Managerial Accounting

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1 Managerial Accounting Making Decisions and Motivating Performance Srikant M. Datar Madhav V. Rajan PEARSON Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo

2 About the Authors xiv Preface xv Acknowledgements xx 1 The Manager and Management Accounting 1 Financial Accounting and Management Accounting 2 Strategic Decisions and the Management Accountant 3 Value-Chain and Supply-Chain Analysis and Key Success Factors 4 Value-Chain Analysis -4 Supply-Chain Analysis 6 Key Success Factors 6 Sustainability 8 Decision Making, Planning, and Control 8 Key Management Accounting Guidelines 12 Cost-Benefit Approach 12 Behavioral and Technical Considerations 12 Different Costs for Different Purposes 12 Organization Structure and the Management Accountant 13 Line and Staff Relationships 13 The Chief Financial Officer and the Controller 13 Management Accounting Beyond the Numbers 14 Professional Ethics 15 Institutional Support 15 Typical Ethical Challenges 16 2 An Introduction to Cost Terms and Purposes 28 Costs and Cost Terminology 29 Direct Costs and Indirect Costs 30 Challenges in Cost Allocation 30 Factors Affecting Direct/Indirect Cost Classifications 31 Cost-Behavior Patterns: Variable Costs and Fixed Costs 31 Cost Drivers 33 Relevant Range 34 Relationships of Types of Costs 35 Total Costs and Unit Costs 35 Unit Costs 35 Use Unit Costs Cautiously 36 IV

3 Business Sectors, Types of Inventory, Inventoriable Costs, and Period Costs 37 Manufacturing-, Merchandising-, and Service-Sector Companies 37 Types of Inventory 38 Commonly Used Classifications of Manufacturing Costs 38 Inventoriable Costs 38 Period Costs 39 Illustrating the Flow of Inventoriable Costs and Period Costs 39 Manufacturing-Sector Example 40 Recap of Inventoriable Costs and Period Costs 43 Prime Costs and Conversion Costs 43 Measuring Costs Requires Judgment 45 Measuring Labor Costs 45 Overtime Premium and Idle Time 45 Benefits of Defining Accounting Terms 46 Different Meanings of Product Costs 47 A Framework for Cost Accounting and Cost Management 48 Calculating the Cost of Products, Services, and Other Cost Objects 49 Analyzing the Relevant Information for Making Decisions 49 Obtaining Information for Planning and Control and Performance Evaluation 49 3 Cost-Volume-Profit Analysis 76 Essentials of CVP Analysis 77 Contribution Margin 78 Expressing CVP Relationships 80 Cost-Volume-Profit Assumptions 81 Breakeven Point and Target Operating Income 82 Breakeven Point 82 Target Operating Income 83 Target, Net Income and Income Taxes 85 Using CVP Analysis for Decision Making 86 Decision to Advertise 86 Decision to Reduce Selling Price 86 Determining target Prices 87 Sensitivity Analysis and Margin of Safety 87 Cost Planning and CVP 90 Alternative Fixed-Cost/Variable-Cost Structures 90 Operating Leverage 91 Effects of Sales Mix on Income 92 CVP Analysis in Service and Not-for-Profit Organizations 95 Contribution Margin Versus Gross Margin 96 4 Job Costing 115 Building-Block Concepts of Costing Systems 116 Job-Costing and Process-Costing Systems 117

4 Job Costing: Evaluation and Implementation 118 Time Period Used to Compute Indirect-Cost Rates 119 Normal Costing 121 General Approach to Job Costing Using Normal Costing 121 The Role of Technology 125 Actual Costing 127 A Normal Job-Costing System in Manufacturing 129 General Ledger 130 Explanations of Transactions 130 Budgeted Indirect Costs and End-of-Accounting-Year Adjustments 134 Underallocated and Overallocated Indirect Costs 134 Adjusted Allocation-Rate Approach 135 Proration Approach 135 Writeoff to Cost of Goods Sold Approach 136 Choice Among Approaches 137 Variations from Normal Costing: A Service-Sector Example Process Costing and Cost Allocation 171 Illustrating Process Costing 172 Case 1: Process Costing with No Beginning or Ending Work-in-Process Inventory 173 Case 2: Process Costing with Zero Beginning and Some Ending Work-in-Process Inventory 174 Physical Units and Equivalent Units (Steps 1 and 2) 175 Calculation of Product Costs (Steps 3, 4, and 5) 176 T-Account Entries 177 Case 3: Process Costing with Some Beginning and Some Ending Work-in-Process Inventory 179 Weighted-Average Method 179 First-ln, First-Out Method 182 Comparison of Weighted-Average and FIFO Methods 185 Using Budgeted Rates 187 Hybrid-Costing Systems 187 Overview of Operation-Costing Systems 187 Illustration of an Operation-Costing System 189 T-Account Entries 190 Cost Allocation for Joint Costs and Common Costs 190 Allocating Joint Costs 190 Allocating Common Costs 191 Stand-Alone Cost-Allocation Method 191 Incremental Cost-Allocation Method Activity-Based Costing and Activity-Based Management 206 Broad Averaging and Its Consequences 207 Undercosting and Overcosting 207 Product-Cost Cross-Subsidization 207 vi

