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actual amounts used for the entire fiscal year: Actual amount of wood purchased and used 46,120 bd. ft. Actual cost of wood purchased and used $80,028 Actual amount of direct labor hours 17,900 Actual cost of direct labor $275,550 Within your analysis, make sure to include the following: Create variance reports for Q1, Q2, Q3, and Q4 against the Quarterly Budget. Generate a quarterly budget for the upcoming year that includes sales, production, materials and labor budgets. Assume a 10% increase in sales. Explain how a master budget can be a useful tool in aligning a company's operations to its long-term goals. Discuss how a variance report can be used to direct management toward production issues. Your explanations of master budgets and variance reports should be 500 to 750 words in length. Part #4 Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Quarter Direct labor hrs. Manufacturing cost 2014 Q1 2,512 $224,950 2014 Q2 2,432 $214,100 2014 Q3 2,645 $226,840 2014 Q4 2,723 $228,760 2015 Q1 2,355 $211,950 Within your analysis, make sure to include the following: Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours. Provide justification on what inventory costing assumption you choose. Record journal entries for each purchase and sales transaction listed. Your justification should be between 500 to 750 words in length. Part #3 You will need to submit a budget report to the CEO, including an explanation of the utility of master budgets. You will also submit a variance report that shows how the company is performing versus budgeted amounts. Use the following data. Amount of Goods Sold Per Quarter: Q1 Q2 Q3 Q4 Chairs sold per quarter Tables sold per quarter Dressers sold per quarter 650 700 Target Sales Goal Per Quarter: 1150 1200 1250 1400 900 950 1000 1150 750 900 Goods Quantity Chairs 1300 Tables 1100 Dressers 800 Q1 beginning inventory: Goods Quantity Chairs 120 Tables 90 Dressers 70 Assume that the material and labor costs from Part 1 are standards. Compare those standard costs to the actual amounts listed below. These are the actual amounts used for the entire fiscal year: Actual amount of wood purchased and used 46,120 bd. ft. Actual cost of wood purchased and used $80,028 Actual amount of direct labor hours 17,900 Actual cost of direct labor $275,550 Within your analysis, make sure to include the following: actual amounts used for the entire fiscal year: Actual amount of wood purchased and used 46,120 bd. ft. Actual cost of wood purchased and used $80,028 Actual amount of direct labor hours 17,900 Actual cost of direct labor $275,550 Within your analysis, make sure to include the following: Create variance reports for Q1, Q2, Q3, and Q4 against the Quarterly Budget. Generate a quarterly budget for the upcoming year that includes sales, production, materials and labor budgets. Assume a 10% increase in sales. Explain how a master budget can be a useful tool in aligning a company's operations to its long-term goals. Discuss how a variance report can be used to direct management toward production issues. Your explanations of master budgets and variance reports should be 500 to 750 words in length. Part #4 Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Quarter Direct labor hrs. Manufacturing cost 2014 Q1 2,512 $224,950 2014 Q2 2,432 $214,100 2014 Q3 2,645 $226,840 2014 Q4 2,723 $228,760 2015 Q1 2,355 $211,950 Within your analysis, make sure to include the following: Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours. Provide justification on what inventory costing assumption you choose. Record journal entries for each purchase and sales transaction listed. Your justification should be between 500 to 750 words in length. Part #3 You will need to submit a budget report to the CEO, including an explanation of the utility of master budgets. You will also submit a variance report that shows how the company is performing versus budgeted amounts. Use the following data. Amount of Goods Sold Per Quarter: Q1 Q2 Q3 Q4 Chairs sold per quarter Tables sold per quarter Dressers sold per quarter 650 700 Target Sales Goal Per Quarter: 1150 1200 1250 1400 900 950 1000 1150 750 900 Goods Quantity Chairs 1300 Tables 1100 Dressers 800 Q1 beginning inventory: Goods Quantity Chairs 120 Tables 90 Dressers 70 Assume that the material and labor costs from Part 1 are standards. Compare those standard costs to the actual amounts listed below. These are the actual amounts used for the entire fiscal year: Actual amount of wood purchased and used 46,120 bd. ft. Actual cost of wood purchased and used $80,028 Actual amount of direct labor hours 17,900 Actual cost of direct labor $275,550 Within your analysis, make sure to include the following:
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
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