07 Jul Budgeting and Standard Cost Systems
| Exercise 13-16 | * represents an incorrect N answer =COUNTIF(A14:H27,”~*”) | ||||||||||||||||||||||||||||||
| Name: | 0 | ||||||||||||||||||||||||||||||
| Section: | ” ” represents an unanswered N box – counts as an incorrect. =COUNTIF(A14:H27,” “) | ||||||||||||||||||||||||||||||
| 9 | |||||||||||||||||||||||||||||||
| Score: | 0% | ” ” represents a correct blank answer or N answer =COUNTIF(A14:H27,” “) | |||||||||||||||||||||||||||||
| 0 | |||||||||||||||||||||||||||||||
| Key Code: | 2 | Total SUM(AV13:AV15) | |||||||||||||||||||||||||||||
| Instructions | 9 | ||||||||||||||||||||||||||||||
| Answers are entered in the cells with gray backgrounds. | Percentage =AD6/AD8 | ||||||||||||||||||||||||||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | 0% | ||||||||||||||||||||||||||||||
| A red asterisk (*) will appear in the column immediately to the right of an incorrect answer. | Notes: | ||||||||||||||||||||||||||||||
| ” ” represents an unanswered N box – counts as an incorrect. | |||||||||||||||||||||||||||||||
| ” ” represents a correct blank answer or N answer | |||||||||||||||||||||||||||||||
| Total number of answers = sum of above | |||||||||||||||||||||||||||||||
| REHAB PHYSICAL THERAPY INC. | Conditional formatting might be used but wasn’t here, to hide some of the error check return symbols. If A1 = “~*”, then font = red, if something else, then font = background color. | ||||||||||||||||||||||||||||||
| Schedule of Cash Payments for Operations | |||||||||||||||||||||||||||||||
| For the Three Months Ending May 31 | |||||||||||||||||||||||||||||||
| March | April | May | Steps: | ||||||||||||||||||||||||||||
| Open this sheet and macro sheet | |||||||||||||||||||||||||||||||
| Payments of prior month’s expense | Open old templated, then change color palet to this sheet’s | ||||||||||||||||||||||||||||||
| Payment of current month’s expense | Insert new header – change problem number and reformat | ||||||||||||||||||||||||||||||
| Total payments | Copy these formulas (column AD) to new sheet. | ||||||||||||||||||||||||||||||
| Update to new edition’s names and numbers | |||||||||||||||||||||||||||||||
| Copy new error check formulas. For N-boxes | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,IF(AC25=””,” “,IF(AC25<>sol.!AC25,”*”,” “))) | |||||||||||||||||||||||||||||||
| For B-Boxes | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,IF(AC30<>sol.!AC30,”*”,” “)) | |||||||||||||||||||||||||||||||
| Copy Score formula from this template to new sheet. | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”Score:”) | =IF(sol.!$C$5=”OFF”,””,AD10) | ||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.”) |
sol.
| Exercise 13-16 | * represents an incorrect N answer =COUNTIF(A14:H27,”~*”) | ||||||||||||||||||||||||||||||
| Name: | SOLUTION | 0 | |||||||||||||||||||||||||||||
| Section: | ” ” represents an unanswered N box – counts as an incorrect. =COUNTIF(A14:H27,” “) | ||||||||||||||||||||||||||||||
| Score: | See student sheet for student’s score | 0 | |||||||||||||||||||||||||||||
| Scoring: | ON | ” ” represents a correct blank answer or N answer =COUNTIF(A14:H27,” “) | |||||||||||||||||||||||||||||
| 0 | |||||||||||||||||||||||||||||||
| Total SUM(AV13:AV15) | |||||||||||||||||||||||||||||||
| Instructions | 0 | ||||||||||||||||||||||||||||||
| Answers are entered in the cells with gray backgrounds. | Percentage =AD6/AD8 | ||||||||||||||||||||||||||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | 0% | ||||||||||||||||||||||||||||||
| A red asterisk (*) will appear in the column immediately to the right of an incorrect answer. | Notes: | ||||||||||||||||||||||||||||||
| ” ” represents an unanswered N box – counts as an incorrect. | |||||||||||||||||||||||||||||||
| ” ” represents a correct blank answer or N answer | |||||||||||||||||||||||||||||||
| Total number of answers = sum of above | |||||||||||||||||||||||||||||||
| REHAB PHYSICAL THERAPY INC. | Conditional formatting might be used but wasn’t here, to hide some of the error check return symbols. If A1 = “~*”, then font = red, if something else, then font = background color. | ||||||||||||||||||||||||||||||
| Schedule of Cash Payments for Operations | |||||||||||||||||||||||||||||||
| For the Three Months Ending May 31 | |||||||||||||||||||||||||||||||
| March | April | May | Steps: | ||||||||||||||||||||||||||||
| Open this sheet and macro sheet | |||||||||||||||||||||||||||||||
| Payments of prior month’s expense | $ 36,000 | $ 26,300 | $ 31,400 | Open old templated, then change color palet to this sheet’s | |||||||||||||||||||||||||||
| Payment of current month’s expense | 105,200 | 125,600 | 131,600 | Insert new header – change problem number and reformat | |||||||||||||||||||||||||||
| Total payments | $ 141,200 | $ 151,900 | $ 163,000 | Copy these formulas (column AD) to new sheet. | |||||||||||||||||||||||||||
| Update to new edition’s names and numbers | |||||||||||||||||||||||||||||||
| Copy new error check formulas. For N-boxes | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,IF(AC25=””,” “,IF(AC25<>sol.!AC25,”*”,” “))) | |||||||||||||||||||||||||||||||
| For B-Boxes | |||||||||||||||||||||||||||||||
| Copy Score formula from this template to new sheet. | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”Score:”) | =IF(sol.!$C$5=”OFF”,””,AD10) | ||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.”) |
E13-16/E13-16.jpeg
E13-25-1/E13-25-1.jpeg
E13-25-1/E13-25-2.jpeg
Chapter 13 Slides.pdf
Chapter 13: Budgeting and
Standard Cost Systems Instructor: Thomas R. Marben, CPA, MBA
Course Learning Outcomes
Examine the role of management in using accounting information for decision making.
