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Cost Accounting-Master budget-Prepare the following schedule

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prepare the required schedules in the Excel sheet and LINK ALL possible calculations to this worksheet, or to calculations from the budget schedules.

You will be given an Excel file of this worksheet as the basis for the following exercises.
As you prepare each of the following budget schedules, you are required to link all
possible calculations to this worksheet, or to calculations from the budget schedules.

Prepare the following schedules to support the Budgeted Income Statement in Schedule I:
(a) Sales budget (check figure: $6,910,000)
(b) Production budget in units (check figure: Product G units = 1,000)
(c ) Direct materials purchases budget (check figure: Total DM purchases = $2,060,000)
Include calculation of Direct Materials used (check figure: $2,152,000)
(d) Direct Labor budget (check figure: $2,132,000)
(e) Factory Overhead budget showing fixed and variable subtotals and overhead application rate
(check figure: Factory OH application rate = $20 per DL hour)
(f) Ending inventory budget including calculation of FG unit costs (check figure: Combined
Ending Inventory cost = $1,109,800)
(g) Cost of Goods Sold budget (check figure: $5,497,000)
(h) Selling and Administrative budget with categories (check figure: $750,000)
(i) Budgeted Income Statement for 2008 through Operating Income (check figure: $663,000)

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Solution Summary

Your tutorial is in excel with amounts all linked to the data sheet and all computations in cells.

Solution provided by:
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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