Prepare the sales budget by month and in total

Reference no: EM132284186

Cost Accounting Assignment -

Cost accounting is used for two main purposes. The first purpose is to determine the actual costs of products, projects, processes, or services so an organization can report correct and accurate information on their financial statements. The second purpose is to aid the management team in making decisions and guiding the planning and control functions of the organization. Cost accounting provides an analysis of cost behavior, cost-volume-profit relationships, budgeting, resource costing, and activity-based costing. The roots of cost accounting are in the manufacturing business, but cost-accounting concepts are also used in service industries.

This assessment focuses on the SRS Educational Supply Company case study. SRS is a company that provides 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 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 their 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 30th fiscal year end.

The final project is divided into two parts. In Final Project II, you will review the financial information provided for the four main departments of the organization: sales, purchasing, operations, and finance. Based on the information provided, you will create departmental budgets for each of the four departments. You will then create a master budget based on the department budgets. In addition, you will create an executive brief presentation regarding the budgeting process. You will also provide an overview of the department and master budgets.

In this assignment, you will demonstrate your mastery of the following course outcomes:

Prepare budgets for various purposes in order to aid managerial decision-making processes.
Prepare cost accounting reports to internally communicate information to managerial decision makers.

Prompt - The company has four main managers: a sales manager, a purchasing manager, an operations manager, and a finance manager. Each manager has both general information about the company as a whole and information about their own department. The information known only by the departmental manager is more accurate than the general corporate information.

Based on the information and data in the case study document, create a master budget for the three-month period beginning July 1st and ending September 30th. You are responsible for creating a budget for each department that will become the master budget.

Specifically, you will address the following critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets).

I. Budgeting: Prepare Budgets

A. Review the financial information in the case study. Create spreadsheets and enter your data for the following:

1. Prepare the sales budget by month and in total.

2. Prepare a schedule of expected cash collections from sales by month and in total.

3. Prepare a merchandise purchase budget in dollars by month and in total.

4. Prepare a schedule of expected cash disbursements for merchandise purchases by month and in total.

5. Prepare a selling and administrative budget by month and in total.

6. Prepare a schedule of expected cash disbursements for selling and administration by month and in total.

7. Prepare a cash budget by month and in total.

8. Prepare a budgeted income statement (pro forma) for the three-month period ending September 30th using the absorption costing approach.

9. Prepare a master budget balance sheet (pro forma) as of September 30th.

II. Reporting

A. Analyze Data

1. Briefly summarize each department budget and note any large variances.

2. Explain two variances that might cause concern or prompt further analysis.

B. Executive Brief Presentation

1. Create an executive briefing presentation in which you briefly summarize all budgets. Include all supporting documentation as addendums to the brief.

Attachment:- Assignment Files.rar

Reference no: EM132284186

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Reviews

len2284186

4/15/2019 9:57:50 PM

I have an assignment that is the final part of my cost accounting project. I had you help me with the first half off the project and would like for you to finish the rest of it. I will upload the accounting work book that you already completed since it is necessary in order to do the rest of the assignment. I will also upload the assignment guideline and rubric. I just wanted to make sure that the person helping me understands that there is a reporting element to the workbook. The instructions are provided in the guidelines and rubric. Its in addition to the workbook.

len2284186

4/15/2019 9:57:40 PM

The reporting element states: Analyze Data 1. Briefly summarize each department budget and note any large variances. [ACC-207-03] 2. Explain two variances that might cause concern or prompt further analysis. [ACC-207-03] B. Executive Brief Presentation 1. Create an executive briefing presentation in which you briefly summarize all budgets. Include all supporting documentation as addendums to the brief.

len2284186

4/15/2019 9:57:34 PM

Guidelines for Submission: Your Final Project II submission is an organizational financial analysis report, which is your choice of a 12- to 15-page Microsoft Word document OR a 12- to 15-slide Microsoft PowerPoint presentation (excluding title page and references list): Word Document: If you submit a Word document, it should be double spaced, with 12-point Times New Roman font and one-inch margins, and it should use the latest guidelines for APA formatting for references and citations. Include your name, course number and course name, and report title on the title page. Upload your Final Project II Student Workbook with any edits based on instructor feedback as a separate addendum. PowerPoint: If you submit a PowerPoint presentation, it should include speaker notes (in addition to slide bullet points for each budget) that briefly summarize each of the budgets and the two variances. Upload your Final Project II Student Workbook with any edits based on instructor feedback as a separate addendum.

len2284186

4/15/2019 9:57:27 PM

Prepares an accurate sales budget by month and in total based on the case study data (100%). Prepares an accurate schedule of expected cash collections from sales by month and in total based on the case study data (100%). Prepares an accurate merchandise purchase budget in dollars and shows the budgetby month and in total based on the case study data (100%). Prepares an accurate schedule of expected cash disbursements for merchandise purchases by month and in total based on the case study data (100%). Prepares an accurate selling and administrative budget by month and in total based on the case study data (100%).

len2284186

4/15/2019 9:57:20 PM

Prepares an accurate budgeted income statement (pro forma) for the three-month period ending September 30th based on the case study data (100%). Meets “Proficient” criteria and displays in-depth knowledge of budget and variance concepts (100%). Meets “Proficient” criteria and displays complex grasp of triggers for variance concept alerts (100%). Meets “Proficient” criteria and displays masterful application of presentation skills (100%). Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format (100%).

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