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1、Chapter 7The Master Budget: Profit PlanningShort Exercises(5 minutes) S 7-1The budget forces managers to plan.The budget promotes coordination and communicationThe budget provides a benchmark.(5-10 minutes) S 7-2List in order of preparation the items of the master budget:7 a. Budgeted balance sheet1
2、 b. Sales budget5 c. Budgeted income statement6 d. Cash budget3 e.Direct materials, direct labor, manufacturing overhead, and ending finished goods inventory budgets4f.Selling and administrative budget2g.Production budget (5 minutes) S 7-3MountaineersSales BudgetJanuaryFebruaryTotalSales price per p
3、air$ 165$ 220Number of pairs 4,000 2,000Total sales$660,000$440,000$1,100,000(continues S 7-3) (35-45 minutes) S 7-4MountaineersProduction BudgetJanuary February MarchBudgeted sales in shoes quantity (From S 7-3) 4,000 2,000 4,600Add: Ending finished goods inventory 800 a 1,840 b 1,600 c Budgeted fi
4、nished goods available 4,800 3,840 6,200Less: Beginning finished goods inventory. 0 800 1,840 Budgeted production 4,800 3,040 4,360_a0.40 2,000b0.40 4,600c0.40 4,000(continued) S 7-4MountaineersDirect Materials BudgetJanuaryFebruaryMarchBudgeted production 4,800 3,040 4,360 Direct materials cost per
5、 pair$ 80 $ 80 $ 80 Budgeted direct materials needed to be purchased$384,000 $243,200 $348,800 MountaineersDirect Labor BudgetJanuaryFebruaryMarchBudgeted production 4,800 3,040 4,360 Direct labor cost per pair$ 50 $ 50 $ 50 Budgeted direct labor$240,000 $152,000 $218,000 MountaineersManufacturing O
6、verhead BudgetJanuaryFebruaryMarchBudgeted production 4,800 3,040 4,360 Variable manufacturing overhead cost per pair*$ 40 $ 40 $ 40 Budgeted variable manufacturing overhead192,000121,600174,400Fixed manufacturing overhead20,00020,00020,000Total budgeted manufacturing overhead212,000141,600194,400Le
7、ss: Depreciation 4,000 4,000 4,000Budgeted cash disbursements for manufacturing overhead$208,000$137,600$190,400*$20 per shoe 2 shoes per pair = $40 per pair(continues S 7-4) (15-20 minutes) S 7-5MountaineersBudgeted Cash Collections from CustomersJanuaryFebruaryCash sales$ 132,000a$ 88,000Collectio
8、n of credit sales:30% of current month credit sales158,400b105,60060% of prior month credit sales191,760c316,8007% of credit sales two months ago 21,616d 22,372Total collection of credit sales371,776444,772Total cash collections$ 503,776$ 532,772_a0.20 $660,000b0.80 $660,000 x 0.30c0.80 x $399,500 x
9、 0.60d0.80 x $386,000 x 0.07 (5-10 minutes) S 7-6MountaineersCash BudgetMonth Ended December 31Beginning cash balance$ 8,600Cash collections from customers548,600Cash available before financing557,200Total cash payments563,230Ending cash balance before financing(6,030)Less: Minimum cash balance desi
10、red(7,400)Cash excess (deficiency)$ (13,430)_Mountaineers will need to borrow $13,430 in cash by the end of December. (10-15 minutes) S 7-7Riverbed Sporting Goods StoreSales BudgetAprilMayJuneJulyApril-JulyTotalCash sales, 60%$32,400$51,600$24,000$32,400Credit sales, 40% 21,600 34,400 16,000 21,600T
11、otal sales, 100%$54,000$86,000$40,000$54,000$234,000Exercises(15 minutes) E 7-8This Year ActualLast Year ActualVarianceSales revenue (8,000 $200)$1,600,000 (10,000 $150)$1,500,000$100,000Variable expenses ($150 8,000)(1,200,000)Variable expenses ($120 10,000)(1,200,000)-0-Fixed expenses (110,000) (1
12、10,000)-0-Net income$ 290,000$ 190,000$100,000A better system would compare this years actual results with this years budget, which considers all factors that affect this years operations.(15-20 minutes) E 7-9BudgetPurposeOperatingProjects the operating income for the period through the budgeted inc
13、ome statementCapital expendituresPresents the companys plans for purchasing property, plant and equipment, and other long-term assets FinancialPresents the cash budget, the budgeted balance sheet, and the budgeted statement of cash flows(10-15 minutes) E 7-10Swensen, Inc.Production BudgetQuarter EndedMarch 31June 30Sept. 30Budgeted sales of tire rims 1,000a 1,500b 1,300c Add: Ending
