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Competition Bikes Inc. Storyline: Budgets & Planning

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Prepare a summary report in which you do the following:
1. Discuss budgetary items that raise concern in the budget planning.
2. Evaluate the flexible budget and its variances.
a. Recommend corrective actions for areas of concern based on a variance analysis.
b. Discuss how the concept of management by exception could be applied to the variances.

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Q1:

In planning the budget, you must make the best guess for units to be produced and sold, the cost of those units (variable costs), and the prices at which those units will sell. While fixed costs must be estimated for budgeting, these tend to have less variation and less surprises because they are not dependent on activity, market pricing and ingredient costs for production. So, the variable items in the budget such as direct materials, direct labor, variable overhead and variable non-product costs require the most attention. Further, even if you get the costs correct, the volume can be way off from expectations, rendering the budget less than ...

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Your discussion is 413 words plus a flexible budget created in Excel for you.

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