrative employees. 4. Paid $3,000 for wages of production workers. 5. Paid $2,800 for furniture used in selling and administrative offices. 3 This illustration assumes that all inventory started during the period was completed during the period.

While the information needs of internal and external users overlap, the needs of managers generally differ from those of investors or creditors. Some distinguishing characteristics are discussed in the following section. Users and Types of Information Financial accounting provides information used primarily by investors, creditors, and others outside a business. In contrast, managerial accounting focuses on information used by executives, managers, and employees who work inside the business. These two user groups need different types of information.

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