Review Problems for Exam 3

Review Problems for Exam 3 - ACCT 226 Fergusson Spring 2011...

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ACCT 226 – Fergusson Spring 2011 Review Topics/Problems for Exam 3 Topics that you should study include, but are not limited to , the following: Profit Planning (Chapter 7): Order in which budgets are prepared Where information is obtained for various budgets Computing components of a master budget (lots of questions) Flexible Budgets and Performance Analysis (Chapter 8): Static versus flexible budgets Cost behavior in flexible budgeting Computing components of a flexible budget Revenue and spending variances Standard Costs (Chapter 9 and Appendix 9A): Calculating standards for direct materials and direct labor Calculating variances (material variances, labor variances, VOH variances, and FOH variances) Who is primarily responsible for each of the variances Understand what it means for a variance to be favorable versus unfavorable and which variances are input versus output variances PLEASE NOTE: The above list is only a brief outline of the topics that you should study. Some of these topics cover a lot of material. Remember, you are responsible for all of the material in Chapters 7-9 and Appendix 9A, all the homework assignments, as well as everything that has been covered in class, unless you have specifically been told by the instructor that a topic will not be tested. The practice problems below are intended to provide you with some additional practice, but they definitely do not cover every topic on the third exam! In order to do well on this exam, you must know how to crunch the numbers, but you also need a good conceptual understanding of the topics in Chapter 7-9 and Appendix 9A. STUDY HARD AND GOOD LUCK!!!!
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1) Smith, LLC is the manufacturer of birdhouses. The following information relates to the company’s budgeted operations for the second quarter of 2011: Budgeted Sales: (Each birdhouse is sold for $70 to retailers on account.) February 1,600 units March 2,100 units
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This note was uploaded on 07/02/2011 for the course ACCT 226 taught by Professor Smith during the Summer '10 term at South Carolina.

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Review Problems for Exam 3 - ACCT 226 Fergusson Spring 2011...

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