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Posted: May 18th, 2024
Consider the following statement
Question1
Consider the following statement: It is most sensible to start with the
sales budget and develop the other budget from there. After what you have
learned this week with regards to budget processes and procedures, analyse the
validity of this statement. Do you agree with the statement? Justify your
answer based on the weekâs readings. How should sales revenues be considered
when determining other costs?Question 2
A consulting firm produces a service that requires the use of labor and
materials. Each unit of service requires a standard labor time of 30 minutes
(0.5 hours). The average pay rate for a labor hour is £20. The consulting
firm considers all materials that are required for the service as variable
overheads (OH), the cost of which is directly associated with the labor hours
worked. It has been estimated that variable OH rate is £10 per service hour.
The budgeted and actual costs, revenue and units for the month November
are given in the table below:Original
BudgetActualUnits of Service1,5001,600Sales Revenue£120,000£124,400Labor hours750860Labor cost£15,000£20,210Variable OH costs£7,500£8,170Fixed Cost£68,000£68,000Total Cost£90,500£96,380Operating Profit£29,500£28,0201. Calculate the
flexed budget and the key variances between budgeted and actual results.
2. Reconcile the
original budget and present the relationship between the budgeted and the
actual profit for the month November
3. Discuss the
calculated variances, and provide suggestions for better cost management
(target length 300 words).
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