Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

Task Requirements: A. Write a report on operating and flexible budgets. The paper must include the following: Discuss the benefits of budgeting (see Chapter 20 PowerPoint) Discuss the...

1 answer below »

Task Requirements:



A. Write a report on operating and flexible budgets. The paper must include the following:





    1. Discuss the benefits of budgeting (see Chapter 20 PowerPoint)

    2. Discuss the components of the Operating budget by discussing the following (see Chapter 20 PowerPoint):

      1. What is the Sales Budget? What information does the Sales Budget provide?

      2. What is the Production budget? How is the Production budget connected to the Sales budget?

      3. What is the Direct Materials budget? How is the Direct Materials budget connected to the Production budget?

      4. What is the Direct Labor budget? How is the Direct Labor budget connected to the Production budget?

      5. What is the Factory Overhead budget?

      6. What is the Cost of Goods sold budget? How is the Cost of Goods sold budget connected to the Sales budget?

      7. What is the General and Administrative budget?



    3. Discuss the Flexible budget. What is a flexible budget? How does a flexible budget compare to a fixed budget? (see Chapter 21 PowerPoint)





B. Prepare an Operating Budget using the budget scenario and template. (Find the company information and budget template below

.)




Budget Scenario: Rob's Shoes-Scenario.docx


Download Budget Scenario: Rob's Shoes-Scenario.docx





Budget Template Updated.xlsx

budget-2-q5pggj2f.docx budget-acct-zpyycafa.xlsx chapter-20-3pbgjyog-x5b4mx0k.pptx
Answered Same Day Mar 11, 2023

Solution

Prince answered on Mar 12 2023
40 Votes
Solution 1:
Benefits of Budgeting:
Budgeting is a powerful tool that helps individuals, businesses, and organizations plan and control their finances. By creating a budget, individuals and businesses can create a detailed plan of their finances and set achievable goals. Budgeting also helps to identify areas of waste, control spending, and allocate resources more efficiently. Additionally, budgeting enables better forecasting of financial goals and can increase the possibility for successful decision-making.
Solution 2:
a. Sales Budget: The Sales Budget is a budget that shows the expected sales revenue of a business over a given period of time. It provides information about the expected earnings from sales, helping a business to plan for the upcoming period accordingly. The Sales Budget also helps to identify potential areas of growth and provides insights into potential sales strategies.
. Production Budget: The Production Budget is a...
SOLUTION.PDF
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Attach File