Controller s Corner 2017
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- Oliver Nelson
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1 Controller s Corner 2017
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3 WIP QUIZ Discussion of WIP in motion We are operating a Wean to Finish hog farm. We have just added a new grower to finish out 5,000 hogs a year. We are paying the new grower $30 per pig space for rent. We have also agreed to pay all utilities, repairs, and LP. The barn capacity is 2,400 head. We also have one employee that charges part of his time to this location. We will be hauling all of the market ready livestock via our own trucks. We have five centers set up to track expenses: 1) Animal production 2) Facility cost 3) Labor 4) Vet and Medication 5) Transportation The group started at our new location on 1/12/17.
4 Overhead Allocation settings Setup/Overhead Allocation Tables 1) Facility Cost (FUSER) Standard cost at $36 per pig to cover rent, utilities, repairs, and LP. Cost driver is C $/head/year (by loc). 2) Serviceman Labor (SER) Standard cost at $1.00 per pig to cover labor allocation. Cost driver set to #7 Quantity moved in/purchased 3) Medication & Vet (VET) Standard cost at $3.00 per pig to cover all veterinary and medication cost. Cost driver set to #7 Quantity moved in/purchased 4) Trucking (Truck) - Standard cost at $.75 per pig to cover all transportation cost. Cost driver set to #4 Quantity moved out/sold
5 Overhead Allocation settings Setup/Overhead Allocation Tables
6 Question #1 On 1/15/17, you purchase 2,500 weaned pigs at a cost of $30 each. What will be the impact of this transaction on your CASH Income Statement? A) Net Income increases B) Net Income decreases C) No change in Net Income
7 Question #1 Answer On 1/15/17, you purchase 2,500 weaned pigs at a cost of $30 each. What will be the impact of this transaction on your CASH Income Statement? A) Net Income increases B) Net Income decreases - Wrote check for $75,000 to livestock purchases account C) No change in Net Income
8 Question #2 On 1/15/17, you purchase 2,500 weaned pigs at a cost of $30 each. What will be the impact of this transaction on your ACCRUAL Income Statement after calculating your WIP? For simplicity, let s ignore other functions of WIP allocations. A) Net Income increases B) Net Income decreases C) No change in Net Income
9 Question #2 On 1/15/17, you purchase 2,500 weaned pigs at a cost of $30 each. What will be the impact of this transaction on your ACCRUAL Income Statement after calculating your WIP? For simplicity, let s ignore other functions of WIP allocations. A) Net Income increases B) Net Income decreases C) No change in Net Income
10 Question #3 You ve purchased 2,500 head of hogs but you haven t paid any other bills for the month of January. What is the impact on your Accrual Income Statement for Building rent, Labor Cost, and Medication expense after WIP has been calculated? A) Net Income increases B) Net Income decreases C) No change in Net Income
11 Question #3 You ve purchased 2,500 head of hogs but you haven t paid any other bills for the month of January. What is the impact on your Accrual Income Statement for Building rent, Labor Cost, and Medication expense after WIP has been calculated? A) Net Income increases B) Net Income decreases C) No change in Net Income
12 Question #3 - Breakdown The system will post three Management level entries to record the transfer of cost from the Consolidating center to the Production center. They will have $0 impact on the financials because they wash out by ledger acct.
13 Question #3 - Breakdown The system will post three Management level entries to record the transfer of cost from the Consolidating center to the Production center. They will have $0 impact on the financials because they wash out by ledger acct.
14 Question #3 - Breakdown The system will post three Management level entries to record the transfer of cost from the Consolidating center to the Production center. They will have $0 impact on the financials because they wash out by ledger acct.
15 Question #3 - Breakdown The system will post one Accrual entry to WIP the cost from the Income Statement to the Balance Sheet. This entry will reduce your costs by $2,500 for Labor, $7,500 for Vet, and $4,734 for rent.
16 Question #3 - WIP Details How do I look for the details to my WIP entries? Run Current detail report.
17 Question #3 - WIP Details
18 Question #4 What happens to your Cash net income when you cut a check to the grower for rent? What is the impact on your Accrual books? A) Net Income increases B) Net Income decreases C) No change in Net Income
19 Question #4 What happens to your Cash net income when you cut a check to the grower for rent? What is the impact on your Accrual books? A) Net Income increases B) Net Income decreases C) No change in Net Income
20 Question #5 What happened to my WIP Values? Why is my cost per head so high?
21 Question #5 What happened to my WIP Values? Let s look at the WIP current detail report
22 Question #5 What happened to my WIP Values? Let s look at the WIP current detail report
23 Question #5 What happened to my WIP Values? Let s also look at the WIP View History report
24 Question #5 What happened to my WIP Values? Let s also look at the WIP View History report
25 Question #5 What happened to my WIP Values? Feed is way off course at $800/ton or $236 per head. What could cause this spike in feed cost? We will take a look at the Ingredient summary for some clues.
26 Question #5 What happened to my WIP Values? We can dig a little deeper into our budget price of corn.
27 Monitoring your Overhead Allocation Table via Standard Cost/Vendor Monitor Report
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