5 Simple Costing System at Plastim Corporation 208 Design, Manufacturing, and Distribution Processes 208 Simple Costing System Using a Single Indirect-Cost Pool 209 Applying the Five-Step Decision-Making Process at Plastim 211 Refining a Costing System 212 Reasons for Refining a Costing System 212 * Guidelines for Refining a Costing System 213 Activity-Based Costing Systems 213 Plastim's ABC System 214 Cost Hierarchies 216 Implementing Activity-Based Costing 217 Implementing ABC at Plastim 217 Comparing Alternative Costing Systems 221 Considerations in Implementing Activity-Based Costing Systems 222 Benefits and Costs of Activity-Based Costing Systems 222 Behavioral Issues in Implementing Activity-Based Costing Systems 223 Activity-Based Management 224 Pricing and Product-Mix Decisions 224 Cost Reduction and Process Improvement Decisions 224 Design Decisions 225 Planning and Managing Activities 226 ABC in Service arid Merchandising Companies Pricing Decisions, Customer Profitability, and Cost Management 254 Major Factors that Affect Pricing Decisions 255 Customers 255 Competitors 255 Costs 255 Weighing Customers, Competitors, and Costs 255 Costing and Pricing for the Long Run 256 Calculating Product Costs for Long-Run Pricing Decisions 256 Alternative Long-Run Pricing Approaches 257 Target Costing for Target Pricing 259 Understanding Customers' Perceived Value 259 Doing Competitor Analysis 259 Implementing Target Pricing and Target Costing 259 Value Engineering, Cost Incurrence, and Locked-ln Costs 260 Value-Chain Analysis and Cross-Functional Teams 262 Achieving the Target Cost per Unit for Provalue 263 Cost-Pius Pricing 265 Cost-Pius Target Rate of Return on Investment 265 Alternative Cost-Pius Methods 265 Cost-Pius Pricing and Target Pricing 266 : vii

6 Customer-Profitability Analysis 267 Customer-Revenue Analysis 267 Customer-Cost Analysis 268 Customer-Level Costs 268 Customer Profitability Profiles 271 Presenting Profitability Analysis 272 Cost Hierarchy-Based Operating Income Statement 273 Using the Five-Step Decision-Making Process to Manage Customer Profitability 275 Life-Cycle Product Budgeting and Costing 276 Life-Cycle Budgeting and Pricing Decisions 276 Customer Life-Cycle Costing 278 Additional Considerations for Pricing Decisions 278 Price Discrimination 278 Peak-Load Pricing 279 International Pricing 279 Antitrust Laws Determining How Costs Behave 302 Basic Assumptions of Linear Cost Functions 303 Basic Assumptions 303 Linear Cost Functions 303 Nonlinear Cost Functions and Cost Classifications 305 Learning Curves 306 Review of Cost Classification 307 Identifying Cost Drivers,307 The Cause-and-Effect Criterion 307 Cost Drivers and the Decision-Making Process 308 Cost Estimation Methods 309 Industrial Engineering Method 309 Conference Method 309 Account Analysis Method 310 Quantitative Analysis Method 310 Steps in Estimating a Cost Function Using Quantitative Analysis 311 High-Low Method 313 Regression Analysis Method 315 Evaluating Cost Drivers of the Estimated Cost Function 317 Choosing Among Cost Drivers 317 Cost Drivers and the Environment 319 Cost Drivers and Activity-Based Costing 319 Data Collection and Adjustment Issues Decision Making and Relevant Information 341 Information and the Decision Process 342 The Concept of Relevance 342 Relevant Costs and Relevant Revenues 342 Qualitative and Quantitative Relevant Information 343 viii

