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IDFA's Dairy Cost Accounting Workshops will provide you and your finance team with the basics for cost accounting in today's dairy industry. Carl Herbein, managing partner of the CPA firm Herbein + Company and an expert on dairy cost accounting, will lead your team through detailed case studies and hands-on exercises. Topics will include product and product line component cost accounting, route distribution analysis and financial reporting. We'll provide the materials and information you need to implement new time and money saving techniques.

CPAs will earn eight Continuing Professional Education credits for each one-day workshop. You will also be awarded a certificate if you attend the series. Special rates are available if you attend both workshops.

Workshop Leader
Carl Herbein, CPA, is the CEO and Managing Partner of Herbein + Company, Inc., a 100-person CPA firm headquartered in Reading, PA. Carl is a practicing CPA and a nationally recognized authority on dairy plant cost accounting. Carl has visited and provided accounting consulting services to more than 175 dairy plant operations since 1976, and designed this annual workshop series for IDFA.

Who Should Attend?
The workshop series is designed for dairy accounting and finance personnel and managers, company controllers, and CFOs of fluid milk, ice cream, cultured products and cheese processing companies.

Program Agenda
The two-part Dairy Cost Accounting course is designed to provide a review of the basics and instruction on the more intense aspects of dairy cost accounting.

Introductory Dairy Cost Accounting
June 9, 2003

The morning session will be dedicated to an in-depth discussion of dairy plant component cost accounting designed specifically for fluid milk, ice cream, cultured products and cheese processing companies. Many companies do not have a system in place to accurately track the real cost of raw milk and dairy ingredients in the finished products they manufacture. This Introductory Dairy Cost Accounting Workshop will help you design such a system and keep an eye on your company's bottom line. In-depth discussions, breakout sessions and specific case studies will cover techniques on how to closely monitor and evaluate raw product costs.

The afternoon session will be devoted to route distribution analysis and activity-based costing, with the focus again on increased profitability. This is an area of increasing importance to most dairy companies. The afternoon session will also include an analysis of route and depot functions to determine their respective profitability. Cost control mechanisms will also be discussed as part of the budgeting and accounting process.

SCHEDULE:

8:00 - 9:00 am	Registration
9:00 am	STATE OF THE DAIRY INDUSTRY Product and Product Line Component Cost Accounting Costing of raw milk under federal order reform — Component Price Orders — Butterfat and skim orders Estimating your milk costs during the month Developing monthly price changes for dairy products Case Study Analytical costing of: — Purchased products — Containers manufactured or purchased Accounting for single serve containers Product line cost analysis
12:00 pm	Group Luncheon
1:00 pm	Route Distribution Analysis and Profitability Analysis of fuel cost/delivery Accounting for cases - bossie - corrugated deliveries Accounting system needs for route accounting Allocation of costs by route Truck cost controls and allocation methods Route consolidation techniques Case Study - "Route Accounting" Depots - accounting controls Computers and the delivery function Exception reporting in route management
4:00 pm	E-commerce - What may it mean to dairy accounting?
5:00 pm	Adjourn

The morning session will focus on raw milk costing, overhead allocation, detailed analysis of fixed and variable costing of products and a special session on milk loss, labor lost, and processing activity analysis. The afternoon session will address financial reporting, cost center development, route accounting, cost benchmarking and more. Detailed case studies will be examined throughout the day in small breakout groups. Significant course materials will be distributed.

SCHEDULE:

8:00 - 9:00 am	Registration
9:00 am	Morning Session Raw milk costing & inventory valuation Case study - "Raw Product Costing" — Your company has a new federal order with additional raw milk components — Your company has decided to manufacture ice cream and you must develop the costing system Pearson Square and Product Butterfat Control How to allocate overhead Analysis of fixed and variable costing of products - How to make this a winning study Dairy Plant Accounting — Milk loss reporting — Labor cost reporting — Processing activity analysis
12:00 pm	Group Luncheon
1:00 pm	Afternoon Session Financial reporting - the package of the future — Activity analysis — Unit reporting — Chart of accounts Development of cost centers for fluid milk, ice cream, cultured products and cheese — Forward Contracting and Hedging-Price Protection Route accounting — Internal control methods Cost methods Cost Segregation — Increase Your IRS Write Off's Make or buy product cost study Dairy foods manufacturing - cost benchmarking — How to obtain — How to use How to bring financial analysis to the merger and acquisition process
5:00 pm	Adjourn

One day registration is priced at $495 for members and $695 for nonmembers. Register for both workshops for the special rate of $795 member, $995 nonmember. You will receive a special certificate for attending both workshops.

If you have questions about your registration, contact IDFA Registrar Tanika Manning at 202-220-3557 or tmanning@idfa.org.

HOTEL AND TRAVEL INFORMATION

The Hyatt Rosemont is located near O'Hare International Airport at 6350 North River Road, Rosemont, IL. Rooms have been blocked at the hotel in the name of IDFA's Dairy Cost Accounting Workshops. To make your reservation, and receive the special group rate of $155 single, please call the hotel directly at (847) 518-1234 and mention this program. The rooms are available on a first come, first serve basis, so please make your plans today.

EWA Travel in Washington, D.C., is the official travel agency for the Dairy Cost Accounting Workshops. Registrants are welcome to use EWA's services to arrange their travel to the workshop. United Airlines offers 10% off unrestricted fares and 5% off all other fares; all rules and restrictions apply. You may call the following toll-free numbers for reservations:

EWA Travel:   1-800-368-4055
United Airlines:   1-800-521-4041 (Tour Code: 514UY)