032410_for_posting_v2003

032410_for_posting_v2003 - Extension of Excel Due Dates...

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Extension of Excel Due Dates ABI-WE 4 (CH 7-8-9 comparing costing systems and SmartArt) Due Monday 4/5/10 11pm ABI-WE 5 (CH 8-10 dynamic model, flexible budgeting, pivot tables) Due Friday 4/16/10 ABI-WE 6 (CH 13 Capital budgeting and time value of money) Due Friday 4/30/10 Kattelus - Spring 2010 1
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Q6 (CH 8) Class Average=7/10 Question on A/P – typo (all got credit) If Sales for Dec =$310,000 and Jan=$210,000, and COGS = 80% of sales, then COGS for Dec=$248,000 and Jan=$168,000 If you purchase 70% of your merchandise in the month prior to the sale, then in Dec you purchase 70% of Jan ($117,600) and 30% of Dec ($74,400) If you pay off your A/P in the next month, then the Oct 31 balance of $239,000 was paid off in Nov, and the Nov 30 balance was paid off in Dec, so the remaining A/P balance at Dec 31 is whatever you purchased in Dec ($192,000). Kattelus - Spring 2010 2
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Labels of variances for each component of costs Price Quantity Direct Materials Price Quantity Direct Labor Rate Efficiency Variable Overhead Spending Efficiency Fixed Overhead (CH 10) Budget Volume Kattelus - Spring 2010 3
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Who is accountable for direct material variances? Kattelus - Spring 2010 4 Purchasing managers -- for direct material  purchase prices Production managers -- for the quantity  of direct  material used  NOTE:  Use “direct materials purchased” in  calculating price variances and “direct materials  used” in calculating quantity variances 
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032410_for_posting_v2003 - Extension of Excel Due Dates...

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