Briefly discuss the ways a good budget will benefit owner

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Reference no: EM131838582

Question: Erin McKenna's bakery, sometimes referred to as babycakesis the company that will be considered for all parts of your budget planning and control report. For this assignment, you will develop a three to four (3 - 4) page paper in which you address the following.

1. Briefly discuss the ways a good budget will benefit the owner of the bakery.Use the specific company and product details in your explanation.

2. Prepare a Sales Budget for the LA store for 4th quarter of 2017.Present the number of units, sales price, and total sales for each month; October, November, and December, and a total for the quarter. Provide support for your estimates.

3. Assume three (3)new products are introduced this quarter, one for each of the three (3) holiday seasons in the fourth quarter. This is a new endeavor. Previously there was no special products for holidays.Estimate the sales units, sales price, and total sales for eachmonth. Describe the assumptions used to make these estimates. Include an overview of the budget in the report, presenting the actual budget as an appendix with all data and calculations.

4. The owner is interested in preparing a flexible budget rather than the static budget she currently uses. She does not understand why when sales increase her static budget for production costs often shows an unfavorable variance. Explain how a flexible budget will overcome this problem. Use the details of your newly prepared budget for the 4th quarter of 2017 to address her concern and support the use of a flexible budget.

5. The bakery has a financial challenge. Budget reports show that the actual amount spent for production costs is more than budgeted amounts.

6. Explain the problem including the cause and a recommendation that will resolve the problem.Integrate relevant information fromat least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.Do not use the textbook.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

• Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length.

• An abstract is not required.
The specific course learning outcomes associated with this assignment are:

• Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-?nancial performance measurements.

• Evaluate decision making tools for capital investments, budgeting, and budgeting controls.

• Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making.

• Use technology and information resources to research issues in financial accounting for managers.

• Write clearly and concisely about financial accounting using proper writing mechanics.

Reference no: EM131838582

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