Preparing the selling and admin budget for Coopie Awards
Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Preparing the selling and admin budget for Coopie Awards
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
The following are date for the sales and administrative budget for Coopie Awards:
Sales Commissions7% of sales
Advertising Expense18% of sales
Misc. selling expense$1,750 plus 4% of sales
Office salaries expense$12,000 per month
office supplies expense5% 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$0
Cost of Goods sold0
Gross Profit$0
Selling and administrative expenses0
Income from operations$0
Income Tax0
Net Income$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.
Preparing the selling and admin budget for Coopie Awards
Hint: Preparing a flexible budget will help in analyzing the results. Please show the flexible budget on this tab.
Actual Results Budget based on 45000 unisVariance
Sales Revenue $1,548,000 $1,575,000 $27,000 Unfavorable
Direct Materials costs498000518400$20,400 Favorable
Direct Labor Costs9480099000$4,200 Favorable
Overhead Costs126000126,000$0
total dierct costs $718,800 $743,400 $24,600 Favorable
Selling and administrative cost700000729550$29,550 Favorable
operating income $129,200 $102,050 ($27,150)Favorable
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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