BAC104 - Management Accounting Fundamentals - Case Study - Accounting Assessment Answer

BAC104 - Management Accounting Fundamentals - Case Study - Accounting Assessment Answer 

Task:

You are the management accountant at Skull Bearings Pty Ltd. It is your job to prepare the Master budget for the next quarter. The company manufactures speciality bearings for skateboards and inline blades. To prepare the master budget you will need to prepare subsidiary budgets that link together to create the Income Statement and Balance Sheet for the 3 month period. You should use Excel to prepare your budget. Each minor budget should be on a separate worksheet. Your budget should have its formulas linked so that if one or more elements change the budget can be easily amended. The production manager has worked with you to prepare some of the variables to assist you to prepare the budgets.

Required:
Prepare the following Budgets for the months of July, August and September and for the quarter:
a) Sales Budget
b) Production Budget (in units only)
c) Materials Cost Budget
d) Wages Cost Budget
e) Production Overheads Cost Incurred Budget
f) Total Production Cost Incurred Budget (summary of budgets c, d & e)
g) Raw Materials Purchases Budget
h) Marketing and Administration Cost Budget
i) Cash Receipts Budget
j) Cash Payments Budget
k) Summary Cash Budget (summary budgets i & j)
l) Budgeted Income Statement for each month
m) Budgeted Balance Sheet for each month

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