Comment

Comment by Madhavilatha on July 11, 2012 at 1:39pm

oh!!!! good luck Colleen Z. 

Comment by Colleen Z on July 11, 2012 at 1:36pm

My FAR exam is on the 21st and I have been having a hard time fitting in the larger blocks of study time.  I usually listen to the MP3s in the car for 45min on the way to and from work, so that is helping.  My kids are home for Summer break so I have been distracted with doing fun things with them.  Starting tonight,  I think I really have to sit down and go over some things like consolidation entries, construction contracts, non-monetary exchanges, and partnerships.  I think I am good with Gov't and non-profit.   FAR is so hard and there is so much - I guess I am trying to just push forward and not let it get to me.  But I can't ignore the fact that it will take larger blocks of my time to really be good with it before the 21st.  I hope I can pass this time!

Comment by Madhavilatha on July 11, 2012 at 12:02pm

Thank you colleen Z . Now I understood. Thanks for your explanation. Yep we should work back wards. so the book is right!!!!hahahah...how is your study going on? Good Luck to you...

Comment by Colleen Z on July 11, 2012 at 11:56am

We are just a month off - need to shift our answers up to the June/July cycle instead of the May/June.  I guess the process is that in "month 1" they buy components, "month 2" they assemble, and in "month 3" they sell.   So that would mean that cost of sales for June (posted month 3) are paid: 75% in April and 25% in May + the cost of sales for July are paid 75% in May and 25% in June.  It is a 3 month cycle, so you would start at the 3rd month's cost of sales and go backwards to figure out the cash paid.  Hope that helps!  I think we solved it!

Comment by Madhavilatha on July 11, 2012 at 11:44am

Hello Colleen Z thanks for answering this question. My answer was also same as yours. But Wiley Text Books says the following:

25% of june sales= 7000*25%=1750

75% of July sales=8000*75%=6000

total is $7750 which is the answer given in Wiley for the above question. And hence I am confused. Some where I feel what we both  interpreted is correct and may be the book is wrong. But I do not know whether the book will go wrong?!!!

Comment by Colleen Z on July 11, 2012 at 11:38am

I am going to take a guess here and say that for the month of May, you are looking at paying out (cash) 25% of the current cost, so that would be $1,500 (25% of $6k) + you would be paying out 75% of the following months cost, so that would be another $5,250 (75% of $7k).  The total cash spend for May is $6,750.   Am I right?  It almost seems too easy - so I wonder if I am even correct on this one.  Can someone check and let me know?

Comment by Madhavilatha on July 11, 2012 at 11:22am

Can any one please answer to this question. I am totally confused:

rolling wheels purchases bicycle components in the month prior to assembling them in to bicycles. Assembly is scheduled one month prior to sales. Rolling pays 75% of component costs in the month of purchase and 25% of the costs in the following month. Component costs included in the budgeted cost of sales are:

April-$5000

May-$6000

June-$7000

July-$8000

August-$8000

What is the Rolling budgeted cash payment for components in May?

Comment by Evee on July 8, 2012 at 5:57pm

Ok, I changed my mind and decided to buy the full package of BEC fron yaeger. Original I was planning to just read the wiley book and do the MCQ on Wiley test bank but I dont think thats enough materials for me.  Hopefully the package will arrive before next weekend!

Comment by Lynn on July 7, 2012 at 7:55pm

@Evee - pls let me know how you like the Yaeger CRAM.  I've been wondering if it worth buying.

Comment by Evee on July 7, 2012 at 7:52pm

My BEC journery starts on Monday.  I purchased Wiley book and Yaeger cram USB, I hope this is enough materials for me to study.  Planning to take the test on the 1st week if the next testing window.

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