< 1. Prepare a sales budget for March. Backyard Chef: Maine Vermont Product and Area New Hampshire Total Master Chef: Maine Vermont New Hampshire Total Total revenue from sales Gourmet Grill Company Sales Budget For the Month Ending March 31 Unit Sales Volume Unit Selling Price Total Sales
< 1. Prepare a sales budget for March. Backyard Chef: Maine Vermont Product and Area New Hampshire Total Master Chef: Maine Vermont New Hampshire Total Total revenue from sales Gourmet Grill Company Sales Budget For the Month Ending March 31 Unit Sales Volume Unit Selling Price Total Sales
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:<
1. Prepare a sales budget for March.
Backyard Chef:
Maine
Vermont
Product and Area
New Hampshire
Total
Master Chef:
Maine
Vermont
New Hampshire
Total
Total revenue from sales
Gourmet Grill Company
Sales Budget
For the Month Ending March 31
Unit Sales
Volume
Unit Selling
Price
Total Sales
Transcribed Image Text:Grates
The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month.
Selected information concerning sales and production for March is summarized as follows:
a. Estimated sales for March by sales territory:
Grates
Maine:
c. Desired inventories at March 31:
Direct materials:
Shelves
Backyard Chef
Master Chef
Vermont:
Backyard Chef
Master Chef
New Hampshire:
Stainless steel
Grates
Backyard Chef
Master Chef
b. Estimated inventories at March 1:
Direct materials:
Grates
Stainless steel
Burner subassemblies
Shelves
Burner subassemblies
Shelves
Finished products:
Backyard Chef
Master Chef
Finished products:
Backyard Chef
Master Chef
d. Direct materials used in production:
In manufacture of Backyard Chef:
Stainless steel
Shelves
Stainless steel
Burner subassemblies
In manufacture of Master Chef:
Burner subassemblies.
350 units at $800 per unit
200 units at $1,400 per unit
400 units at $825 per unit
240 units at $1,500 per unit
320 units at $850 per unit
200 units at $1,600 per unit
300 units
1,500 lb.
210 units
400 units
40 units
3 units per unit of product
24 lb. per unit of product
2 units per unit of product
4 units per unit of product
6 units per unit of product
42 lb. per unit of product
4 units per unit of product
5 units per unit of product
26 units
320 units
1,700 lb.
190 units
350 units
30 units
36 units
e. Anticipated purchase price for direct materials:
Grates
Stainless steel
Burner subassemblies
Shelves
f. Direct labor requirements:
Backyard Chef:
Stamping Department
Forming Department
Assembly Department
Master Chef:
Stamping Department
Forming Department
Assembly Department
$16 per unit
$8 per lb.
$120 per unit
$12 per unit
0.50 hr. at $18 per hr.
0.60 hr. at $16 per hr.
1.0 hr. at $15 per hr.
0.60 hr. at $18 per hr.
0.80 hr. at $16 per hr.
1.50 hrs. at $15 per hr.
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