Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Acc 202 budget variance worksheet

09/11/2020 Client: papadok01 Deadline: 3 days

ACC 202 Final Project Part I Guidelines and Rubric

Overview To be successful, all businesses must perform periodic assessments to determine the efficiency of operations. Whether you are an owner, a manager, or a front- line employee, at some time you will be affected by a budget. Preparing a budget and analyzing the results of operations in relation to the budget will help you understand how to use financial information to evaluate the effectiveness of an organization’s operations. The process will also help you determine the reasons operations do not always go as planned and make decisions on changes that might need to be made to make the organization, or just your own department, more efficient. In Part I of the final project, you will use course-provided information to prepare an operating budget and compare actual operational results to the budgets, discussing potential reasons for any variances and areas to explore further. This variance analysis will allow you to make suggestions in Part II of the final project about potential changes to make your organization more efficient. You will have three deliverables for Part I of the assessment: a student worksheet, a budget variance worksheet, and a budget variance report. First, you will prepare a beginning operating budget for your company, using the student worksheet provided. Your budget will include different products with different costing methods, labor, and sales projections based on a desired profit margin. You will then compare your budget to actual results to determine and analyze variances. You will calculate and record the variances on the budget variance worksheet provided. Finally, you will provide a brief written analysis of the variances and discuss additional information needed to determine their cause. This assessment addresses the following course outcomes:

 Communicate budget planning to internal stakeholders for strategic planning

 Apply costing methods to production for supporting budget planning and decision making

Prompt You are a manager for Peyton Approved, a pet supplies manufacturer. This responsibility requires you to create budgets, make pricing decisions, and analyze the results of operations to determine if changes need to be made to make the company more efficient. You will be preparing a budget for the quarter July through September 2015. You are provided the following information. The budgeted balance sheet on June 30, 2015, is:

Peyton Approved

Budgeted Balance Sheet

30-Jun-15

ASSETS

Cash

$42,000

Accounts receivable

259,900

Raw materials inventory

35,650

Finished goods inventory 241,080

Total current assets

578,630

Equipment $720,000

Less accumulated depreciation 240,000 480,000

Total assets

$1,058,630

LIABILITIES AND EQUITY

Accounts payable

$63,400

Short-term notes payable

24,000

Taxes payable

10,000

Total current liabilities

97,400

Long-term note payable

300,000

Total liabilities

397,400

Common stock $600,000

Retained earnings 61,230

Total stockholders’ equity

661,230

Total liabilities and equity $1,058,630

1. Sales were 20,000 units in June 2015. Forecasted sales in units are as follows: July, 18,000; August, 22,000; September, 20,000; October, 24,000. The

product’s selling price is $18.00 per unit and its total product cost is $14.35 per unit. 2. The June 30 finished goods inventory is 16,800 units. 3. Going forward, company policy calls for a given month’s ending finished goods inventory to equal 70% of the next month’s expected unit sales. 4. The June 30 raw materials inventory is 4,600 units. The budgeted September 30 raw materials inventory is 1,980 units. Raw materials cost $7.75 per

unit. Each finished unit requires 0.50 units of raw materials. Company policy calls for a given month’s ending raw materials inventory to equal 20% of the next month’s materials requirements.

5. Each finished unit requires 0.50 hours of direct labor at a rate of $16 per hour. 6. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $1.35 per unit produced. Depreciation of $20,000 per

month is treated as fixed factory overhead. 7. Monthly general and administrative expenses include $12,000 administrative salaries and 0.9% monthly interest on the long-term note payable. 8. Sales representatives’ commissions are 12% of sales and are paid in the month of the sales. The sales manager’s monthly salary is $3,750 per month.

Specifically, the following critical elements must be addressed:

1. Operating Budget Create an operating budget using the Final Project Part I Student Worksheet.

a) Prepare a sales budget. Ensure accuracy of data. b) Prepare a production budget. Ensure the accuracy of your data. c) Prepare a manufacturing budget. Ensure the accuracy of your data. d) Prepare a selling expense budget. Ensure the accuracy of your data. e) Prepare a general and administrative expense budget using appropriate costing methods.

