Budgeting and Standard Cost Systems

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E13-16/13-16Ex_7e.xls

Ex. 13-16

Exercise 13-16 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
9
Score: 0% " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
0
Key Code: 2 Total SUM(AV13:AV15)
Instructions 9
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 0%
A red asterisk (*) will appear in the column immediately to the right of an incorrect answer. Notes:
" " represents an unanswered N box - counts as an incorrect.
" " represents a correct blank answer or N answer
Total number of answers = sum of above
REHAB PHYSICAL THERAPY INC. Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Schedule of Cash Payments for Operations
For the Three Months Ending May 31
March April May Steps:
Open this sheet and macro sheet
Payments of prior month's expense Open old templated, then change color palet to this sheet's
Payment of current month's expense Insert new header - change problem number and reformat
Total payments Copy these formulas (column AD) to new sheet.
Update to new edition's names and numbers
Copy new error check formulas. For N-boxes
=IF(sol.!$C$5="OFF","",IF(AC25=""," ",IF(AC25<>sol.!AC25,"*"," ")))
For B-Boxes
=IF(sol.!$C$5="OFF","",IF(AC30<>sol.!AC30,"*"," "))
Copy Score formula from this template to new sheet.
=IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
=IF(sol.!$C$5="OFF","","*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.")
Mar. 1 accrued expenses. Enter all expenses as positive amounts.
Enter a formula of (current month's expenses - depreciation - insurance) x percentage

sol.

Exercise 13-16 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: SOLUTION 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
Score: See student sheet for student's score 0
Scoring: ON " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
0
Total SUM(AV13:AV15)
Instructions 0
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 0%
A red asterisk (*) will appear in the column immediately to the right of an incorrect answer. Notes:
" " represents an unanswered N box - counts as an incorrect.
" " represents a correct blank answer or N answer
Total number of answers = sum of above
REHAB PHYSICAL THERAPY INC. Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Schedule of Cash Payments for Operations
For the Three Months Ending May 31
March April May Steps:
Open this sheet and macro sheet
Payments of prior month's expense $ 36,000 $ 26,300 $ 31,400 Open old templated, then change color palet to this sheet's
Payment of current month's expense 105,200 125,600 131,600 Insert new header - change problem number and reformat
Total payments $ 141,200 $ 151,900 $ 163,000 Copy these formulas (column AD) to new sheet.
Update to new edition's names and numbers
Copy new error check formulas. For N-boxes
=IF(sol.!$C$5="OFF","",IF(AC25=""," ",IF(AC25<>sol.!AC25,"*"," ")))
For B-Boxes
Copy Score formula from this template to new sheet.
=IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
=IF(sol.!$C$5="OFF","","*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.")
Mar. 1 accrued expenses. Enter all expenses as positive amounts.
Enter a formula of (current month's expenses - depreciation - insurance) x percentage

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E13-25-1/E13-25-2.jpeg

Chapter 13 Slides.pdf

Chapter 13: Budgeting and

Standard Cost Systems Instructor: Thomas R. Marben, CPA, MBA

Course Learning Outcomes

 Examine the role of management in using accounting information for decision making.

 Analyze cost as it applies to various management situations.

 Apply direct materials, direct labor, and factory overhead in a job order costing system.

 Apply relevant costing models in both short- term and long- term analysis.

Course Learning Outcomes

Examine the role of management in using accounting information for decision making.

Analyze cost as it applies to various management situations.

 Apply direct materials, direct labor, and factory overhead in a job order costing system.

Apply relevant costing models in both short- term and long- term analysis.

