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You are a manager for Peyton Approved, a pet supplies manufacturer. This responsibility requires you to create budgets, make operations to determine

ou 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.  ATTACHMENT PREVIEW Download attachmentPeyton ApprovedBudgeted Balance Sheet30-Jun-15ASSETSCashAccounts receivableRaw materials inventoryFinished goods inventoryTotal current assetsEquipmentLess accumulated deprecia±onTotal assetsLIABILITIES AND EQUITYAccounts payableShort-term notes payableTaxes payableTotal current liabili±esLong-term note payableTotal liabili±esCommon stockRetained earningsTotal stockholders’ equityTotal liabili±es and equityAll assump±ons are new and apply to the July through September budget period.2. The June 30 fnished goods inventory is 16,800 units.3. Going ²orward, company policy calls ²or a given month’s ending fnished goods inventory to equal 70% o² the next month’s exp5. Each fnished unit requires 0.50 hours o² direct labor at a rate o² $16 per hour.8. Sales representa±ves’ commissions are 12% o² sales and are paid in the month o² the sales. The sales manager’s monthly salaYou are a manager ²or Peyton Approved, a pet supplies manu²acturer. This responsibility requires you to create budgets, makepopera±ons to determine i² changes need to be made to make the company more e³cient.You will be preparing a budget ²or the quarter July through September 2015.You are provided the ²ollowing in²orma±on. Theb1. Sales were 20,000 units in June 2015. Forecasted sales in units are as ²ollows: July, 18,000; August, 22,000; September, 20,000is $18.00 per unit and its total product cost is $14.35 per unit.4. The June 30 raw materials inventory is 4,600 units. The budgeted September 30 raw materials inventory is 1,980 units. Rawmunit requires 0.50 units o² raw materials. Company policy calls ²or a given month’s ending raw materials inventory to equal 20%6. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $1.35 per unit produced. Depfxed ²actory overhead.7. Monthly general and administra±ve expenses include $12,000 administra±ve salaries and 0.9% monthly interest on the long-

 
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ECO-301: Milestone Two

ECO-301:  Milestone Two Directions

The focus of this analysis involves analyzing key economic themes such as demand, production, cost, and market structure with quantitative techniques like regression analysis and linear programming for a specific company.  For purposes of this project you will select a product or service with substantial data. 

Some possible topics: unemployment and crime, exports and underdeveloped countries, demand/supply of higher education, air pollution and population, etc.  

You will formulate an introduction and problem statement and collect data sources. 

  • Introduction and Statement of Problem
    • Introduction and Statement of Problem: What problem are you trying to solve?  This is where you would discuss key information; why the issue/problem is important, sources of data you plan to use, estimation procedure you will use, variables, assumptions, weaknesses of data, etc.  (Some possible topics: unemployment and crime, exports and underdeveloped countries, demand/supply of higher education, air pollution and population, etc. )
    •  Introduce and describe the product or service being evaluated.  Why the issue/problem is important
    •  Model Formation:  This refers to the model, hypothesis, or theoretical framework that will be used to explain and/or forecast some variables. In the usual case, the model will be in the form of functional equations. QD = f(P, Y, …)
 
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The relevant costs involved would include unit production costs

The relevant costs involved would include unit production costs (depending on machinery used), insurance premiums compared to the irrelevant costs of fuel and individual motor parts. Sunk costs here could include the plant & equipment used in production together with the factory and general production site & transport vehicles that all would have already been purchased and so would need to be liquidated.

I would use differential analysis to assess whether, in the financial model for outsourcing the manufacturing activities to a vendor, the operating income earned would outweigh that from keeping the production in-house (as opposed to looking at the entire income statement for each scenario). 

 
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Labor variance actual cost $ 15.00 Materials variance actual cost $ 7.75 495,000 255,750 actual quantity 33,000 33,000 f Labor

This question was created from Acc 202 budget Variance report

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For labor variance: How is the standard cost 48000 unfavorable? How did you get that number? For Materials variance, it gives 31000 for actual quantity and I have 30000 for standard quantity, I’m confused as to what to do from this point to determine which is favorable and unfavorable?

 
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