AMIS 310 Foundations of Accounting

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AMIS 310 Foundations of Accounting Chapter 12 Module 1 CHAPTER 1 MODULE 1 AMIS 310 Foundations of Accounting Professor Marc Smith

Chapter 12 Module 1: Managerial Accounting Managerial accounting provides information for managers inside an organization who direct and control its operations. Financial accounting provides information to stockholders, creditors and others who are outside the organization.

Chapter 12 Module 1: Managerial Accounting

Chapter 12 Module 1: Managerial Accounting In managerial accounting, we look at issues from the perspective of a manufacturer. Merchandising Company Buy finished goods. Sell finished goods. Manufacturing Company Buy raw materials. Produce and sell finished goods. MegaLoMart

Chapter 12 Module 1: Manufacturing Costs Manufacturing costs are the costs incurred in the production (manufacture) of a product Direct Labor Direct Materials Manufacturing Overhead The Product

Chapter 12 Module 1: Manufacturing Costs 1. Direct (Raw) Materials materials used in the production of inventory 2. Direct Labor labor costs incurred in the production of inventory 3. Manufacturing Overhead all other costs incurred in manufacturing a product (overhead includes many different types of costs)