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Hector Corporation is a manufacturing company with annual sales of $25 million. Its budget committee has created the following policy that the company uses each year in developing it master budget for the following calendar year: May The company s controller and other members of the budget committee meet to discuss plans and objectives for the next year. The controller conveys all relevant information from this meeting to division managers and department heads June Division managers, department heads, and controller meet to discuss the corporate plans for next year. They develop a timetable for developing next year s budget data. July Division managers and department heads develop budget data. The vice president of sales provides them with final sales, estimates, and complete monthly sales estimates for each production line. August Estimates of next year s monthly production activity and inventory levels and inventory levels are completed. Divisional managers and department heads communicate these estimates to the controller, who distributes them to other operating areas September All operating areas submit their revise budget data. The controller integrates their labor requirements, direct material requirements; units cost estimates, cash requirements, and profit estimates into preliminary master budget. October The budget committee meets to discuss the preliminary master budget and to make any necessary corrections, additions, or deletions. The controller incorporations all authorized changes into a final draft of the master budget. November The controller submits the final draft to the budget committee for approval. If the committee approves it, it is distributed to all corporate officers, division managers, and department heads.
1. Comment on this policy
2. What changes would you recommend?
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