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You will need to submit a budget report to the CEO, including an explanation of the utility of master budgets.
You will also submit a variance report that shows how the company is performing versus budgeted amounts. Use the following data:
Q1
Q2
Q3
Q4
Quarterly Budget
Chairs
1150
1200
1250
1400
1300
Tables
900
950
1000
1100
Dresser s
650
700
750
800
120
90
Dressers
70
Actual amount of wood purchased and used
46,120 bd. ft.
Actual cost of wood purchased and used
$80,028
Actual amount of direct labor hours
17,900
Actual cost of direct labor
$275,550
Question 1: Create variance reports for Q1, Q2, Q3, and Q4 against the Quarterly Budget.
Question 2: Generate a quarterly budget for the upcoming year that includes sales, production, materials and labor budgets. Assume a 10% increase in sales.
Question 3: Explain how a master budget can be a useful tool in aligning a company's operations to its long-term goals.
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