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01 Jul Budgets are very important for decision-making ?How can the budgets that you developed help influence decisions? WRDFinMan14e_PR7-3A1.xlsx

Posted at 14:31h in Business Finance - Accounting by

250 words. NOTE please see the attachment below. Please complete the attachment. 

 Using the attached Excel template, complete and upload PR 7-3A and answer the following question: 

  • Budgets are very important for decision-making.  How can the budgets that you developed help influence decisions?

Pr. 21(7)-3A

Problem 21(7)-3A
Name: 0
Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
138
Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")
0
Key Code: [Key code here] Total SUM(AD13:AD15)
Instructions 138
Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16
Cells with non-gray backgrounds are protected and cannot be edited. 0%
An asterisk (*) will appear to the right of an incorrect entry. Notes:
If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " "
If number-entry or blank-entry box is incorrect, returns "*"
1. If number-entry or blank-entry box is correct, returns single space, " "
Feathered Friends Inc. Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.
Sales Budget Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
For the Month Ending December 31
Unit Sales Unit Selling Total
Product Volume Price Sales
Bird house
Bird feeder
Total revenue from sales
2.
Feathered Friends Inc.
Production Budget
For the Month Ending December 31
Units
Bird Bird
House Feeder
Expected units to be sold Estimated inventory, Dec. 31
Estimated inventory, Dec. 1
Total Desired inventory, Dec. 31
Desired inventory, Dec. 1
Total units to be produced
3.
Feathered Friends Inc.
Direct Materials Purchases Budget
For the Month Ending December 31
Wood Plastic
(feet) (lbs.) Total
Required units for production:
Bird house
Bird feeder
Total
Total units to be purchased
Unit price
Total direct materials to be purchased
4.
Feathered Friends Inc.
Direct Labor Cost Budget
For the Month Ending December 31
Fabrication Assembly
Department Department Total
Hours required for production:
Bird house
Bird feeder
Total
Hourly rate
Total direct labor cost
5.
Feathered Friends Inc.
Factory Overhead Cost Budget
For the Month Ending December 31
Indirect factory wages
Depreciation of plant and equipment
Power and light
Insurance and property tax
Total
Finished goods inventory, Dec. 1
Finished goods inventory, Dec. 31
6. Work in process, Dec. 1
Feathered Friends Inc. Work in process, Dec. 31
Cost of Goods Sold Budget Direct materials inventory, Dec. 1
For the Month Ending December 31 Direct materials inventory, Dec. 31
Direct materials:
Mark Sears: Complete supporting calculations below and enter appropriate amount here.
Direct materials purchases
Cost of direct materials available for use
Cost of direct materials placed in production
Direct labor
Factory overhead
Total manufacturing costs
Total work in process during period
Cost of goods manufactured
Cost of finished goods available for sale
Mark Sears: Complete supporting calculations below and enter appropriate amount here as a negative value. Mark Sears: Complete supporting calculations below and enter appropriate amount here. Mark Sears: Complete supporting calculations below and enter appropriate amount here as a negative value. Mark Sears: Enter a formula of units to be produced from production budget x amount of materials. Mark Sears: Enter a formula of units from production budget x hours per unit.
Cost of goods sold
Supporting calculations:
Units Cost Total
Finished goods inventory, Dec. 1:
Bird house
Bird feeder
Total
Finished goods inventory, Dec. 31:
Bird house
Bird feeder
Total
Direct materials inventory, Dec. 1:
Wood
Plastic
Total
Direct materials inventory, Dec. 31
Wood
Plastic
Total
7.
Feathered Friends Inc.
Selling and Administrative Expenses Budget
For the Month Ending December 31
Selling expenses:
Mark Sears: List selling expenses in descending order by amount. Advertising expense
Depr. expense – office equip.
Miscellaneous admin. expense
Office salaries expense
Total selling expenses Office supplies expense
Administrative expenses: Sales salaries expense
Mark Sears: List adminstrative expenses in descending order by amount, except miscellaneous, which should always appear last. Telephone expense – administrative
Telephone expense – selling
Travel expense – selling
Total administrative expenses
Total operating expenses
8.
Feathered Friends Inc.
Budgeted Income Statement
For the Month Ending December 31
Revenue from sales
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses
Administrative expenses
Total operating expenses
Income from operations
Other revenue and expense:
Interest revenue
Interest expense
Income before income tax
Income tax expense
Net income

Sol

Problem 21(7)-3A
Name: Solution
Section:
Score: ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
1.
Feathered Friends Inc.
Sales Budget
For the Month Ending December 31
Unit Sales Unit Selling Total
Product Volume Price Sales
Bird house 3,200 $50.00 $ 160,000
Bird feeder 3,000 $70.00 210,000
Total revenue from sales $ 370,000
2.
Feathered Friends Inc.
Production Budget
For the Month Ending December 31
Units
Bird Bird
House Feeder
Expected units to be sold 3,200 3,000 Estimated inventory, Dec. 31
Desired inventory, Dec. 31 290 250 Estimated inventory, Dec. 1
Total 3,490 3,250 Desired inventory, Dec. 31
Estimated inventory, Dec. 1 (320) (270) Desired inventory, Dec. 1
Total units to be produced 3,170 2,980
3.
Feathered Friends Inc.
Direct Materials Purchases Budget
For the Month Ending December 31
Wood Plastic
(feet) (lbs.) Total
Required units for production:
Bird house 2,536
Mark Sears: Enter a formula of units to be produced from production budget x amount of materials. 		1,585
Bird feeder 3,576 2,235
Desired inventory, Dec. 31 220 200
Total 6,332 4,020
Estimated inventory, Dec. 1 (200) (240)
Total units to be purchased 6,132 3,780
Unit price $7.00 $1.00
Total direct materials to be purchased $ 42,924 $ 3,780 $ 46,704
4.
Feathered Friends Inc.
Direct Labor Cost Budget
For the Month Ending December 31
Fabrication Assembly
Department Department Total
Hours required for production:
Bird house 634
Mark Sears: Enter a formula of units from production budget x hours per unit. 		951
Bird feeder 1,192 1,043
Total 1,826 1,994
Hourly rate $16.00 $12.00
Total direct labor cost $ 29,216 $ 23,928 $ 53,144
5.
Feathered Friends Inc.
Factory Overhead Cost Budget
For the Month Ending December 31
Indirect factory wages $ 75,000
Depreciation of plant and equipment 23,000
Power and light 6,000
Insurance and property tax 5,000
Total $ 109,000
Finished goods inventory, Dec. 1
Finished goods inventory, Dec. 31
6. Work in process, Dec. 1
Feathered Friends Inc. Work in process, Dec. 31
Cost of Goods Sold Budget Direct materials inventory, Dec. 1
For the Month Ending December 31 Direct materials inventory, Dec. 31
Finished goods inventory, Dec. 1 $ 19,440
Work in process, Dec. 1 $ 29,000
Direct materials:

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