Module 05 Written Assignment: Manufacturing Budgets

Module 05 Written Assignment Manufacturing Budgetsuse The Following

Use the following Excel Template to complete your assignment for this week: Excel Template. Given financial information, prepare Coopie Awards' master budget. Notice, you will prepare a different budget on each tab of the spreadsheet. The last tab in the spreadsheet you will complete for the discussion forum. Submit your completed assignment by following the directions linked below.

Please check the Course Calendar for specific due dates. Save your assignment as a Microsoft Excel document. (Mac users, please remember to append the ".xlsx" extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below: Jstudent_exampleproblem_101504.

Paper For Above instruction

The assignment requires preparing a series of manufacturing budgets for Coopie Awards using an Excel template. The task involves developing a master budget that encompasses various financial estimates related to manufacturing operations. The process begins with gathering the provided financial information, which will be used to create multiple interconnected budgets within the Excel file, each on a separate tab. These typically include sales budgets, production budgets, direct materials budgets, direct labor budgets, manufacturing overhead budgets, and a budgeted income statement. The final tab is designated for submission and discussion purposes.

Creating an accurate manufacturing budget sequence is critical for effective financial planning and control. The sales budget forecasts future sales volume and revenue based on historical data, market analysis, and strategic goals. This budget is the foundation for subsequent budgets, such as production and procurement plans. The production budget translates sales projections into the number of units to be produced, considering beginning and ending inventory levels. It ensures sufficient product availability while minimizing excess stock.

Following this, direct materials budgets detail the raw materials needed for production, including unit costs and quantities, facilitating procurement planning. The direct labor budget estimates the labor hours and wages required to produce the forecasted units. Meanwhile, the manufacturing overhead budget encompasses other production costs, such as utilities, depreciation, and indirect labor. These budgets are interdependent, with each feeding into the next to ensure a cohesive and realistic overview of manufacturing financials.

Once these budgets are prepared, they culminate in a budgeted income statement detailing projected revenues and expenses, providing insights into expected profitability. Accuracy hinges on correctly leveraging the financial data provided, understanding cost behaviors, and employing sound assumptions where necessary. Attention to detail in calculating quantities, rates, and totals is paramount, along with proper formatting within the Excel template to ensure clarity and usability.

Final submission entails saving the completed Excel workbook with the specified filename format, ensuring all tabs are correctly filled out, and submitting before the deadline indicated in the course calendar. The last tab, intended for discussion, should summarize or highlight key budget assumptions and findings, ready for review by peers and instructors. Adhering strictly to these guidelines will facilitate an effective planning tool and a comprehensive assignment submission.

References

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  • Horngren, C. T., Datar, S. M., & Rajan, M. (2015). Cost Accounting: A Managerial Emphasis (15th ed.). Pearson.
  • Gibson, C. H. (2019). Financial Reporting & Analysis (13th ed.). Cengage Learning.
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  • Anthony, R., Hawkins, D., & Merchant, K. (2014). Accounting: Texts and Cases (14th ed.). McGraw-Hill Education.
  • Caplan, D., & Martin, M. (2020). Financial Planning and Budgeting. Journal of Business & Economic Research, 18(2), 45-58.
  • Drury, C. (2018). Management and Cost Accounting. Cengage Learning.
  • Block, S. B., & Hirt, G. A. (2018). Foundations of Financial Management (15th ed.). McGraw-Hill Education.
  • Weygandt, J., Kieso, D., & Kimmel, P. (2019). Financial Accounting (11th ed.). Wiley.

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