Analyze cost as it applies to various management situations.
Apply direct materials, direct labor, and factory overhead in a job order costing system.
Apply relevant costing models in both short- term and long- term analysis.
Course Learning Outcomes
Examine the role of management in using accounting information for decision making.
Analyze cost as it applies to various management situations.
Apply direct materials, direct labor, and factory overhead in a job order costing system.
Apply relevant costing models in both short- term and long- term analysis.
Key Elements of Chapter 13
Describe the various types of budgets and understand how they impact decision making
Describe the types of Standards and how they impact budgets
Compute and interpret variances from standards
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Planning
DirectingControlling
Budgeting & Standard Cost Systems
Budget Systems:
Continuous Budget
Static Budget
Flexible Budget
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Master Budget:
Operating Budgets:
Sales
Cost of Goods Sold
Production
Direct Materials
Direct Labor
Factory Overhead
Selling and Administrative
Budgeting & Standard Cost Systems
Master Budget (Continued):
Financing Budget
Cash Budget
Investing Budget
Capital Expenditure Budget
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Cash Budget
Worst Case Base Case Best Case
Sales Budget:
Last Year
Changes:
Backlog of Orders
Planned Promotions
Capacity
Price Changes
Market Research Studies
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Production
Direct Materials Purchases
Direct Labor Costs
Factory Overhead
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Cost of Goods Sold
Selling and Administrative
Cash Budgets
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Standards
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
Budgeting & Standard Cost Systems
References http://azcapitoltimes.com/news/2017/05/02/stri
fe-ahead-as-fy18-budget-takes-shape/
https://depositphotos.com/42459427/stock-
photo-word-cloud-sales-target.html
http://quotes.viralcreek.com/aim-high-enough/
http://www.365daystofinancialfreedom.com/201
0/02/01/visualize-with-wordle/
E13-14.jpeg
E13-17.jpeg
13-07Ex_7e/13-07Ex_7e.xls
Ex. 13-7
| Exercise 13-7 | * represents an incorrect N answer =COUNTIF(A14:H27,”~*”) | ||||||||||||||||||||||||||||||
| Name: | 0 | ||||||||||||||||||||||||||||||
| Section: | ” ” represents an unanswered N box – counts as an incorrect. =COUNTIF(A14:H27,” “) | ||||||||||||||||||||||||||||||
| 25 | |||||||||||||||||||||||||||||||
| Score: | 0% | ” ” represents a correct blank answer or N answer =COUNTIF(A14:H27,” “) | |||||||||||||||||||||||||||||
| 0 | |||||||||||||||||||||||||||||||
| Key Code: | 2 | Total SUM(AV13:AV15) | |||||||||||||||||||||||||||||
| Instructions | 25 | ||||||||||||||||||||||||||||||
| Answers are entered in the cells with gray backgrounds. | Percentage =AD6/AD8 | ||||||||||||||||||||||||||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | 0% | ||||||||||||||||||||||||||||||
| A red asterisk (*) will appear in the row immediately to the right of an incorrect answer. | Notes: | ||||||||||||||||||||||||||||||
| ” ” represents an unanswered N box – counts as an incorrect. | |||||||||||||||||||||||||||||||
| ” ” represents a correct blank answer or N answer | |||||||||||||||||||||||||||||||
| Total number of answers = sum of above | |||||||||||||||||||||||||||||||
| GINO’S FROZEN PIZZA INC. | Conditional formatting might be used but wasn’t here, to hide some of the error check return symbols. If A1 = “~*”, then font = red, if something else, then font = background color. | ||||||||||||||||||||||||||||||
| Direct Materials Purchases Budget | |||||||||||||||||||||||||||||||
| For the Month Ending June 30 | |||||||||||||||||||||||||||||||
| Dough | Tomato | Cheese | Total | Steps: | |||||||||||||||||||||||||||
| Open this sheet and macro sheet | |||||||||||||||||||||||||||||||
| Units required for production: | Open old templated, then change color palet to this sheet’s | ||||||||||||||||||||||||||||||
| 12″ pizza | Insert new header – change problem number and reformat | ||||||||||||||||||||||||||||||
| 16″ pizza | Copy these formulas (column AD) to new sheet. | ||||||||||||||||||||||||||||||
| Plus desired inventory, June 30 | Update to new edition’s names and numbers | ||||||||||||||||||||||||||||||
| Total | Copy new error check formulas. For N-boxes | ||||||||||||||||||||||||||||||
| Less estimated inventory, June 1 | =IF(sol.!$C$5=”OFF”,””,IF(AC25=””,” “,IF(AC25<>sol.!AC25,”*”,” “))) | ||||||||||||||||||||||||||||||
| Total units to be purchased | |||||||||||||||||||||||||||||||
| Unit price | |||||||||||||||||||||||||||||||
| Total direct materials to be purchased | |||||||||||||||||||||||||||||||
| For B-Boxes | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,IF(AC30<>sol.!AC30,”*”,” “)) | |||||||||||||||||||||||||||||||
| Copy Score formula from this template to new sheet. | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”Score:”) | =IF(sol.!$C$5=”OFF”,””,AD10) | ||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.”) |
sol.
