iClicker_033011_and_Exam_2_Review_Slides

iClicker_033011_and_Exam_2_Review_Slides - Exam 2 overview...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam 2 overview This Friday Apr 1 during recitation section. Fill out the scantron properly or you risk not having it graded. 20 multiple choice questions on CH 6-10 (approx. equally weighted) Approx. 1/3 word answers and 2/3 calculations CH 7 does not include Appendix A: ABC Action Analysis CH 9 does not include Manufacturing Cycle Convery - Spring 2011 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Exam 2 overview Simple calculators only; bring spare batteries, pencils, erasers Violations of the Broad Honor Code include sharing information with other students during the exam or passing information along to students in other sections have serious consequences. Report any violations. Convery - Spring 2011 2
Background image of page 2
Tips 1. What is the question asking? 2. What managerial tool (e.g., framework, strategy, formula, equation, model) is available to answer the question? 3. What data are relevant in answering that question? Ø Search through the data set for the relevant data. Mark the data that is not relevant. 4. Reason through why each of the other answers are not correct. Convery - Spring 2011 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Read and Think Develop your critical thinking/problem solving skills Convery - Spring 2011 4 p.12
Background image of page 4
Budget Variance Volume Variance FR = Standard Fixed Overhead Rate SH = Standard Hours Allowed DH = Denominator Hours SH × FR ACTUAL BUDGETED APPLIED Fixed Fixed Fixed Overhead Overhead Overhead Incurred CH 10 Fixed Overhead Variances DH × FR Convery - Spring 2011 5
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
On Fixed O/H Budget Variances Convery - Spring 2011 6 A company applies manufacturing overhead to products on the basis of standard machine-hours. Original budget Actual costs Variable overhead costs $ 51,850 $53,920 Fixed overhead costs $ 27,100 $26,600 Total overhead cost ………. . $78,950 $80,520 The original budget is based on 6,100 machine hours. Actual machine hours were 6,480 during the month. Standard hours allowed for the actual output of the month totaled 6,370 machine-hours. ACTUAL BUDGETED APPLIED 6,480 6,100 6,370 $26,600 BUDGET $27,100 VOLUME Fixed O/H budget variance is: $500 F = $26,600-$27,100
Background image of page 6
On Fixed O/H Budget Variances Convery - Spring 2011 7 Fitzgerald Company has a standard cost system in which it applies manufacturing overhead (O/H) to products on the basis of standard machine-hours (MHs). What was the total variable O/H spending and fixed O/H budget variance for the month? $3,720 Favorable Add together: Variable O/H spending variance is = $66,960- (7,200*$9.40)=$720 F Fixed O/H budget variance = $37,000 - $40,000 = $3,000 F Budgeted level of activity 7,000 MHs Actual level of activity 7,200 MHs Cost formula for variable O/H $9.40 per MH Budgeted fixed O/H $40,000 Actual total variable O/H $66,960 Actual total fixed O/H $37,000
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CH 6 Variable Costing Compare variable and absorption costing methods for: Product costs (both unit cost and total costs) Period expenses Net operating income Ending inventory Convery - Spring 2011 8
Background image of page 8
Key Lessons in CH 6 Variable Costing Direct Materials Direct Labor Variable Manufacturing Overhead FIXED MANUFACTURING OVERHEAD
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 35

iClicker_033011_and_Exam_2_Review_Slides - Exam 2 overview...

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online