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

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  • Need help with the budget variance worksheet. I attached a copy of part one and the worksheet. If you need anymore information please let me know.

You are a manager ²or Peyton Approved, a pet supplies manu²acturer. This responsibility requires you to create budgets, make operations 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. Raw unit requires 0.50 unit’s 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. Defied ²actory overhead.7. Monthly general and administrative expenses include $12,000 administrative salaries and 0.9% monthly interest on the long-

You can find an example of a sales budget in Exhibit 22-5 on page 1324 of the textbook. Complete the Production Budget on the Budgets tab below by using the information Found in the budgeted balance sheet above Consider assumption 2 while completing this critical element: ±he June 30 finished goods inventory is 16,800 units. You can find an example of a production budget in Exhibit 22-6 on page 1325 of the textbook. Step 3: Prepare a Manufacturing Budget Raw Material Budget Consider units to be produced Found in the production budget while completing this critical element Direct Labor Budget Consider units to be produced Found in the production budget while completing this critical element Factory Overhead Budget Consider units to be produced Found in the production budget while completing this critical element Step 4: Prepare a Selling Budget Complete the Selling Expense Budget. Step 5: General and Administrative Expense Budget Complete the General and Administrative Expense Budget. His actual quantity of material used was 31,000 with an actual cost of $7.75 per unit. ±he actual labor hours were 33,000 witha Complete the Sales Budget on the Budgets tab below by using the information Found in the budgeted balance sheet above. Consider assumption 1 when completing this critical element: Sales were 20,000 units in June 2015. ²orecasted sales in units are September, 20,000; October, 24,000. ±he product’s selling price is $18.00 per unit and its total product cost is $14.35 per unit. Step 2: Prepare a Production Budget Consider assumption 1 while completing this critical element: Sales were 20,000 units in June 2015. ²orecasted sales in units are September, 20,000; October, 24,000. ±he product’s selling price is $18.00 per unit and its total product cost is $14.35 per unit. Consider assumption 3 while completing this critical element: Going Forward, company policy calls for a given month’s ending next month’s expected unit sales. Complete the Manufacturing Budget on the Budgets tab below by using the information Found in the he manufacturing budget consists of three parts: the Raw Materials Budget, the Direct Labor Budge Budget. Consider assumption 4 while completing this critical element: ±he June 30 raw materials inventory is September 30 raw materials inventory is 1,980 units. Raw materials cost $7.75 per unit. Each fnished materials. Company policy calls for a given month’s ending raw materials inventory to equal 20% of requirements. Consider assumption 5 while completing this critical element: Each finished unit requires 0.50 hourshour. Consider assumption 6 while completing this critical element: Overhead is allocated based on direct variable overhead rate is $1.35 per unit produced. Depreciation of $20,000 per month is treated as Consider assumption 8 while completing this critical element: 8. Sales representatives’ commissions are 12% of sales and are pamanager’s monthly salary is $3,750 per month. Consider assumption 7 while completing this critical element: 7. Monthly general and administrative expenses include $12,000interest on the long-term note payable. He following critical elements must be addressed when performing the Budget Variance Analysis using the Budget Variance Woman is found in the Assignment Guidelines and Rubrics Folder.

 
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