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Part1Budgeting Case Study (graded)

Part 1:

Let's start the week by discussing Case 8-30 on pages 389 and 390. First, let's discuss how the budgeting process as employed by Ferguson & Son Manufacturing Company contributes to the failure to achieve the budgeted costs. What could they do differently that might lead to better budget outcomes?

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Part 2:

Please explain which and why the answer chosen is correct, and why the other choices are not correct. Please support your response. Questions are.

1) On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents

The amount of cost charged to Work in Process during the period.

The amount of cost transferred from Finished Goods to Cost of Goods Sold during the period.

The amount of cost placed into production during the period.

The amount of cost of goods completed during the current year whether they were started before or during the current year.

2) Discretionary fixed costs

Cannot be changed because they are fixed.

Have a long-term planning horizon, generally encompassing many years.

Are made up of facilities, equipment, and basic organization.

B and C

None of the above