Managerial Accounting Budgeting Project

The following is a Comprehensive Budgeting Problem. You and your team need to prepare a partial Master Budget and then continue on to analyze your data. This is an Excel based project where you will create formula driven worksheets.

Part 1:

Required: Prepare the following elements of the master budget. Additional information needed to prepare the budgets follows below.Use the examples in your textbook as a guide.

 

  1. Sales budget
  2. Budgeted cash receipts
  3. Production budget
  4. Raw materials budget
  5. Budgeted cash payments for raw material
  6. Direct labor budget.
  7. Manufacturing overhead budget
  8. Cost of goods sold budget
  9. Selling and administrative expense budget
  10. Cash budget
  11. Budgeted Income Statement

You must use Excel; and in particular use formulas and linked cells. You are to create an input page that will house ALL your data. Your input page should be the only tab where you actually manually input data. You are to create a separate tab for each required budget. Use cell references to transfer amounts from the input tab to the other respective tabs. You must ensure that your budgets print properly and have a professional appearance.

You must also include a written document where you discuss each budget’s results.

Budgeting Information:

Friar Company is preparing budgets for the 2nd quarter, ( April, May & June) which ends on June 30. Make sure you include a “Total Q2” column.

  • Budgeted sales of the company’s only product for the next five months are:
April ……… 2,400 units
May ……….. 4,000 units
June ……….. 3,500 units
July ……….. 3,000 units
August …… 1,600 units
  • The selling price is $50 per unit.
  • All sales are on account.
  • The company collects 80% of these credit sales in the month of the sale; 15% are collected in the month following sale; and the remaining 5% are uncollectible.
  • The accounts receivable balance on March 31 was $22,500. All of this balance was collectible.
  • The company desires to have inventory on hand at the end of each month equal to 25% of the following month’s budgeted unit sales.
  • On March 31, 600 units were on hand.
  • 5 pounds of material are required per unit of product.
  • Management desires to have materials on hand at the end of each month equal to 10% of the following month’s production needs.
  • The beginning materials inventory was 1,400 pounds.
  • The material costs $0.25 per pound.
  • For June: 2,650 units to be produced in July
  • 60% of a month’s raw material purchases are paid for in the month of purchase; the other 40% is paid for in the following month.
  • The accounts payable balance on March 31 was $10,000.
  • Each unit produced requires 0.75 hour of direct labor time.
  • Each hour of direct labor time costs the company $10.
  • Variable manufacturing overhead is $15 per direct labor hour.
  • Fixed manufacturing overhead is $35,000 per month. This includes $15,000 in depreciation, which is not a cash outflow.
  • Manufacturing overhead is applied to units of product on the basis of direct labor hours.
  • Variable selling and administrative expenses are $0.30 per unit sold.
  • Fixed selling and administrative expenses are $40,000 per month and include $8,000 in depreciation.
  • A line of credit is available at a local bank that allows the company to borrow up to $50,000.

o All borrowing occurs at the beginning of the month, and all repayments occur at the end of the month.

o The interest rate is 1.5% per month.

o The company does not have to make any payments until the end of the quarter but they are allowed to

  • Friar Company desires a cash balance of at least $50,000 at the end of each month. The cash balance at the beginning of April was $60,000.
  • Cash dividends of $40,000 are to be paid to stockholders in April.
  • Equipment purchases of $30,000 are scheduled for June. This equipment will be installed and tested during the second quarter and will not become operational until July, when depreciation charges will commence.

 

Part 2:

After the end of the second quarter, Friar Company wants to evaluate their performance. In preparing their budgeted income statement, Friar Company used the following formulas to determine their budgeted operating income:

Revenue $50Q

Cost of Goods Sold $30.448Q

Selling & Administrative Expenses $0.30Q + $120,000

Interest Expense $1,301

During the quarter, Friar Company planned for 9,900 unit sales, but actually sold 10,000 units. The company reported the following actual results for the quarter ended on June 30 th :

 

Sales $507,500

Cost of Goods Sold $302,500

Gross Margin $205,000

Selling and Administrative Expenses $125,000

Net Operating Income $80,000

Interest Expense $1,500­

Net Income $78,500

 

Required: Prepare the company’s flexible budget performance report for the second quarter. Label each variance as favorable (F) or unfavorable (U). You are to create your performance report also in Excel, as a separate tab. Include any relative data on your input page and continue to use cell referencing.

 

You must also include a discussion of your performance report within your written document.