7 One-Time-Only Special Orders 344 Potential Problems in Relevant-Cost Analysis 347 Short-Run Pricing Decisions 347 Insourcing-Versus-Outsourcing and Make-or-Buy Decisions 348 Outsourcing and Idle Facilities 348 Strategic and Qualitative Factors 350 i International Outsourcing 350 The Total Alternatives Approach 351 The Opportunity-Cost Approach 352 Carrying Costs of Inventory 354 Product-Mix Decisions with Capacity Constraints 356 Theory of Constraints and Throughput-Margin Analysis 357 Customer Profitability, Activity-Based Costing, and Relevant Costs 360 Relevant-Revenue and Relevant-Cost Analysis of Dropping a Customer 361 Relevant-Revenue and Relevant-Cost Analysis of Adding a Customer 362 Relevant-Revenue and Relevant-Cost Analysis of Closing or Adding Branch Offices or Segments 363 Irrelevance of Past Costs and Equipment-Replacement Decisions 364 Decisions and Performance Evaluation 365 Irrelevance of Joint Costs for Decision Making 367 Joint-Cost Allocation and Performance Evaluation Quality, Inventory Management, and Time 395 Quality as a Competitive Tool, 396 The Financial Perspective: Costs of Quality 397 Using Nonfinancial Measures to Evaluate and Improve Quality 399 The Customer Perspective: Nonfinancial Measures of Customer Satisfaction 399 The Internal-Business-Process Perspective: Analyzing Quality Problems and Improving Quality 399 Nonfinancial Measures of Internal-Business-Process Quality 402 Quality Training and Quality Improvement Measures 402 Making Decisions and Evaluating Quality Performance 403 Relevant Costs and Benefits of Quality Improvement 403 Inventory Management 405 Economic-Order-Quantity Decision Model 406 When to Order, Assuming Certainty 408 Safety Stock 409 Estimating Inventory-Related Relevant Costs and Their Effects 409 Conflict Between the EOQ Decision Model and Managers' Performance Evaluation 410 Just-in-Time Purchasing 410 JIT Purchasing and EOQ Model Parameters 411 Relevant Costs of JIT Purchasing 411 Supplier Evaluation and Relevant Costs of Quality and Timely Deliveries 412 Inventory Management, MRP, and JIT Production 413 Materials Requirements Planning 413 Just-in-Time (JIT) Production 414 Features of JIT Production Systems 414 ix

8 Financial Benefits of JIT and Relevant Costs 415 Enterprise Resource Planning (ERP) Systems 416 Performance Measures and Control in JIT Production 417 Effect of JIT Systems on Product Costing 417 Lean Accounting 417 JIT Systems and Supply-Chain Analysis in Retailing 419 JIT in Service Industries 420 Time as a Competitive Tool 420 Customer-Response Time and On-Time Performance 420 Bottlenecks and Time Drivers 421 Relevant Revenues and Relevant Costs of Time 424 Time-Related Measures Capital Investments 444 Stages of Capital Budgeting 445 Discounted Cash Flow 447 Net Present Value Method 447 Internal Rate-of-Return Method 449 Comparison of Net Present Value and Internal Rate-of-Return Methods 450 Sensitivity Analysis 451 Payback Method 452 Uniform Cash Flows 452 Nonuniform Cash Flows 453 Accrual Accounting Rate-of-Return Method 455 Relevant Cash Flows in Discounted Cash Flow Analysis 456 Relevant After-Tax Flows * 457 Categories of Cash Flows 458 Project Management and Performance Evaluation 461 Postinvestment Audits 462 Performance Evaluation 462 Strategic Considerations in Capital Budgeting 463 Investment in Research and Development 464 Customer Value and Capital Budgeting Master Budget and Responsibility Accounting 483 Budgets and the Budgeting Cycle 484 Strategic Plans and Operating Plans 484 Budgeting Cycle and Master Budget 485 Advantages of Budgets 486 Coordination and Communication 486 Framework for Judging Performance and Facilitating Learning 486 Motivate Managers and Other Employees 487 Challenges in Administering Budgets 487 Developing an Operating Budget 488 Time Coverage of Budgets 488 Steps in Preparing an Operating Budget 488

