Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you will need to submit a budget report to the ceo

You will need to submit a budget report to the CEO, including an explanation of...

50.1K

Verified Solution

Question

Accounting

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 1150 1200 1250 1400
Tables sold per quarter 900 950 1000 1150
Dressers sold per quarter 650 700 750 900

Target Sales Goal Per Quarter:

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:

  • Create variance reports for Q1, Q2, Q3, and Q4 against the Quarterly Budget.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students