Organizational Structures

“Organizational Structures”  Please respond to the following:

  • Watch the video “How to align the organizational structure with the work processes,” found at http://www.organizationdesign.net/how-to-align-the-organizational-structure-with-the-work-processes-video-3-of-5.html. Select an organization of your choice and examine the structure. Then, briefly describe the type of structure the organization has and explain how it is effective in accomplishing the organization’s goals. Discuss the advantages and disadvantages of the structure, and provide two recommendations to address those disadvantages.

Describe and analyze lesbian or cultural feminism. You may choose to think about some of the following questions: what were some of the major ideas promoted by lesbian or cultural feminist groups such as the Radicalesbians, or by writers, artists, and activists including Adrienne Rich and Barbara Hammer? What is a “woman-identified woman”? What is “compulsory heterosexuality?” How did lesbian feminists understand patriarchy, and how did they interpret the goal of the feminist movement? Finally, what were some of the critiques offered by feminists of these strategies and ideas?

  • Your extended response should be approximately 500 words, or two double-spaced pages, and should address one of the following questions by drawing on our readings, lectures, and classroom discussions. Your response should draw from at least two different authors. Please indicate in the heading of your paper your full name, and the number of the question you’ve chosen to answer. Your answers should be specific, clear, and should demonstrate significant engagement with the readings. Quote minimally (not more than two lines per page), and use simple parenthetical citations to quote or cite sources, like this: “…(Frye p. 10)”. Upload your response by using the link in the “Course Assignment” section of Blackboard before the end of the day on December 6th.

    1. Describe and analyze lesbian or cultural feminism. You may choose to think about some of the following questions: what were some of the major ideas promoted by lesbian or cultural feminist groups such as the Radicalesbians, or by writers, artists, and activists including Adrienne Rich and Barbara Hammer? What is a “woman-identified woman”? What is “compulsory heterosexuality?” How did lesbian feminists understand patriarchy, and how did they interpret the goal of the feminist movement? Finally, what were some of the critiques offered by feminists of these strategies and ideas?
    2. Describe and analyze law enforcement violence against women of color. How do gender and sexuality structure encounters with policing, the prison industrial complex, and other institutional forms of violence? How do multiply-marginalized subjects experience violence? What is missing from the analysis of violence against women as it is sometimes articulated by mainstream forms of feminism?
    3. What is “hegemonic masculinity” according to Micheal Kimmel? What ideas and assumptions tend to structure this form of masculinity, and how does it contribute to expressions of racism, sexism, or homophobia? What does Kimmel mean when he argues that masculinity is a “flight from the feminine” and that it is a “contest between men”? How do Pascoe and Sedgwick reinterpret some of these ideas? How are other, diverse forms of masculinity experienced?
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Explain how domestic violence policies evolved in local police departments across the United States. What is the trend in policing today? Discuss the research findings on the impact of mandatory arrest for misdemeanor domestic violence.

There is no set word limit for the answers, it is required that the questions are fully explain

  1. Explain how domestic violence policies evolved in local police departments across the United States. What is the trend in policing today? Discuss the research findings on the impact of mandatory arrest for misdemeanor domestic violence.
  1. Discuss the recent trends in terrorism in the United States, and the impact they’ve had on American Police. Are American policing becoming so focused on terrorism that they’ve shifted their policing approach away from community policing?
  1. Identify the six different theories of police corruption. Explain which theory you believe best explains why police corruption occurs. Discuss steps that you as chief of police would take to reduce the potential for corruption in your agency.
  1. The Miami-Dade Employee Identification System represents its version of an early warning system. As the materials supplied indicate, officers are identified on the basis of citizen complaints, use of force incidents (using officer reports), commendations they have received, any correctional action already taken, and any change in promotional status. Discuss these criteria. Do you think they are likely to reduce misconduct and improve the quality of police performance? Or do you think they are likely to deter officers from doing important police work? Will police officers avoid taking action because they are afraid of getting a complaint or becoming involved in a use of force incident?
  1. Discuss the pros and cons of technology in policing today. Think about technology’s impact on police officers, police agencies, and citizens. Will federal funding reductions reduce the ability of local law enforcement to purchase technology in the future? If so, how will this be overcome? If not, what resources do you see as replacing the federal funds? Without federal funding, do you envision either a reduction in the growth of police departments, or reduced levels of new employees? If so, what changes do you think police would need to make with population growing in most cities throughout the country