ACCT 225 - Assignment 6-2

ACCT 225 - Assignment 6-2 - Brief Exercise 7-1: Budget...

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Brief Exercise 7-1: Budget Process 1 control 2 motivation 3 responsible accounting 4 imposed from above 5 planning 6 budget 7 budget committee 8 bottlenecks 9 self-imposed budget 10 benchmarks
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Graber Corporation Sales Budget 1st Quarter 2nd Quarter 3rd Quarter Budgeted Unit sales 16000 15000 14000 Selling Price Per Unit $22 $22 $22 Total Sales $352,000 $330,000 $308,000 Percentage of Sales collected in the period of sale 75% Percentage of Sales collected in the period after the sale 20% 5% Schedule of Expected Cash collections Accounts Receivables beginning balance $66,000 First Quarter sales $264,000 $70,400 Second Quarter sales $247,500 $66,000 Third Quarter sales $231,000 Fourth Quarter sales Total Cash Collections $330,000 $317,900 $297,000 Graber Corporation Production Budget Quarter 1 2 3 4 Budgeted sales 16000 15000 14000 15000 Add Desired ending inventory of finished goods 3000 2800 3000 3400 Total needs 19000 17800 17000 18400
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ACCT 225 - Assignment 6-2 - Brief Exercise 7-1: Budget...

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