{"id":797,"date":"2015-12-09T16:52:42","date_gmt":"2015-12-09T16:52:42","guid":{"rendered":"https:\/\/courses.candelalearning.com\/managacct2x1xmaster\/?post_type=chapter&#038;p=797"},"modified":"2015-12-09T17:13:03","modified_gmt":"2015-12-09T17:13:03","slug":"chapter-1-study-plan","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-managacct\/chapter\/chapter-1-study-plan\/","title":{"raw":"Chapter 1 Study Plan","rendered":"Chapter 1 Study Plan"},"content":{"raw":"<strong>Knowledge Targets<\/strong>\r\n\r\nI can define the following terms as they relate to our unit:\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><strong>Direct Cost<\/strong><\/td>\r\n<td><strong>Indirect Cost<\/strong><\/td>\r\n<td><strong>Prime Cost<\/strong><\/td>\r\n<td>\n\n<strong>Conversion Cost<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Product Cost<\/strong><\/td>\r\n<td><strong>Period Cost<\/strong><\/td>\r\n<td><strong>Direct Material<\/strong><\/td>\r\n<td>\n\n<strong>Direct Labor<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Overhead<\/strong><\/td>\r\n<td><strong>Raw Materials<\/strong><\/td>\r\n<td><strong>Indirect Materials<\/strong><\/td>\r\n<td>\n\n<strong>Indirect Labor<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Cost of Goods Sold<\/strong><\/td>\r\n<td><strong>Variable Cost<\/strong><\/td>\r\n<td><strong>Fixed Cost<\/strong><\/td>\r\n<td>\n\n<strong>Cost of Goods Manufactured<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Financial Accounting<\/strong><\/td>\r\n<td><strong>Managerial Accounting<\/strong><\/td>\r\n<td><strong>Goods in Process<\/strong><\/td>\r\n<td>\n\n<strong>Finished Goods<\/strong>\r\n\r\n<strong>\u00a0<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n&nbsp;\r\n\r\n<strong>Reasoning Targets<\/strong>\r\n<ul>\r\n\t<li>I can identify differences between <strong>financial<\/strong> and <strong>managerial accounting<\/strong>.<\/li>\r\n\t<li>I can classify costs as <strong>direct <\/strong>or<strong> indirect<\/strong>, <strong>fixed<\/strong> or <strong>variable<\/strong>, <strong>prime<\/strong> or <strong>conversion<\/strong>, and <strong>product<\/strong> or <strong>period<\/strong>.<\/li>\r\n\t<li>I can identify <strong>product costs<\/strong> as <strong>direct materials, direct labor<\/strong> or <strong>overhead<\/strong>.<\/li>\r\n\t<li>I can understand the flow of goods from <strong>raw materials<\/strong> inventory to <strong>goods in process<\/strong> inventory to <strong>finished goods<\/strong> inventory.<\/li>\r\n\t<li>I can understand the difference between <strong>cost of goods manufactured<\/strong> and <strong>cost of goods sold<\/strong> in a manufacturing environment.<\/li>\r\n\t<li>I can prepare a manufacturing statement with <strong>cost of goods manufactured<\/strong> calculated.<\/li>\r\n\t<li><\/li>\r\n<\/ul>\r\n<strong>Skill Targets<\/strong>\r\n<ul>\r\n\t<li>I can calculate <strong>direct materials<\/strong> used from <strong>raw materials<\/strong> inventory data.<\/li>\r\n\t<li>I can calculate <strong>cost of goods manufactured<\/strong> for a manufacturer.<\/li>\r\n\t<li>I can calculate <strong>cost of goods sold<\/strong> for a merchandiser and a manufacturer.<\/li>\r\n\t<li>I can prepare a manufacturing statement with <strong>cost of goods manufactured<\/strong> calculated.<\/li>\r\n<\/ul>\r\nClick <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031450\/Unit-1-Plan.pdf\">Chapter 1 Plan<\/a> for a printable copy.","rendered":"<p><strong>Knowledge Targets<\/strong><\/p>\n<p>I can define the following terms as they relate to our unit:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Direct Cost<\/strong><\/td>\n<td><strong>Indirect Cost<\/strong><\/td>\n<td><strong>Prime Cost<\/strong><\/td>\n<td>\n<p><strong>Conversion Cost<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Product Cost<\/strong><\/td>\n<td><strong>Period Cost<\/strong><\/td>\n<td><strong>Direct Material<\/strong><\/td>\n<td>\n<p><strong>Direct Labor<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Overhead<\/strong><\/td>\n<td><strong>Raw Materials<\/strong><\/td>\n<td><strong>Indirect Materials<\/strong><\/td>\n<td>\n<p><strong>Indirect Labor<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Cost of Goods Sold<\/strong><\/td>\n<td><strong>Variable Cost<\/strong><\/td>\n<td><strong>Fixed Cost<\/strong><\/td>\n<td>\n<p><strong>Cost of Goods Manufactured<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Financial Accounting<\/strong><\/td>\n<td><strong>Managerial Accounting<\/strong><\/td>\n<td><strong>Goods in Process<\/strong><\/td>\n<td>\n<p><strong>Finished Goods<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Reasoning Targets<\/strong><\/p>\n<ul>\n<li>I can identify differences between <strong>financial<\/strong> and <strong>managerial accounting<\/strong>.<\/li>\n<li>I can classify costs as <strong>direct <\/strong>or<strong> indirect<\/strong>, <strong>fixed<\/strong> or <strong>variable<\/strong>, <strong>prime<\/strong> or <strong>conversion<\/strong>, and <strong>product<\/strong> or <strong>period<\/strong>.<\/li>\n<li>I can identify <strong>product costs<\/strong> as <strong>direct materials, direct labor<\/strong> or <strong>overhead<\/strong>.<\/li>\n<li>I can understand the flow of goods from <strong>raw materials<\/strong> inventory to <strong>goods in process<\/strong> inventory to <strong>finished goods<\/strong> inventory.<\/li>\n<li>I can understand the difference between <strong>cost of goods manufactured<\/strong> and <strong>cost of goods sold<\/strong> in a manufacturing environment.<\/li>\n<li>I can prepare a manufacturing statement with <strong>cost of goods manufactured<\/strong> calculated.<\/li>\n<li><\/li>\n<\/ul>\n<p><strong>Skill Targets<\/strong><\/p>\n<ul>\n<li>I can calculate <strong>direct materials<\/strong> used from <strong>raw materials<\/strong> inventory data.<\/li>\n<li>I can calculate <strong>cost of goods manufactured<\/strong> for a manufacturer.<\/li>\n<li>I can calculate <strong>cost of goods sold<\/strong> for a merchandiser and a manufacturer.<\/li>\n<li>I can prepare a manufacturing statement with <strong>cost of goods manufactured<\/strong> calculated.<\/li>\n<\/ul>\n<p>Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031450\/Unit-1-Plan.pdf\">Chapter 1 Plan<\/a> for a printable copy.<\/p>\n","protected":false},"author":1195,"menu_order":1,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-797","chapter","type-chapter","status-publish","hentry"],"part":22,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/users\/1195"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/797\/revisions"}],"predecessor-version":[{"id":801,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/797\/revisions\/801"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/parts\/22"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/797\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/media?parent=797"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapter-type?post=797"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/contributor?post=797"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/license?post=797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}