Use the following Excel Template to complete your assignment for this week

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Description

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 to the drop box 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:

Coopie Awards produces brass plaques. They operates in 3 regions of the country. The western region sales manager estimates sales of 20,000 plaques for the region.
The central regional manager estimates sales of 10,000 plaques for the region and the eastern sales manager estimates slaes of 15,000 plaques for the region. Each plaque sells fo
Requirement: Prepare the sales budget for Coopie Awards

Region
Western
Central
Eastern
Total Units

Coopie Awards
Sales Budget
For the current Year
Sales Volume Selling Price Total Sales

sells for $35.

Coopie Awards projected sales of 45,000 brass plaques for the year. The estimated January 1 inventory is 3,000 plaques, and the desired December 31 inventory is 5,000 units.
Requirement: Prepare the production budget in units for Coopie Awards.
Coopie Awards
Production Budget
For the current year
Sales
Plus desired ending inventory
Total
Less estimated beginning inventory
Total Production

s.

Coopie Awards budgeted production of 47,000 brass plaques for the year. 96 square inches are required for each brass plaque. The estimated January 1 brass sheet inventory is 24
The desired December 31 brass sheet inventory is 200,000 square inches. Brash sheet costs $0.12 per square inch.
Requirement: Prepare the direct materials purchases budget for Coopie Awards
Coopie Awards
Direct Materials Purchases Budget
For the current Year
Units Required for Production (47,000X96)
Plus desired ending inventory
Total Needed
Less estimated beginning inventory
Total units to be purchased
Unit price
Total direct materials purchases

ntory is 240,000 square inches.

Coopie Awards budgeted proction of 47,000 brass plaques. Each plaque requires 12 minutes of engraving. Engraving labor costs $11.00 per hour.
Required: Prepare the direct labor cost budget for Coopie Awards
Coopie Awards
Cost of Direct Labor Budget
For the Current Year
Hours required for production (47,000X12/60)
Hourly rate
Total Direct Labor cost

9400
$5.00
$47,000.00

Assume the estimated January 1 inventory for finished goods and work in process were $54,000 and $47,000 respectively. Also assume the desired December 31 inventories for
finished goods and work in process were $50,000 and $49,000 respectively. Factory overhead was budgeted for $126,000.
Using the information on the previous tabs, prepare a cost of goods sold budget for Coopie Awards for the current year.
Coopie Awards
Budgeted Cost of Goods Sold
For the current year
Work in process Inventory January 1
Direct Materials:
Direct materials inventory January 1 (Note a)
Direct materials purchases
Cost of direct materials available for sale
Less direct materials December 31 (note b)
Cost of direct materials used in production
Direct labor
Factory Overhead
Cost of goods added to production
Cost of goods available
Less work in process December 31 inventory
Cost of goods manufactured
Plus Finished goods January 1
Less finished goods December 31
Cost of goods sold
Note a: 240000 X $0.12
Note b: 200000X.12

or

The following are date for the sales and administrative budget for Coopie Awards:
Sales Commissions
7% of sales
Advertising Expense
18% of sales
Misc. selling expense
$1,750 plus 4% of sales
Office salaries expense
$12,000 per month
office supplies expense
5% of sales
Misc administrative expense
$1,400 per month plus 2% of sales
Requirement: Prepare the selling and admin budget for Coopie Awards
Coopie Awards
Selling and Administrative Budget
For the current Year
Selling Expenses:
Sales commissions
Advertising expenses
Miscellaneous selling expenses
Total selling expenses
Administrative expenses:
Office salaries
Office supplies
Miscellaneous administrative expenses
Total administrative expenses
Total selling and administrative expenses

Coopie Awards pays 40% in income taxes.
Requirement: Prepare Coopie Awards’ budgeted income statement
Coopie Awards
Budgeted Income Statement
For the current year
Sales Revenue
Cost of Goods sold
Gross Profit
Selling and administrative expenses
Income from operations
Income Tax
Net Income

$0
0
$0
0
$0
0
$0

Coopie Awards sold 43,000 brass plaques for the current year with the following results. In the discussion forum comment on Coopie Awards results.
Hint: Preparing a flexible budget will help in analyzing the results. Please show the flexible budget on this tab.
Budget based on
45000 unis

Sales Revenue
Direct Materials costs
Direct Labor Costs
Overhead Costs
total dierct costs
Selling and administrative cost
operating income

Actual Results
$
1,548,000 $
498000
94800
126000
$
718,800 $
700000
$
129,200 $

Variance
1,575,000 $27,000 Unfavorable
518400 $20,400 Favorable
99000 $4,200 Favorable
126,000
$0
743,400 $24,600 Favorable
729550 $29,550 Favorable
102,050 ($27,150) Favorable

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