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ESSAY Of Budget For A Single Product

ESSAY- Of Budget For A Single Product

NOTE: It is about budgeting for a single product. Be certain to document your budgeted costs. The United States Department of Labor website dol.gov provides documentation for labor costs. Websites for bulk purchases (e.g., Sam’s Club, B.J.’s) can be used to document the cost of “direct materials.” All costs need to be documented.

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Analysis Requirements:

Discuss how you will analyze actual performance relative to your budgets.

ESSAY- Of Budget For A Single Product

CASE: Budget for a single product

In this activity, you will create budgets for a single product for each month of the next quarter. Select a product that you can buy in bulk (at a Sam’s Club or other warehouse retail chain) and repackage it in smaller quantities to offer for sale at a sidewalk cafe, sporting event, flea market, or another similar place. Research the price and quantity at which this product is available in the warehouse. Choose a sale price for the smallest package (repackaged). Make reasonable assumptions about how many of the smaller units you can sell in each of the next four months (you’ll need the fourth month’s sales in units for operating budgets).

Basic Discussion Questions Answer

1. Describe your product. What is your cost of this product? What size (quantity) will you buy? At what price will you sell your repackaged product? Project your unit sales for each of the next three months.

2. Estimate how many hours you will spend in each of the next three months buying, repackaging, and selling. Select a reasonable salary rate for yourself. What will your total labor costs be in each of the next three months?

3. Prepare a sales budget for each of the next three months

ESSAY- Of Budget For A Single Product

4. Prepare direct materials budgets for the next three months, assuming you need to have 10% of the direct materials needed for next month’s sales on hand at the end of each month (this Requirement is why you needed to estimate unit sales for four months).

5. Prepare a direct labor budget (for your labor) for each of the next three months.

6. Think about any other expenses you may have (ie renting a booth at a flea market or a vendor’s license). Prepare the operating expense budget for each of the 3 answer 2 photo 1 next three months.

ESSAY- Of Budget For A Single Product

7. Prepare a budgeted income statement that reflects the budgets you have prepared, including the sales budget, direct materials budget, direct labor budget, and operating expense budget. This budgeted income statement should include a column for each of the three months in the quarter, and should also include a total column representing the totals for all three months. What is your projected profit per month and per quarter

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