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ACC203 Managerial Accounting |Improvement Into Budget Schedules

Questions:

1.

a.Prepare the 2018 revenue budgets (in dollar)
b.Prepare the production budget (in units)
c.Prepare the direct materials usage and purchase budgets for 2018
d.Prepare the direct manufacturing labour budget for 2018
e.Prepare the manufacturing overhead budget for 2018
f.What is the budgeted manufacturing overhead rate for 2018
g.What is the budgeted manufacturing overhead cot per output unit in 2018
h.Calculate the unit cost of desk in closing inventory on 31 December 2018
i.Prepare the ending inventory budget for both direct materials and finished goods for 2018
j.Prepare cost of good sold budget for 2018
k.Prepare the budgeted income statement for the year ending 31 December 2018Prepare l.the budgeted balance sheet as of 31 December 2018

2.

Suppose Exhibition Furniture decides to incorporate continues improvement into its budgeting process. You are required to provide recommendation (memo) to the CEO two areas where Exhibition Furniture could incorporate continues improvement into the budget schedules in requirement 1. To answer this question, you are required to provide minimum 400 words recommendation to the CEO. Apply your comprehensive knowledge in management accounting such as knowledge about company strategies in reducing cost in materials, labour and manufacturing overhead. You may also include analysis of non-manufacturing cost such as marketing cost and consider the companystrategic planning to increase sales or profit targets. Please choose the best strategy among those strategies and                                                                                                                                 

Answers:

1.

a.

c.

d.

f.

h.

i.

j.

l.

2.

<

h3 style="text-align: justify;">Business Memorandum

To: Chief Executive Officer of Exhibition Furniture

From: Management Accountant

Date: February 7, 2018

Subject: Business recommendation for continuous improvement into budget schedules

Sir,

The budget that has been prepared for the financial year of 2018 reveals the strategic plan that is expected to incorporate by the business. The budgeted income statement displays a net profit of $438,743. However, the preparation of the budget does not guarantee the fact that the firm will be able to incur the budgeted revenue. Moreover, the preparation of the annual budget also reflects the projected profit that may be incurred on a long-term basis. Thus, the short-term goals of the firms have to be focused upon, in order to facilitate the achievement of the long-term goals of the firms.

Therefore, in order to ensure a continuous improvement structure in regards to the business operations conducted by the firm, a framework should be established that could be utilized by the management of the firm in order to achieve the desired outcomes. These following recommendations are as follows:

  • In case of Exhibition Furniture, the budget that has been prepared reviews and estimates the revenues and other financial components for an annual year. However, if the annual budget is divided on a quarterly basis, the management of the firm will be able to get an overview into the particular business processes or financial components that are leading to the reduction of potential revenue that could be incurred by the firm. Moreover, the preparation of a quarterly budget will result in the staff of the firm getting a clarified view of the short-term objectives that are required to be achieved and their individual roles and responsibilities in regards to such an operation. The quarterly preparation of the budgets will also facilitate the flexibility of the budget and increase its suitability in regards to a specific time-period. Moreover, the management will also be able to experiment more in terms of new products and management strategies as they will not have to wait for an entire year for analyzing the results.
  • The second recommendation is that the preparation of the variance analysis of the prepared budgets. The variance between the budgeted figures and the actual figures indicate the exact areas where the furniture company can improve thus, reducing the cost of production. A variance analysis essentially reflects the degree of difference between the estimated gain or expenditure and the actual gain or expenditure that has been undertaken by the firm during a particular financial year. A favorable variance reflects the fact that the firm has performed well in terms of the prepared budget. An unfavorable budget reflects poor financial performance by the firm. The management of the firm should also consider implementing proper internal controls and innovation of the products in order to expand the existing customer base.

Thus, these are the two mentioned recommendations that should be followed by the management of the firm in order to incorporate the continuous improvement of the business processes of Exhibition Furniture.

Thanking you,

Management Accountant

Bibliography

Bedford, D. S. (2015). Management control systems across different modes of innovation: Implications for firm performance. Management Accounting Research, 28, 12-30.

Klychova, G. S., Faskhutdinova, ?. S., & Sadrieva, E. R. (2014). Budget efficiency for cost control purposes in management accounting system. Mediterranean journal of social sciences, 5(24), 79.

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