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Mgt2400 Management Accounting

Question

Answered

The accountant at Phoenix Technology has always prepared a budget that is calculated using only one estimated volume of sales. He has asked you to help him set up a spreadsheet that can be used for sensitivity analysis in the budgeting process. This year, it appears that the company may not meet expectations on cell phone sales which could result in a loss. The accountant is concerned that the company will incur a loss again next year and wants to develop a budget that will easily reflect changes in the assumptions. After gathering information about next year's operations, he will provide information using a what-if sensitivity analysis.

Direct Materials Per Cell Phone:

 

 

Circuit

$35.00

 

Battery

$20.00

 

Case

$10.00

 

Direct Labour:

 

 

Hours

Assembly

.5

 

Packing

.1

Cost Per Hour

Assembly

$65.00

 

Packing

$35.00

Cost Per Cell Phone

Assembly

$30.00

 

Packing

$5.00

Inventory Information:

 

 

 

Beginning

Target Ending

Circuit

$25,000

$35,000

Battery

$20,000

$25,000

Case

$10,000

$12,000

Finished Goods (units)

2,000

2,200

Finished Goods (cost)

$107,850

 

Revenue Assumptions:

 

 

Selling Price per Cell Phone

$150

 

Volume of Cell Phone Sales

100,000

 

Instructions:

(a) Create a spreadsheet with a data input box at the top. Into this box put all the relevant assumption data. This box should be formatted with a border to separate the input data from the cell-referenced data. Set up each schedule with cell references to information in the data input box. Any changes made to information in this box should be reflected through all the schedules that you set up. As you proceed through Parts 2 and 3 of this problem, more information will be given that needs to be located in the assumptions box, such as next year's estimated variable and fixed manufacturing overhead, as well as support department costs. You will need to leave space in the data input box for this information or add more rows as you develop the spreadsheet.

(b) Prepare a revenue budget.

(c) Prepare a production budget in units.

(d) Prepare the direct materials usage budget and a direct- materials purchases budget.

(e) Prepare a direct labour budget (in hours and cost).

PART 2: OVERHEAD, ENDING INVENTORY, AND COST OF GOODS SOLD BUDGETS

Refer to the information for Part 1. Following are estimated manufacturing overhead costs. Both fixed and variable overhead will be allocated based on the number of cell phones  produced:

Estimated variable manufacturing overhead costs:

 

Supplies

$220,000

Indirect labour

 300,650

Maintenance

 140,200

Miscellaneous

   55,200

Total

 716,050

Estimated fixed manufacturing overhead costs:

 

Amortization

$320,728

Property Taxes

    32,228

Insurance

    72,368

Plant  Management

  340,600

Fringe Benefits

  406,840

Miscellaneous

    89,992

Total

1,262,756

(f) Prepare a manufacturing overhead budget and determine variable and fixed overhead allocation rates by dividing the budgeted overhead by budgeted labour hours for the fixed overhead, and by units for the variable overhead.

(g) Prep

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