ACCT310 American InterContinental University Chicago Furniture Co Worksheet

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Osnfub

Business Finance

ACCT310

American InterContinental University

Description

This assignment is a Excel spreadsheet. The assignment details are attached. If any more details are needed I'll be happy to assist.

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Review the tutorial titled How to Submit the Intellipath Submission Assignment Please submit your work to this week's Intellipath Submission  lesson. Click the Upload button within the submision lesson to access the submision area.

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Learning Management System American InterContinental Univex S Dashboard € → C • https://studentlogin.aiuniv.edu/UnifiedPortal/2/5#/class/185513/assignment/1465413 intellipath. Review the tutorial titled How to Submit the Intellipath Submission Assignment. Please submit your work to this week's Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click "OK" to finish. Assignment Details Chicago Furniture Company produces combination desk and chair sets for the elementary schools in the Midwest. As the second quarter is progressing it is important for the controller to complete a budget for the third quarter. The sales department manager has provided the following forecast. July 8,000 desk combos August 8,700 desk combos 7,600 desk combos September October 8,700 desk combos November 8,800 desk combos • In order to ensure Just-in-Time (JIT) deliveries are maintained in accordance with the needs of the schools Chicago Furniture Company has a standing policy that the inventory at the end of each month must be equal to 40% of the following month's forecasted sales. On July 1st there will be 3,200 desk combos in inventory. • The building of each desk combo requires 12 board feet of pine planks which cost $0.70 per foot. In order to maintain proper inventory for building the desk combos the department must have 30% of the next month's production requirements. Using Microsoft Excel, create a spreadsheet for the production and material purchases budget for the 3rd Quarter. For assistance with your assignment, please use your text, Web resources, and all course materials. Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric. Feedback 1 Type here to search ©© a O 12:41 PM 6/30/2019
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Explanation & Answer

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Running head: BUDGETING

Budgeting
Institution
Name
Date

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BUDGETING
A production budget is an estimation of the financial plan of the expected units of
products that must be manufactured. The metrics used for calculation are the planned amount
of finished goods and the sales forecast (Grendel, 2013). The materials purchase budget helps
quantify the amount of cash that is required to acquire materials necessary for production
process (Gopalakrishnan, 2015).
Method
To compute the production budget the budgeted sales units was recorded up to the
month of November. The desired ending inventory was computed by multiplying 40% to the
following month’s forecasted sales. The to...


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