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1. Rundle Ltd has estimated sales for January to April as
The mark-up on cost is 50% and management requires that opening stock be 90% of sales (at cost) each month.
Using an excel spreadsheet,
a. Prepare a purchases budget for the three months ending 31 March.
b. Prepare a Costs of Goods Sold budget for three months ending 31 March.
2. Refer to problem 1. Rundle Ltd provides you with the following information relating to estimated expenses.
|Sales representatives’ salaries||$72 000 pa apportioned equally each month|
|Cartage outwards||5% of sales|
|Advertising||3% of sales|
|General salaries and wages||$144 000 pa apportioned equally each month|
|Audit fees||$2 400 pa apportioned equally each month|
|Payroll on-costs (treated as an|
|15% of total payroll|
|Rent||$43 200 pa apportioned equally each month|
|Depreciation||$27 600 pa apportioned equally each month|
|Telephone||$1800 pa apportioned equally each month|
|Stationery||$1 800 pa apportioned equally each month|
|Interest on loan||January—$830|
|Bank charges||$720 pa apportioned equally each month|
Using an excel spreadsheet:
a. Prepare the marketing expenses budget for three months ending 31 March.
b. Prepare the financial expenses budget for the three months ending 31 March.
3. To demonstrate the integration of operating budgets, using the information provided in 2.1 and 2.2 now prepare a summary budgeted income statement for the three months ending 31 March. (Provide your answer in the excel spreadsheet).
4. Anshar Manufacturing makes drinking mugs. Its budgeted income statement for the coming year shows
|Budgeted income statement for the year ending30-Jun|
|Sales (200 000 mugs)||600 000|
|less Cost of goods sold||390 000|
|Direct materials||210 000|
|Direct labour||72 000|
|Variable factory overhead||48 000|
|Fixed factory overhead||60 000|
|Gross profit||210 000|
|less Operating expenses||91 500|
|Variable expenses||33 000|
|Fixed expenses||9 000|
|Administration and financial||49 500|
|Variable expenses||12 000|
|Fixed expenses||37 500|
|Net profit||118 500|
(Using the excel spreadsheet, respond to the following questions)
a. Recast the budgeted income statement so that all variable costs are grouped together, all fixed costs are grouped together, and the contribution margin is shown. Remember: Direct materials and direct labour are variable costs.
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b.i. What is the flexible budget equation in this situation?
(ii) What is the average budgeted sale price for mugs?
c.Prepare a flexible budget at 190 000, 200 000 and 210 000 unit levels of activity. Show details for each individual cost item.
d. Refer to 3.1 and 3.3. The actual results for Anshar Manufacturing were:
|Sales (210 000 mugs)||622 500|
|Direct materials||225 000|
|Direct labour||72 900|
|Factory overhead||52 500|
|Administration and finance||15 000|
|Factory overhead||60 000|
|Administration and financial||33 000|
Prepare a detailed performance report.
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