2. Budget Variance Analysis

The actual quantity of material used was 31,000 with an actual cost of $7.75 per unit. The actual labor hours were 33,000 with an actual rate per hour of $15.

a) Develop a variance analysis including a budget variance performance report and appropriate variances for materials and labor. Use the budget variance student worksheet provided.

b) In your budget variance report, discuss each variance. What does the variance tell you? c) In addition, your budget variance report should cover the following: What needs to be investigated to determine the reason for the variance?

Why?

Final Project Part I Rubric Guidelines for Submission: Complete the Final Project Part I Student Worksheet and the Budget Variance Student Worksheet. Your budget variance report should be 1–3 pages, double-spaced, with one-inch margins, 12-point Times New Roman font, and APA format. Use the Final Project Part I Budget Variance Report Template to complete the report. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions.

Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

Operating Budget: Sales Budget

[ACC-202-02]

Prepares a sales budget, and data is accurate (100%)

Prepares a sales budget, but it contains some errors (55%)

Does not prepare a sales budget (0%)

12

Operating Budget: Production Budget

[ACC-202-02]

Prepares a production budget, and data is accurate (100%)

Prepares a production budget, but it contains some errors (55%)

Does not prepare a production budget (0%)

12

Operating Budget: Manufacturing

Budget [ACC-202-02]

Prepares a manufacturing budget, and data is accurate (100%)

Prepares a manufacturing budget, but it contains some errors (55%)

Does not prepare a manufacturing budget (0%)

12

Operating Budget: Selling Expense

Budget [ACC-202-02]

Prepares a selling expense budget, and data is accurate (100%)

Prepares a selling expense budget, but it contains some errors (55%)

Does not prepare a selling expense budget (0%)

12

Operating Budget: General and

Administrative Expense Budget

[ACC-202-02]

Prepares a general and administrative expense budget and utilizes appropriate costing methods (100%)

Prepares a general and administrative expense budget, but does not use appropriate costing methods (55%)

Does not prepare a general and administrative expense budget (0%)

12

Budget Variance Analysis: Variance

Analysis [ACC-202-01]

Develops a variance analysis that includes a budget variance performance report and appropriate variances for materials and labor (100%)

Develops a variance analysis that includes a budget variance report, but variances for materials and labor are not appropriate (55%)

Does not develop a variance analysis (0%)

12

Budget Variance Analysis: Discuss

[ACC-202-01]

Meets “Proficient” criteria and demonstrates awareness of the role of variances (100%)

Discusses each variance and determines what variances inform (85%)

Discusses each variance, but does not determine what variances inform (55%)

Does not discuss each variance (0%)

12

http://snhu-media.snhu.edu/files/course_repository/undergraduate/acc/acc202/acc_202_final_project_part_I_student_worksheet.xlsx
http://snhu-media.snhu.edu/files/course_repository/undergraduate/acc/acc202/acc_202_budget_variance_student_worksheet.xlsx
http://snhu-media.snhu.edu/files/production_documentation/formatting/rubric_feedback_instructions_student.pdf
Budget Variance Analysis:

Investigation [ACC-202-01]

Meets “Proficient” criteria, and justification is well supported with examples (100%)

Identifies what needs to be investigated to determine the reason for the variance and justifies response (85%)

Identifies what needs to be investigated to determine the reason for the variance, but response lacks justification (55%)

Does not identify what needs to be investigated to determine reason for variance (0%)

12

Articulation of Response

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%)

Submission has no major errors related to citations, grammar, spelling, syntax, or organization (85%)

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (55%)

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%)

4

Earned Total 100%

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Quality Homework Helper
Buy Coursework Help
Custom Coursework Service
Finance Homework Help
Writer Writer Name Offer Chat
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

Hey, Hope you are doing great :) I have read your project description. I am a high qualified writer. I will surely assist you in writing paper in which i will be explaining and analyzing the formulation and implementation of the strategy of Nestle. I will cover all the points which you have mentioned in your project details. I have a clear idea of what you are looking for. The work will be done according to your expectations. I will provide you Turnitin report as well to check the similarity. I am familiar with APA, MLA, Harvard, Chicago and Turabian referencing styles. I have more than 5 years’ experience in technical and academic writing. Please message me to discuss further details. I will be glad to assist you out.