9 Financial Planning Models and Sensitivity Analysis 499 Budgeting and Responsibility Accounting 501 Organization Structure and Responsibility 502 Feedback 502 Responsibility and Controllability 503 Human Aspects of Budgeting 504 Budgetary Slack 504 Stretch Targets 505 Kaizen Budgeting 506 Budgeting in Multinational Companies Flexible Budgets, Cost Variances, and Management Control 535 Static Budgets and Variances 536 The Use of Variances 536 Static Budgets and Static-Budget Variances 537 Flexible Budgets 539 Sales-Volume Variances 540 Flexible-Budget Variances 541 Price Variances and Efficiency Variances for Direct-Cost Inputs 542 Obtaining Budgeted Input Prices and Budgeted Input Quantities 542 Data for Calculating Webb's Price Variances and Efficiency Variances 544 Price Variances 545 Efficiency Variance 546 Planning Overhead Costs and Calculating Overhead Rates 547 Planning Variable Overhead Costs 547 Planning Fixed Overhead Costs 548 Standard Costing 548 Developing Budgeted Variable Overhead Rates 548 Developing Budgeted Fixed Overhead Rates 549 Variable Overhead Cost Variances 550 Flexible-Budget Analysis 551 Variable Overhead Efficiency Variance 551 Variable Overhead Spending Variance 552 Fixed Overhead Cost Variances 554 Production-Volume Variance 555. Interpreting the Production-Volume Variance 556 Integrated Analysis of Variances 558 Summary of Variances 558 How Managers Use Variances 560 Multiple Causes of Variances 561 When to Investigate Variances 561 Performance Measurement Using Variances 561 Organization Learning 562 Continuous Improvement 562 Financial and Nonfinancial Performance Measures 562 Cost Variances in Nonmanufacturing Settings 563 Impact of Information Technology on Variances 563 xi

10 1 4 Strategy, Balanced Scorecard, and Strategic Profitability Analysis 583 What Is Strategy? 584 Building Internal Capabilities: Quality Improvement and Reengineering at Chipset 586 Strategy Implementation and the Balanced Scorecard 587 The Balanced Scorecard 587 Strategy Maps and the Balanced Scorecard 587 Implementing a Balanced Scorecard 591 Different Strategies Lead to Different Scorecards 591 Features of a Good Balanced Scorecard 592 Pitfalls in Implementing a Balanced Scorecard 593 Evaluating the Success of Strategy and Implementation 594 Strategic Analysis of Operating Income 594 Growth Component of Change in Operating Income 596 Price-Recovery Component of Change in Operating Income 597 Productivity Component of Change in Operating Income 598 Further Analysis of Growth, Price-Recovery, and Productivity Components 600 Applying the Five-Step Decision-Making Framework to Strategy 600 Downsizing and the Management of Processing Capacity 601 Engineered and Discretionary Costs 601 Identifying Unused Capacity for Engineered and Discretionary Overhead Costs 602 Managing Unused Capacity Transfer Pricing 624 Management Control Systems 625 Formal and Informal Systems 625 Effective Management Control 625 Decentralization 626 Benefits of Decentralization 627 Costs of Decentralization 627 Comparison of Benefits and Costs 628 Decentralization in Multinational Companies 628 Choices About Responsibility Centers 629 Transfer Pricing 630 Criteria for Evaluating Transfer Prices 630 Calculating Transfer Prices 630 An Illustration of Transfer Pricing 631 Market-Based Transfer Prices 633 Perfectly Competitive Market 633 Distress Prices 634 Imperfect Competition 634 Cost-Based Transfer Prices 635 Full-Cost Bases 635 Variable-Cost Bases 637 Hybrid Transfer Prices 637 xii

11 Prorating the Difference Between Maximum and Minimum Transfer Prices 638 Negotiated Pricing 638 Dual Pricing 639 A General Guideline for Transfer-Pricing Situations 640 Multinational Transfer Pricing and Tax Considerations 642 Transfer Pricing for Tax Minimization 642 Transfer Prices Designed for Multiple Objectives 644 Additional Issues in Transfer Pricing: Tariffs and Customs Duties Performance Measurement and Compensation 664 Financial and Nonfinancial Performance Measures 665 Accounting-Based Measures for Business Units 666 Return on Investment 666 Residual Income 668 Economic Value Added 669 Return on Sales 671 Comparing Performance Measures 671 Choosing the Details of the Performance Measures 672 Alternative Time Horizons 672 Alternative Definitions of Investment 672 Alternative Asset Measurements 673 Target Levels of Performance and Feedback 675 Choosing Target Levels of Performance 675 Choosing the Timing of Feedback 676 Performance Measurement in Multinational Companies 676 Calculating the Foreign Division's ROI in the Foreign Currency 677 Calculating the Foreign Division's ROI in U.S. Dollars 677 Distinction Between Managers and Organization Units 678 The Basic Tradeoff: Creating Incentives versus Imposing Risk 679 Intensity of Incentives and Financial and Nonfinancial Measurements 680 Benchmarks and Relative Performance Evaluation 680 Performance Measures at the Individual Activity Level 680 Executive Performance Measures and Compensation 682 Strategy and Levers of Control 684 Boundary Systems 684 Belief Systems 684 Interactive Control Systems 685 Appendix 702 Field-Based Assignments and Experiential Learning 709 Glossary 714 Index 723 xiii

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