Considering what you have learned in this module, describe the basic flow of the various operating budgets within the master budget for a manufacturing firm. This should include a discussion of which budget is prepared first, and how that budget is used to prepare the next budget(s). You do not need to go into detail about the calculations for every budget. Discuss how a budget for a manufacturing firm would differ from a merchandising firm. Discuss why a company may have desired ending inventory requirements, which two budgets this may impact, and how it impacts them. Provide an example of how an error in one budget could impact other budgets that come later.

Explain how a budgeted income statement for a service business may be used for both planning and control purposes.

Given the following information from Rowdy Enterprises direct materials budget, how much direct materials needs to be purchased?

Select the one budget below that is not an operating budget. a. Cost of goods sold budget b. Cash budget c. Production budget d. Overhead budget e. All of these.

The actions listed next are associated with either an activity-based operational control system or a traditional operational control system: a. Budgeted costs for the maintenance department are compared with the actual costs of the maintenance department. b. The maintenance department manager receives a bonus for beating budget. c. The costs of resources are traced to activities and then to products. d. The purchasing department is set up as a responsibility center. e. Activities are identified and listed. f. Activities are categorized as adding or not adding value to the organization. g. A standard for a products material usage cost is set and compared against the products actual materials usage cost. h. The cost of performing an activity is tracked over time. i. The distance between moves is identified as the cause of materials handling cost. j. A purchasing agent is rewarded for buying parts below the standard price set by the company. k. The cost of the materials handling activity is reduced dramatically by redesigning the plant layout. l. An investigation is undertaken to find out why the actual labor cost for the production of 1,000 units is greater than the labor standard allowed. m. The percentage of defective units is calculated and tracked over time. n. Engineering has been given the charge to find a way to reduce setup time by 75 percent. o. The manager of the receiving department lays off two receiving clerks so that the fourth-quarter budget can be met. Required: Classify the preceding actions as belonging to either an activity-based operational control system or a traditional control system. Explain why you classified each action as you did.

A budget: A.is used to determine if a product should be continued or discontinued B.complies actual costs for a given period C.quantifies management's plans D.determines and evaluates the cost of specific products or activities in a business

"Train your customers", as discussed in the Budgeting module, refers to training customers on how to properly use products that the company sells. Group of answer choices True False

Why would management take extra effort to ensure approximate budgets for direct labor, direct materials, and manufacturing overhead? Please provide relevant information and terminology to support your response?

Which of the following budgets for a manufacturing firm indicates the quantity ( and costs ) of raw materials that must be acquired to meet production needs and ending inventory requirements ?   The capital expenditures budget The manufacturing disbursements budget The production budget The sales budget The direct materials purchases budget

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