The budgeting process - Operating budgets
10 important questions on The budgeting process - Operating budgets
What is the equation to determine total budgeted sales?
Total budgeted sales = Estimated selling price per unit x Estimated sales in units
What is the formula that identifies the production needs for each accounting period?
Total production units = Budgeted sales in Units + Desired units of ending finished goods inventory - Desired units of beginning finished goods inventory
Explain the direct materials purchases budget
A direct materials purchases budget is a detailed plan that identifies the quantity of purchases required to meet the budgeted production and inventory needs and the costs associated with those purchases.
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What is the overhead budget?
What are the total variable overhead costs? (Part of the overhead budget)
- Factory supplies
- Employee benefits
- Inspection
- Maintenance and repairs
- Utilities
What are the total fixed overhead costs? (Part of the overhead budget)
- Depreciation - machinery
- Depreciation - building
- Supervision
- Maintenance and repars
- Other overhead expenses
What is a selling and administrative budget?
A detailed plan of operating expenses, other that those related to production that are needed to support sales and overall operations during an accounting period
What are the total variable selling and administrative expenses?
- Delivery expenses
- Sales commission
- Accounting
- Other administrative expenses
What are the total fixed selling and administrative expenses?
- Sales salaries
- Executive salaries
- Depreciation office equipment
- Taxes and insurance
What is the costs of goods manufactured budget?
A detailed plan, that summarizes the estimated costs of production during an accounting period. ( The direct materials, direct labour, overhead budget )
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