Reference no: EM132275026

Cost Accounting Assignment -

Overview: This assessment focuses on the SRS Educational Supply Company case study. The company provides educational materials and supplies to educational institutions. The SRS business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include educational workbooks, classroom visual aids, instructor support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of educational institutions, the majority of its customers are K-12 schools. Sales can vary quite a bit from month-to-month, as K-12 educational institutions have seasonal ordering patterns. Thus, budgeting is vital for planning and cash-flow purposes. SRS has a June 30 fiscal year end.

For Milestone One of Final Project, you will create department budgets for the four main departments of SRS Educational Supply Company: Sales, Purchasing Operation, and Finance.

Prompt: Assume you are the new cost accountant at SRS. In this new position, you have been asked to perform a few tasks for the company's leadership team. The company has four main managers: sales manager, purchasing manager, operations manager, and finance manager. Each manager has general information about the company as a whole, as well as information about their own department-private information known only by this departmental manager-that is more accurate than the general corporate information.

First, review the information for Final Project. Then, using the Final Project II workbook, complete the four department budgets for the three-month period beginning July 1 and ending September 30.

Specifically, you must address the critical elements listed below:

I. Budgeting: Prepare Budgets

A. Review the financial information and enter data into the correct tabs in the Final Project workbook. Be sure to complete all the relevant tabs in the workbook. Complete the following:

i. A sales budget by month and in total.

ii. A schedule of expected cash collections from sales by month and in total.

iii. A merchandise purchase budget in dollars by month and in total.

iv. A schedule of expected cash disbursements for merchandise purchases by month and in total.

v. A selling and administrative budget by month and in total.

vi. A schedule of expected cash disbursements for selling and administration by month and in total.

vii. A cash budget by month and in total.

Summative Case Study: SRS Educational Supply Company

Part 1 - Job Order Costing Process Costing

Requirements -

As the accountant, the company has asked you to perform the following tasks:

1. Prepare an overview diagram of the job-costing system at the SRS Educational Press.

2. Prepare journal entries to summarize the 2017 transactions. As your final entry, dispose of the year-end under- or overall located manufacturing overhead as a write-off to cost of goods sold. Number your entries. Explanations for each entry may be omitted.

3. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated.

4. How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production?

You will submit your answers/explanations for Final Project I in a memo-style format to the company's leadership team. Use Microsoft Word and Excel.

Part 2 - Departmental and Master Budgets

Requirements -

At this point, you should, have a budget for each of the four departments. You will take the four departmental budgets' and prepare the master budget. You will submit the foul: budgets and the master budget in one Excel file.

Then, using the budget project you just completed, you will create a PowerPoint presentation that will serve as an executive brief to the organization's leadership team. The presentation should include an overview of the budgets and the process for creating the budgets, and it should answer the questions listed below:

1. What were your goals for the master budget you created for July, August, and September?

2. What process did you use to create each of the four budgets? Did the budgeting process differ between different departments? Explain.

Attachment:- Assignment Files.rar