Budgeting
Budgeting
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Materials Purchase budget Description Budgeted production unit Per unit Board feet required Required board feet Add desired ending inventory Total board feet requored les Beg inventory Budgeted Purchase board feet Cost per board feet Budgeted purchase in dollars July 8,280 12 99360 29736 129096 29,808 99,288 $0.70 $69,502 August September October 8260 8040 8740 12 12 12 99120 96480 104880 28944 31464 128064 127944 29736 28944 98328 99000 $0.70 $0.70 $68,830 $69,300 Production budget Description Budgeted sales units Add desired ending inventory Total required units Less Beg inventory Budgeted proudction units July 8000 3200 11200 3200 August September October November 8700 7600 8700 8800 3040 3480 3520 11740 11080 12220 3480 3040 3480 8280 8260 8040 8740 Materials Purchase budget Description Budgeted production unit Per unit Board feet required Required board feet Add desired ending inventory Total board feet requored les Beg inventory Budgeted Purchase board feet Cost per board feet Budgeted purchase in dollars July August September October 8,280 8260 8040 8740 12 12 12 12 99360 99120 96480 104880 29736 28944 31464 129096 128064 127944 29,808 29736 28944 99,288 98328 99000 $0.70 $0.70 $0.70 $69,502 $68,830 $69,300 Learning Management System American InterContinental Univex 6 HTML5 Player: MP4 Source Х S SOLUTION: Need help… – Accour X + g € → c https://studentlogin.aiuniv.edu/Unified Portal/2/5#/class/185513/assignment/1465414 Please submit your work to this week’s Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click “OK” to finish. Assignment Details Chicago Furniture Company produces combination desk and chair sets for the elementary schools in the Midwest. As the second quarter is progressing it is important for the controller to complete a budget for the third quarter. The sales department manager has provided the following forecast. July 8,000 desk combos August 8,700 desk combos September 7,600 desk combos October 8,700 desk combos November 8,800 desk combos • In order to ensure Just-in-Time (JIT) deliveries are maintained in accordance with the needs of the schools Chicago Furniture Company has a standing policy that the inventory at the end of each month must be equal to 40% of the following month’s forecasted sales. On July 1st there will be 3,200 desk combos in inventory. • The building of each desk combo requires 12 board feet of pine planks which cost $0.70 per foot. In order to maintain proper inventory for building the desk combos the department must have 30% of the next month’s production requirements. Using the information you developed in Submission Lesson #1, write 3-4 pages discussing the following: • Why is the preparation of a sales forecast one of the earliest steps in preparing a master budget? • Explain at least three ways a company can benefit from preparing a formal budget. For assistance with your assignment, please use your text, Web resources, and all course materials. Feedback Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric. Type here to search O a а Aula 4») 12:05 PM 7/1/2019
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