Homework Answers
1. Upper management is planning for next five years - Here the upper management is creating a long-range budget that spans a period of more than one year. The intent behind this type of budgeting is to develop a plan that supports a long-range vision for the future position of an entity. Hence, Strategic budget should be used.
2. A store manager wants to plan for different levels of sales - Here the store manager seeks to analyse the difference in behaviour between fixed and variable costs in relation to fluctuations in output, turnover, or other variable factors, etc. It is designed to change in relation to the level of activity actually attained. A flexible budget is one that takes account of a range of possible volumes.
3. The accountant wants to determine if the company will have sufficient funds to pay expenses - Here the accountant is trying to estimate whether a company has a sufficient amount of cash to uphold regular operations and to pay expenses. A cash budget should be used.
4. The CEO wants to make company wide plans for next year - Here the CEO plans for a one-year budget planning document for the firm encompassing all other plans budgets. It coincides with the fiscal year of the firm and can be broken down into quarters and further into months. A master budget can be used for this purpose.
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Consider the following budgets and budget types. (Click the icon to view the budgets and budget...
Roland Company's managers received the following incomplete performance report FR (Click the icon to view the...
Roland Company's managers received the following incomplete performance report FR (Click the icon to view the incomplete performance report.) Cd Data Table performance report Identity the employee group that may deserve praise and the group that may be subject to criticism Give your reasons. Complete the performance report (For accounts with a zero balance, make sure to enter "o" in the appropriate cell. Label each variance as favourable (F or unfavourable (U). If the variance is zero, do not select...
The budgets of four companies yield the following information: BE(Click the icon to view the budget...
The budgets of four companies yield the following information: BE(Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point in sales dollars? What cause x i Data Table Requirement 1. Fill in the blanks for each company. (Round the contribution margin per unit and ratio calculations to two decimal places.) Company Q 720,000...
Match the variance to the correct definitions. i(Click on the icon to view the definitions.) Definition...
Match the variance to the correct definitions. i(Click on the icon to view the definitions.) Definition Variance 2. Cost variance 3. Efficiency variance Flexible budget variance 4. 5. Sales volume variance 6. Static budget variance a. b. C. d. e. i Definitions The difference between the expected results in the flexible budget for the actual units sold and the static budget. The difference between actual results and the expected results in the flexible budget for the actual units sold. Measures...
The budgets of four companies yield the following information: (Click the icon to view the budget...
The budgets of four companies yield the following information: (Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point in sales dollars? What causes the low breakeven point? 18,000 Target sales... 757,500 $ 480,000 $ 181,250 Variable expenses. 242.400 270.000 105,000 98,000 Foed expenses.... 175, 100 133,000 Operating income (loss) Units sold 110,000...
The budgets of four companies yield the following information: B Click the icon to view the...
The budgets of four companies yield the following information: B Click the icon to view the budget information for the four companies.) Read the requirements. Requirement 1. Fill in the blanks for each missing value. (Round the contribution margin per unit to the near minus sign or parentheses to enter an operating loss.) Nantz Smith Whitman $ 2,900,000 Net Sales Revenue Variable Costs Eastman 462,500 277,500 216,000 88,000 168,000 158, 100 $ $ 91,000 Fixed Costs Operating Income (Loss) Units...
The budgets of four companies yield the following information: E: (Click the icon to view the...
The budgets of four companies yield the following information: E: (Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point in sales dollars? What causes the low breakeven point? Requirement 1. Fill in the blanks for each company. (Round the contribution margin per unit and ratio calculations to two decimal pl 650,000 130,000...
Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than...
Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all. Master budget Participative budgeting Operating budgets Production budget Zero-based budgeting Strategic planning Financial budgets Slack Budget committees Rolling budget Safety stock Variance a. ▼ Budget committee Financial budgets Master budget Operating budgets Participative budgeting Production budget Rolling budget Safety stock Slack Strategic planning Variance Zero-based budgeting is a budget...