$55 Chat With Writer
Finance Homework Help

ONLINE

Finance Homework Help

I have a Master’s degree and experience of more than 5 years in this industry, I have worked on several similar projects of Research writing, Academic writing & Business writing and can deliver A+ quality writing even to Short Deadlines. I have successfully completed more than 2100+ projects on different websites for respective clients. I can generally write 10-15 pages daily. I am interested to hear more about the project and about the subject matter of the writing. I will deliver Premium quality work without Plagiarism at less price and time. Get quality work by awarding this project to me, I look forward to getting started for you as soon as possible. Thanks!

$55 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Muslim Molvi 7340613399 OnLine No 1 FaMOUs VashIKaraN sPecIaLIsT IN Rajahmundry - Earth day powerpoint template - Meadowside family health centre - Golden age retirement planners specializes in providing financial advice - Excel project - Gomiblog fat girl fed up - Mcgraw hill marketing simulation answers - Current facility assignment p2 parole denver west metro region - Solving fractional equations homework answers - Legalistic approach to crime - Report a problem apple inc - Introduction for maths project - Security assessment report sar template - The girl who can by ama ata aidoo audio - Obituaries isle of wight - The Case Manager - Psychsim 5 hunger and the fat rat answer key - Coffee rock sunshine coast - Haikus are easy but sometimes they don't make sense refrigerator - Hypochondriac medical term breakdown - Superposition theorm and norton - Team dynamics summary soc 110 - El burlador de sevilla resumen - Theory of games and economic behavior summary - 300 words - Need Detailed Explanation on each list - Roland barthes the language of fashion summary - Calculus roller coaster project answers - Cones of dunshire quote - Michael shurtleff 12 guideposts - Zangle student connect farmington hills - Discussion - Download the cloud security alliance csa cloud controls matrix spreadsheet - Mistakes were made but not by me pdf - Noc format for employee - 72 ritchie street westbury - Introduction to Data Mining - The underground railroad colson whitehead pdf - Hong kong residential areas - Examine your zipper meaning - Google earth viewshed radius - Modeling a plate boundary lab answers - The assignment dvd cover - Assignment 3 – Create a Questionnaire/Survey - Class b subnetting questions - Fire pump test header - Network proposal template - HW - 5 paragraph persuasive essay on abortion - Who said elephants can t dance pdf - How to become crisis counselor - Research Article - EDU-534 final benchmark - Tyco traffic and transportation - Chapter 7 activity 7.2 drivers ed - 7 year building warranty - Castlederg high school website - Why is imago dei important - Vp mr12 race fuel - Assignment Question - Marriott corporation the cost of capital solution xls - Chipotle mexican grill in 2014 case study - Watchmen discussion questions - C# multiple choice questions and answers - Coastal medical center case study - Jaycar 1080p action camera - Nursing - Imo resolution a 868 20 of 2004 - I am presence chart - A new soft drink is being market tested - Standardization of sodium hydroxide solution with potassium hydrogen phthalate - Health the basics 13th edition by rebecca j donatelle - Health promotion and disease prevention - Is macconkey agar chemically defined - World War 2 - The story of tom brennan quotes - 005 super why the tortoise and the hare - Yarra valley water build over easement - Bearer and joist span tables - Ibm global technology outlook - 5 Best WaysTo Treat Your Mental Health Issues - Planet fitness deals march 2018 - Costco wholesale corporation mission business model and strategy - Statistical symbols and definitions matching assignment - Administration and Supervision in CRJU – Professor Question 5 - 12 point nut fastenal - Aws pci dss compliance - Jones and shephard accountants inc case study - Summary and Chart - Sttss homework - 2103 summerland heights ln santa barbara ca 93108 - 02.01 regions chart and written response - Aboriginal our father prayer - Research of nursing - Alumni giving case problem solution - Why do ionic compounds have a high melting point - Three arguments for social responsibility - 1.120 461 in spanish - Alcoa conductor engineering handbook - If then statements geometry