| Exercise 13-7 | * represents an incorrect N answer =COUNTIF(A14:H27,”~*”) | ||||||||||||||||||||||||||||||
| Name: | SOLUTION | 0 | |||||||||||||||||||||||||||||
| Section: | ” ” represents an unanswered N box – counts as an incorrect. =COUNTIF(A14:H27,” “) | ||||||||||||||||||||||||||||||
| Score: | See student sheet for student’s score | 0 | |||||||||||||||||||||||||||||
| Scoring: | ON | ” ” represents a correct blank answer or N answer =COUNTIF(A14:H27,” “) | |||||||||||||||||||||||||||||
| 0 | |||||||||||||||||||||||||||||||
| Total SUM(AV13:AV15) | |||||||||||||||||||||||||||||||
| Instructions | 0 | ||||||||||||||||||||||||||||||
| Answers are entered in the cells with gray backgrounds. | Percentage =AD6/AD8 | ||||||||||||||||||||||||||||||
| Cells with non-gray backgrounds are protected and cannot be edited. | 0% | ||||||||||||||||||||||||||||||
| A red asterisk (*) will appear in the row immediately to the right of an incorrect answer. | Notes: | ||||||||||||||||||||||||||||||
| ” ” represents an unanswered N box – counts as an incorrect. | |||||||||||||||||||||||||||||||
| ” ” represents a correct blank answer or N answer | |||||||||||||||||||||||||||||||
| Total number of answers = sum of above | |||||||||||||||||||||||||||||||
| GINO’S FROZEN PIZZA INC. | Conditional formatting might be used but wasn’t here, to hide some of the error check return symbols. If A1 = “~*”, then font = red, if something else, then font = background color. | ||||||||||||||||||||||||||||||
| Direct Materials Purchases Budget | |||||||||||||||||||||||||||||||
| For the Month Ending June 30 | |||||||||||||||||||||||||||||||
| Dough | Tomato | Cheese | Total | Steps: | |||||||||||||||||||||||||||
| Open this sheet and macro sheet | |||||||||||||||||||||||||||||||
| Units required for production: | Open old templated, then change color palet to this sheet’s | ||||||||||||||||||||||||||||||
| 12″ pizza | 13,500 | 7,200 | 10,800 | Insert new header – change problem number and reformat | |||||||||||||||||||||||||||
| 16″ pizza | 30,000 | 24,000 | 33,000 | Copy these formulas (column AD) to new sheet. | |||||||||||||||||||||||||||
| Plus desired inventory, June 30 | 5,500 | 3,500 | 4,000 | Update to new edition’s names and numbers | |||||||||||||||||||||||||||
| Total | 49,000 | 34,700 | 47,800 | Copy new error check formulas. For N-boxes | |||||||||||||||||||||||||||
| Less estimated inventory, June 1 | 4,000 | 3,000 | 3,400 | =IF(sol.!$C$5=”OFF”,””,IF(AC25=””,” “,IF(AC25<>sol.!AC25,”*”,” “))) | |||||||||||||||||||||||||||
| Total units to be purchased | 45,000 | 31,700 | 44,400 | ||||||||||||||||||||||||||||
| Unit price | $0.90 | $1.20 | $3.00 | ||||||||||||||||||||||||||||
| Total direct materials to be purchased | $ 40,500 | $ 38,040 | $ 133,200 | $ 211,740 | |||||||||||||||||||||||||||
| For B-Boxes | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,IF(AC30<>sol.!AC30,”*”,” “)) | |||||||||||||||||||||||||||||||
| Copy Score formula from this template to new sheet. | |||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”Score:”) | =IF(sol.!$C$5=”OFF”,””,AD10) | ||||||||||||||||||||||||||||||
| =IF(sol.!$C$5=”OFF”,””,”*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.”) |
13-07Ex_7e/E13-7.jpeg
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