Key Elements of Chapter 13

Describe the various types of budgets and understand how they impact decision making

Describe the types of Standards and how they impact budgets

Compute and interpret variances from standards

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Planning

DirectingControlling

Budgeting & Standard Cost Systems

Budget Systems:

Continuous Budget

Static Budget

Flexible Budget

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Master Budget:

Operating Budgets:

Sales

Cost of Goods Sold

Production

Direct Materials

Direct Labor

Factory Overhead

Selling and Administrative

Budgeting & Standard Cost Systems

Master Budget (Continued):

Financing Budget

Cash Budget

Investing Budget

Capital Expenditure Budget

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Cash Budget

Worst Case Base Case Best Case

Sales Budget:

Last Year

Changes:

Backlog of Orders

Planned Promotions

Capacity

Price Changes

Market Research Studies

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Production

Direct Materials Purchases

Direct Labor Costs

Factory Overhead

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Cost of Goods Sold

Selling and Administrative

Cash Budgets

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Standards

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

Budgeting & Standard Cost Systems

References  http://azcapitoltimes.com/news/2017/05/02/stri

fe-ahead-as-fy18-budget-takes-shape/

 https://depositphotos.com/42459427/stock-

photo-word-cloud-sales-target.html

 http://quotes.viralcreek.com/aim-high-enough/

 http://www.365daystofinancialfreedom.com/201

0/02/01/visualize-with-wordle/

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13-07Ex_7e/13-07Ex_7e.xls

Ex. 13-7

Exercise 13-7 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
25
Score: 0% " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
0
Key Code: 2 Total SUM(AV13:AV15)
Instructions 25
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 0%
A red asterisk (*) will appear in the row immediately to the right of an incorrect answer. Notes:
" " represents an unanswered N box - counts as an incorrect.
" " represents a correct blank answer or N answer
Total number of answers = sum of above
GINO’S FROZEN PIZZA INC. Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Direct Materials Purchases Budget
For the Month Ending June 30
Dough Tomato Cheese Total Steps:
Open this sheet and macro sheet
Units required for production: Open old templated, then change color palet to this sheet's
12" pizza Insert new header - change problem number and reformat
16" pizza Copy these formulas (column AD) to new sheet.
Plus desired inventory, June 30 Update to new edition's names and numbers
Total Copy new error check formulas. For N-boxes
Less estimated inventory, June 1 =IF(sol.!$C$5="OFF","",IF(AC25=""," ",IF(AC25<>sol.!AC25,"*"," ")))
Total units to be purchased
Unit price
Total direct materials to be purchased
For B-Boxes
=IF(sol.!$C$5="OFF","",IF(AC30<>sol.!AC30,"*"," "))
Copy Score formula from this template to new sheet.
=IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
=IF(sol.!$C$5="OFF","","*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.")
Enter a formula of units x lbs. per unit
Enter a formula of units x lbs. per unit

sol.

Exercise 13-7 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: SOLUTION 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
Score: See student sheet for student's score 0
Scoring: ON " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
0
Total SUM(AV13:AV15)
Instructions 0
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 0%
A red asterisk (*) will appear in the row immediately to the right of an incorrect answer. Notes:
" " represents an unanswered N box - counts as an incorrect.
" " represents a correct blank answer or N answer
Total number of answers = sum of above
GINO’S FROZEN PIZZA INC. Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
Direct Materials Purchases Budget
For the Month Ending June 30
Dough Tomato Cheese Total Steps:
Open this sheet and macro sheet
Units required for production: Open old templated, then change color palet to this sheet's
12" pizza 13,500 7,200 10,800 Insert new header - change problem number and reformat
16" pizza 30,000 24,000 33,000 Copy these formulas (column AD) to new sheet.
Plus desired inventory, June 30 5,500 3,500 4,000 Update to new edition's names and numbers
Total 49,000 34,700 47,800 Copy new error check formulas. For N-boxes
Less estimated inventory, June 1 4,000 3,000 3,400 =IF(sol.!$C$5="OFF","",IF(AC25=""," ",IF(AC25<>sol.!AC25,"*"," ")))
Total units to be purchased 45,000 31,700 44,400
Unit price $0.90 $1.20 $3.00
Total direct materials to be purchased $ 40,500 $ 38,040 $ 133,200 $ 211,740
For B-Boxes
=IF(sol.!$C$5="OFF","",IF(AC30<>sol.!AC30,"*"," "))
Copy Score formula from this template to new sheet.
=IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
=IF(sol.!$C$5="OFF","","*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.")
Enter a formula of units x lbs. per unit
Enter a formula of units x lbs. per unit

13-07Ex_7e/E13-7.jpeg