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ACCT 226 Week 7 Notes

by: Rachel Whitbeck

ACCT 226 Week 7 Notes ACCT 226 - 002

Rachel Whitbeck
GPA 4.0

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About this Document

These notes cover what we went over in class from Tuesday, March 15 through Thursday, March 17. (I had the flu the week before so this is why the material in my notes skips a week.) These notes inc...
Introduction to Managerial Accounting
Debbie Huguley Brumbaugh
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This 1 page Class Notes was uploaded by Rachel Whitbeck on Sunday March 20, 2016. The Class Notes belongs to ACCT 226 - 002 at University of South Carolina taught by Debbie Huguley Brumbaugh in Spring 2016. Since its upload, it has received 10 views. For similar materials see Introduction to Managerial Accounting in Accounting at University of South Carolina.


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Date Created: 03/20/16
ACCT 226 TR 10:05 Tuesday, March 15, 2016  Review: Activity-based costing (ABC) o What do customer relationships cost us? o We do not spread the “other” category because it can’t be tied to a certain product o Not a generally accepted accounting principle, so it can’t be used for external purposes and some companies may not want to invest in an ABC system  Homework assignment o To get activity rate for machine setups  Total for machine setup is $72,000  Total unit cost is $72,000/400 --> gives you activity rate for machine setup  Total cost for special processing is $200,000  $200,000/5,000 to get a cost per hour  Unit product cost: includes direct materials, direct labor (.8 and .4 x $15  When you get total cost for assigned overhead, divide it by the annual production St. Patrick’s Day, Thursday, March 17, 2016 Ch 8- Budgeting  Basic framework outlines basic allocation of resources o Gives us opportunity to bring together all the voices from the organization to get the opinions from the people who know the most about a subject o Planning vs control  Advantages include identifying bottlenecks, which slow the process down  Managers are held responsible for only items that they can control  Frontline managers might not have the broader perspective that top or middle managers have- so we need to bring all managers into the decision  One month’s ending inventory becomes the next month’s beginning inventory


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