Data Table The budgets of four companies yield the following information: (Click the icon to view...
Data Table The budgets of four companies yield the following information: (Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point T Company Q R S 625,000 $ 415,625 $ 190,000 125,000 160,000 90,000 130,000 $ $ 645,000 1. Target sales ............. $ Variable expenses Fixed expenses .......... Operating income (loss) $ Units...
Discount Plus Store is a local discount store with the following information: (Click the icon to...
Discount Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Discount Plus Store Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales f Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted...
#4 only. 14-23 Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance;...
#4 only.
14-23 Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance; Spreadsheet Application The following information is available for Brownstone Products Company for the month of July Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual Master Budget 3.800 4,000 $53.200 $60,000 19.000 16,000 16.000 15,000 7.700 8,000 10,000 9,000 Required 1. What was the total operating income variance for July, rounded to the...
Roland Company's managers received the following incomplete performance report FR (Click the icon to view the incomplete performance report.) Cd Data Table performance report Identity the employee group that may deserve praise and the group that may be subject to criticism Give your reasons. Complete the performance report (For accounts with a zero balance, make sure to enter "o" in the appropriate cell. Label each variance as favourable (F or unfavourable (U). If the variance is zero, do not select...
The budgets of four companies yield the following information: BE(Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point in sales dollars? What cause x i Data Table Requirement 1. Fill in the blanks for each company. (Round the contribution margin per unit and ratio calculations to two decimal places.) Company Q 720,000...
Match the variance to the correct definitions. i(Click on the icon to view the definitions.) Definition Variance 2. Cost variance 3. Efficiency variance Flexible budget variance 4. 5. Sales volume variance 6. Static budget variance a. b. C. d. e. i Definitions The difference between the expected results in the flexible budget for the actual units sold and the static budget. The difference between actual results and the expected results in the flexible budget for the actual units sold. Measures...
The budgets of four companies yield the following information: (Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point in sales dollars? What causes the low breakeven point? 18,000 Target sales... 757,500 $ 480,000 $ 181,250 Variable expenses. 242.400 270.000 105,000 98,000 Foed expenses.... 175, 100 133,000 Operating income (loss) Units sold 110,000...
The budgets of four companies yield the following information: B Click the icon to view the budget information for the four companies.) Read the requirements. Requirement 1. Fill in the blanks for each missing value. (Round the contribution margin per unit to the near minus sign or parentheses to enter an operating loss.) Nantz Smith Whitman $ 2,900,000 Net Sales Revenue Variable Costs Eastman 462,500 277,500 216,000 88,000 168,000 158, 100 $ $ 91,000 Fixed Costs Operating Income (Loss) Units...
The budgets of four companies yield the following information: E: (Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point in sales dollars? What causes the low breakeven point? Requirement 1. Fill in the blanks for each company. (Round the contribution margin per unit and ratio calculations to two decimal pl 650,000 130,000...
Data Table The budgets of four companies yield the following information: (Click the icon to view the budget information for the four companies.) Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the lowest breakeven point T Company Q R S 625,000 $ 415,625 $ 190,000 125,000 160,000 90,000 130,000 $ $ 645,000 1. Target sales ............. $ Variable expenses Fixed expenses .......... Operating income (loss) $ Units...
Discount Plus Store is a local discount store with the following information: (Click the icon to view the information.) Read the requirements. Requirement 1. Prepare the sales budget for November and December. Discount Plus Store Sales Budget For the Months of November and December November December Cash sales Credit sales Total sales f Requirements Prepare the following budgets for November and December: 1. Sales budget 2. Cost of goods sold, inventory, and purchases budget 3. Operating expense budget 4. Budgeted...
#4 only.
14-23 Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance; Spreadsheet Application The following information is available for Brownstone Products Company for the month of July Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual Master Budget 3.800 4,000 $53.200 $60,000 19.000 16,000 16.000 15,000 7.700 8,000 10,000 9,000 Required 1. What was the total operating income variance for July, rounded to the...
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