Working on Production part of project

Exam Information

  • Exam Date: Next Tuesday

  • Location: In-person, paper-based exam

  • Schedule Confusion: It's listed on the schedule as Thursday but confirmed to be on Tuesday.

  • Makeup Exam Policy:

    • Approved Excuses: If you have a university-approved excuse and cannot attend on Tuesday, you may take the exam on Thursday. Examples of valid excuses include university events such as traveling for sports.

    • Invalid Excuses: Personal issues such as illnesses or family matters (e.g., "grandma died") unless they are university approved.

  • Instructor Availability: The instructor will be on campus to proctor the Thursday exam because they teach a class preceding the exam.

Exam Format

  • Format Type: Traditional paper-based exam.

  • Exam Content Details:

    • Total Questions: 40 questions

    • Question Types: Majority multiple choice, some open-answer, and conceptual questions with calculations involved.

  • Study Materials:

    • Study Guide: Will cover Chapters 1 through 4.

    • Permissible Materials:

    • One sheet of paper (8.5 x 11 or A4 for international students) can be brought, double-sided.

    • Allowed to bring calculators, but sharing is prohibited. Phones are not permitted.

    • Students are encouraged to bring a pencil.

  • Variability: There will be multiple versions of the exam.

Exam Start Time

  • Class Start Time: 12:15 PM

  • Late Policy: If a student arrives at 12:16 PM or later, they will not be allowed to take the exam.

    • Emphasized the importance of being on time to avoid disrupting others during the exam.

    • Examples provided of previous students who barely made it in time.

General Class Updates

  • Current Focus:

    • Continuing from previous lessons on forecasting and moving towards the pro forma income statement, omitting cash flows and balance sheets for now.

Production Costs Discussion

  • Unit Costs Overview: Understanding the cost per unit for trees, shrubs, and annuals.

    • Costs Detailed:

    • Trees:

      • Materials: $20

      • Labor: $2

      • Overhead: $1

      • Total Cost per Tree: 20 + 2 + 1 = 23

    • Shrubs:

      • Materials: $10

      • Labor: $2

      • Overhead: $1

      • Total Cost per Shrub: 10 + 2 + 1 = 13

    • Annuals:

      • Materials: $5

      • Labor: $3

      • Overhead: $1

      • Total Cost per Annual: 5 + 3 + 1 = 9

Production Requirement Calculations

  • Total Production Costs:

    • Example Calculations:

    • Total units to produce: 12,750 trees at 23 each results in total cost of roughly 293,000

    • For shrubs, 5,400 units at 13 each leading to 70,200

    • For annuals, 42,900 units at 9 leading to a total cost of approximately 386,000

    • Total Production Costs for all calculated should be added.

Microsoft Excel Project

  • Project Deadline: Due in April, but no need to submit until the final day.

  • Class Collaboration: Projects will be completed collectively in class.

    • Initiative praised for those wishing to work ahead.

General Classroom Management Advice

  • Clarifications on Calculations:

    • Addressed rounding issues experienced in prior classes using Excel sheets. Noted need to enter calculations correctly to avoid errors.

  • Interactivity Encouraged: Students are allowed to take pictures of the board for personal reference as long as they share with classmates.

  • Discussion: Engaged students concerning their apprehensions and clarified misunderstandings throughout the lesson.

Ethical Considerations & Mindset Encouragement

  • Student Encouragement: Maintaining a positive attitude towards the upcoming exam and class challenges.

  • Work-Life Balance: Humorously noted the stress surrounding holiday tree farming and the expectations involved.