Identify the major differences and similarities between financial and managerial accounting.
Identify and give examples of each of the three basic manufacturing cost categories.
Distinguish between product costs and period costs and give examples of each.
Prepare an income statement including calculation of the cost of goods sold.
Prepare a schedule of cost of goods manufactured.
Understand the differences between variable costs and fixed costs.
Understand the differences between direct and indirect costs.
Understand cost classifications used in making decisions: differential costs, opportunity costs, and sunk costs.
(Appendix 2A) Properly account for labor costs associated with idle time, overtime, and fringe benefits.
(Appendix 2B) Identify the four types of quality costs and explain how they interact.
(Appendix 2B) Prepare and interpret a quality cost report.