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Background: these four (4) different topics: Budgeting Standard Costs and Variances Responsibility Accounting and Decentralization Short-Term Decision Making While these topics seem unrelated, they are imperative for decision-making in managerial accounting. Prompt: Given the current pandemic (and economic) crisis, identify a company, preferably a manufacturer or a company that has a manufacturing component, and that has recently announced bankruptcy or financial trouble and choose one (1) of the following short-term decisions to "save" the company: 1. Accept or reject a special order 2. Make or buy a component 3. Keep or discontinue a segment or product 4. Sell or process further While it is not realistic for you to "save" the company in reality, you may have a creative way to make it happen - do not think small! For example, many companies switched to producing hand sanitizer in lieu of alcoholic beverages, restaurants who could not offer dine-in switched to take out and delivery even if they hadn't offered those prior. Coaster Cycles is one example of a company who did not make a like-product to keep going but took on production of an essential item - PPE. As a team of managerial accountants, you have been tasked with saving the company and presenting to the CEO and Board of Directors your idea. Deliverable: create a deliverable that communicates your creative idea to "save" the company. The deliverable can be a memo, a presentation, a flyer, a video recording of a speech, to name a few examples. Include a mock-up of your financial information - it does not need to be real, but should illustrate how your idea can save the company (Note: if the company is publicly traded, use their most recent 10-K or 10-Q to start with). While the first two (2) presentations included a requirement of substantiation, this one is meant to be more creative. Be sure to include managerial accounting, though!! MISSOULA - When the pandemic hit in March, a Missoula manufacturing company shifted its focus from making cycles and carts to producing face shields for first responders and other frontline workers. While the move kept dozens of employees on the job during the economic shutdown, it also prompted a new beer - something else Missoula is good at making. Proceeds from that beer will fund the donation of face shields to a number of local groups and organizations. But first, Coaster Cycles of Missoula had work to do. It was back in March, just like most other business, that we had to lay off or furlough most of our staff," said Justin Bruce, the COO of Coaster Cycles. "It was the first time in 15 years of us having this business that we'd have to lay off our first person." Those furloughs swept through the business on a Tuesday and they didn't sit well with company leaders. By Friday, one of the company's early engineers released an open source design for a face shield. Bruce began sources the parts within the hour and an explored the challenges of launching a new business. With personal protective equipment in short supply across the country and the pandemic picking up, orders for the shields began rolling in. The Providence Hospital Group, which owns 51 regional hospitals including St. Patrick Hospital in Missoula, ordered 500,000 face shields. The New York City Health Department followed with an order of 150,000. "It was something we knew we had to figure out, and figure out quickly," said Bruce. "We essentially started the business in two weeks. We're still making them and will probably go through July." With the orders in hand, along with that open source design, Coaster Cycles called 45 workers back to the job. But with concerns over social distancing and the logistical challenges of running three different shifts or working weekends, they Itook another route. "They all jumped on board and brought crews together," said Bruce. "We ended making it about 115 people building face shields for several months straight. We were able to help five other businesses keep their business afloat and hire back their employees. It was a neat team effort." Coaster Cycles has manufactured 1.7 million face shields to date and will likely suspend operations at 2 million, depending on where the pandemic heads, later this month. As it turns out, partnering with a bunch of brewers has its perks. After several months of partnership, the companies decided to make a beer to celebrate their unique and timely collaboration. Imagination Brewing co- founder Robert Rivers named it "Fighting Chance." "Our hope with this project is that millions of people affected by COVID-19 will have a Fighting Chance," Rivers said. For every four-pack sold, Coaster Cycles is donating one face shield to one of several groups, including the Montana Racial Equity Project, Missoula County Public Schools, the Poverello Center, the All Nations Health Center and Ag Worker Health & Services. "I've been going to the brewery every week and half," said Bruce. "They made Fighting Chance and made the label and put the coaster cycle on it. Background: these four (4) different topics: Budgeting Standard Costs and Variances Responsibility Accounting and Decentralization Short-Term Decision Making While these topics seem unrelated, they are imperative for decision-making in managerial accounting. Prompt: Given the current pandemic (and economic) crisis, identify a company, preferably a manufacturer or a company that has a manufacturing component, and that has recently announced bankruptcy or financial trouble and choose one (1) of the following short-term decisions to "save" the company: 1. Accept or reject a special order 2. Make or buy a component 3. Keep or discontinue a segment or product 4. Sell or process further While it is not realistic for you to "save" the company in reality, you may have a creative way to make it happen - do not think small! For example, many companies switched to producing hand sanitizer in lieu of alcoholic beverages, restaurants who could not offer dine-in switched to take out and delivery even if they hadn't offered those prior. Coaster Cycles is one example of a company who did not make a like-product to keep going but took on production of an essential item - PPE. As a team of managerial accountants, you have been tasked with saving the company and presenting to the CEO and Board of Directors your idea. Deliverable: create a deliverable that communicates your creative idea to "save" the company. The deliverable can be a memo, a presentation, a flyer, a video recording of a speech, to name a few examples. Include a mock-up of your financial information - it does not need to be real, but should illustrate how your idea can save the company (Note: if the company is publicly traded, use their most recent 10-K or 10-Q to start with). While the first two (2) presentations included a requirement of substantiation, this one is meant to be more creative. Be sure to include managerial accounting, though!! MISSOULA - When the pandemic hit in March, a Missoula manufacturing company shifted its focus from making cycles and carts to producing face shields for first responders and other frontline workers. While the move kept dozens of employees on the job during the economic shutdown, it also prompted a new beer - something else Missoula is good at making. Proceeds from that beer will fund the donation of face shields to a number of local groups and organizations. But first, Coaster Cycles of Missoula had work to do. It was back in March, just like most other business, that we had to lay off or furlough most of our staff," said Justin Bruce, the COO of Coaster Cycles. "It was the first time in 15 years of us having this business that we'd have to lay off our first person." Those furloughs swept through the business on a Tuesday and they didn't sit well with company leaders. By Friday, one of the company's early engineers released an open source design for a face shield. Bruce began sources the parts within the hour and an explored the challenges of launching a new business. With personal protective equipment in short supply across the country and the pandemic picking up, orders for the shields began rolling in. The Providence Hospital Group, which owns 51 regional hospitals including St. Patrick Hospital in Missoula, ordered 500,000 face shields. The New York City Health Department followed with an order of 150,000. "It was something we knew we had to figure out, and figure out quickly," said Bruce. "We essentially started the business in two weeks. We're still making them and will probably go through July." With the orders in hand, along with that open source design, Coaster Cycles called 45 workers back to the job. But with concerns over social distancing and the logistical challenges of running three different shifts or working weekends, they Itook another route. "They all jumped on board and brought crews together," said Bruce. "We ended making it about 115 people building face shields for several months straight. We were able to help five other businesses keep their business afloat and hire back their employees. It was a neat team effort." Coaster Cycles has manufactured 1.7 million face shields to date and will likely suspend operations at 2 million, depending on where the pandemic heads, later this month. As it turns out, partnering with a bunch of brewers has its perks. After several months of partnership, the companies decided to make a beer to celebrate their unique and timely collaboration. Imagination Brewing co- founder Robert Rivers named it "Fighting Chance." "Our hope with this project is that millions of people affected by COVID-19 will have a Fighting Chance," Rivers said. For every four-pack sold, Coaster Cycles is donating one face shield to one of several groups, including the Montana Racial Equity Project, Missoula County Public Schools, the Poverello Center, the All Nations Health Center and Ag Worker Health & Services. "I've been going to the brewery every week and half," said Bruce. "They made Fighting Chance and made the label and put the coaster cycle on it
