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For Milestone One, you will use the MDE Manufacturing Budget (Table I) to analyze costs, contribution margin, and break even point for the bird feeder division of the company. In Tab 1 of your Student Workbook, classify costs as either product or period costs. Briefly explain the difference between the types of costs. Then,analyze the actual costs and, using Tab 2 of your Student Workbook, complete a cost-volume-profit analysis to determine how many bird feeders must be sold at the current cost and sales price level to earn a $10,000 profit and how much the sales price would have to increase to earn a $10,000 profit at the same cost and sales volume level. Submit the Student Workbook with Tabs 1 and 2 completed with your cost calculations and a 1?2 page Word document that explains the implications of your findings and addresses all of the critical elements in Section I.Specifically, the following critical elements must be addressed:I. ?
Classify all product and period costs appropriately.b) Compute a cost-volume-profit analysis. What are the implications of this analysis?c) Compute contribution margin per unit and contribution margin ratio.d) Determine the break even quantity and the break even revenue accurately.e) Determine if the company is breaking even. What are cost-volume-profit analysis implications on short-term planning?Guidelines for Submission: Your paper must be submitted using the Student Workbook to present your calculations and a 1?2 page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins to explain your findings.
For Milestone Two, you will analyze the budget and actual costs using the MDE Manufacturing Budget (Tables I, II, III, IV). Determine where variances occurred and why. Submit the Student Workbook with Tabs 3 and 4 completed with your budgets/variances and a 1?2 page Word document that discusses the implications of your findings on MDE?s financial considerations. Explain which aspects of MDE?s budgeting process are in need of improvement and justify your response using your calculations. Address all critical elements listed below in Section II. Use Tabs 5 and 6 of the Student Workbook for your budget and variance calculations. Specifically, the following critical elements must be addressed:II. Prepare and Perform
a. What are your fixed costs? Segregate them in the budget model. b) Determine how variable costs change as activity measures change. How can this information be applied? c) Create the budget model, ensuring fixed costs are hard coded into the model (variable costs are stated as a percentage of the relevant activity measures or as a cost per unit of activity measure). d) Add actual activity measures to the model. Make sure all information is added accurately. e) Add the flexible budget calculations to the budget model. Make sure all information is accurate. f) Compare the flexible budget to the actual expenses. What does this inform? Be sure to discuss the following variances :i. Static budget variance, including sales volume and flexible budget variances ii. Price and efficiency variances for direct materials and direct labor. iii. Spending and efficiency variances for variable manufacturing overhead) Determine the aspects of the budgeting process that are in need of improvement. Justify your response.h) Interpret what budget variances represent. Should all variances be investigated?Guidelines for Submission: Your paper must be submitted using the Student Workbook to present your budgets and variances and a 1?2 page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins to explain your findings.
ACC 207 MDE Manufacturing Budget: Bird Feeder
I. Sales and Manufacturing Expenses: Budget and Actual (2014) You will use this table to complete Milestones One and Two.
Budget ($) Actual ($) 1,050,000 991,700 Expenses
Materials ? Cedar
Materials ? Plastic
Factory Worker Labor
Materials ? Indirect
Factory Maintenance and Repairs
Sales Commissions ($2.00/unit sold)
Office Salaries 225,000
48,000 Total Expenses 959,000 1,001,496 Sales II. Contribution Margin: Static Budget and Actual Results (2014) You will use this table to complete Milestone Two. Units Sold
Manufacturing Costs ($)
Gross Margin Actual Results Static Budget Amount 47,000
389,500 III. Standard Variable Manufacturing Costs (2014) You will use this table to complete Milestone Two.
Static Budget Costs Standard Input 225,000
3,000 3.0 ft/unit
0.3 ft/unit Direct Materials: Cedar
Direct Materials: Plastic
Direct Manufacturing Labor
Variable Manufacturing Overhead IV. Actual Variable Manufacturing Costs (2014) You will use this table to complete Milestone Two. Direct Materials: Cedar
Direct Materials: Plastic
Direct Manufacturing: Labor ($)
Variable Manufacturing Overhead Actual Costs Actual Input 248,160
2,585 3.2 ft/unit
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