Please see attachment.
Overview: This assessment focuses on the SRS Educational Supply Company case study. The company provides educational materials and supplies to educational
institutions. The SRS business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include educational
workbooks, classroom visual aids, instructor support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of
educational institutions, the majority of its customers are K–12 schools. Sales can vary quite a bit from month-to-month, as K–12 educational institutions have
seasonal ordering patterns. Thus, budgeting is vital for planning and cash-flow purposes. SRS has a June 30 fiscal year end.
For Milestone One of Final Project II, you will create department budgets for the four main departments of SRS Educational Supply Company: Sales, Purchasing
Operation, and Finance.
Prompt: Assume you are the new cost accountant at SRS. In this new position, you have been asked to perform a few tasks for the company’s leadership team.
The company has four main managers: sales manager, purchasing manager, operations manager, and finance manager. Each manager has general information
about the company as a whole, as well as information about their own department—private information known only by this departmental manager—that is
more accurate than the general corporate information.
First, review the information for Final Project II. Then, using the Final Project II workbook, complete the four department budgets for the three-month period
beginning July 1 and ending September 30.
Specifically, you must address the critical elements listed below:
I. Budgeting: Prepare Budgets
A. Review the financial information and enter data into the correct tabs in the Final Project II workbook. Be sure to complete all the relevant tabs in
the workbook. Complete the following:
i. A sales budget by month and in total
ii. A schedule of expected cash collections from sales by month and in total
iii. A merchandise purchase budget in dollars by month and in total
iv. A schedule of expected cash disbursements for merchandise purchases by month and in total
v. A selling and administrative budget by month and in total
vi. A schedule of expected cash disbursements for selling and administration by month and in total
vii. A cash budget by month and in total
https://learn.snhu.edu/d2l/lor/viewer/view.d2l?ou=6606&loIdentId=24452
Rubric
Guidelines for submission: Submit your Final Project II Workbook with all the relevant sections for Milestone One completed.
Critical Element Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value
Budgeting: Sales
Budget
Prepares an accurate sales budget by
month and in total based on the case
study data
Prepares a sales budget by month based on the case
study data, but does not make a total budget, or
there are errors in the data entry or calculations
Does not prepare a sales budget by
month and in total based on the case
study data
15
Budgeting: Schedule
of Expected Cash
Collections
Prepares an accurate schedule of
expected cash collections from sales by
month and in total based on the case
study data
Prepares a schedule of expected cash collections
from sales by month based on the case study data,
but either does not make a total budget or there are
errors in the data entry or calculations
Does not prepare a schedule of
expected cash collections from sales by
month and in total based on the case
study data
14
Budgeting:
Merchandise
Purchase Budget
Prepares an accurate merchandise
purchase budget in dollars showing the
budget by month and in total based on
the case study data
Prepares a merchandise purchase budget in dollars
showing the budget by month based on the case
study data, but either does not make a total budget
or there are errors in the data entry or calculations
Does not prepare a merchandise
purchase budget in dollars showing the
budget by month and in total based on
the case study data
14
Budgeting: Schedule
of Expected Cash
Disbursements for
Merchandise
Prepares an accurate schedule of
expected cash disbursements for
merchandise purchases by month and in
total based on the case study data
Prepares a schedule of expected cash
disbursements for merchandise purchases by month
based on the case study data, but either does not
make a total budget or there are errors in the data
entry or calculations
Does not prepare a schedule of
expected cash disbursements for
merchandise purchases by month and
in total based on the case study data
15
Budgeting: Selling and
Administrative
Budget
Prepares an accurate selling and
administrative budget by month and in
total based on the case study data
Prepares a selling and administrative budget by
month based on the case study data, but either
does not make a total budget or there are errors in
the data entry or calculations
Does not prepare a selling and
administrative budget by month and in
total based on the case study data
14
Budgeting: Schedule
of Expected Cash
Disbursements for
Selling and
Administration
Prepares an accurate schedule of
expected cash disbursements for selling
and administration by month and in
total based on the case study data
Prepares a schedule of expected cash
disbursements for selling and administration by
month based on the case study data, but either
does not make a total budget or there are errors in
the data entry or calculations
Does not prepare a schedule of
expected cash disbursements for selling
and administration by month and in
total based on the case study data
14
Budgeting: Cash
Budget
Prepares an accurate cash budget by
month and in total based on the case
study data
Prepares a cash budget by month based on the case
study data, but either does not make a total budget
or there are errors in the data entry or calculations
Does not prepare a cash budget by
month and in total based on the case
study data
14
Total 100%
>INSTRUCTIONS
New Hampshire University
COST ACCOUNTING
A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it sheet. 7 transactions.
As your final entry, dispose of the year end under- or overallocated manufacturing overhead as a write-off to the (COGS) account. Assume COGS given of $ ,020 does not include the write off of overallocated manufacturing overhead. Use the template on the sheet. C: Show posted T-accounts for all inventories, Cost of Goods Sold, , and Manufacturing sheet. D: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support your answer with relevant data. Type your answer on the sheet. 00
00
00
on building and manufacturing equipment: $400
manufacturing overhead incurred by various production departments: $ 50
0% of direct manufacturing labor costs: ?
: $8,000
control: $100
OVERVIEW DIAGRAM /xl/drawings/drawing1.xml#’OVERVIEW%20DIAGRAM’!A1 JOURNAL ENTRIES /xl/drawings/drawing1.xml#’JOURNAL%20ENTRIES’!A1 T-ACCOUNTS /xl/drawings/drawing1.xml#’T-ACCOUNTS’!A1 PERFORMANCE /xl/drawings/drawing1.xml#PERFORMANCE!A1 OVERVIEW DIAGRAM BACK TO INSTRUCTIONS /xl/drawings/drawing2.xml#INSTRUCTIONS!A1 JOURNAL ENTRIES control
$4,020.00 control
$2,080.00 Control
Control
$800.00 $4,120.00 control
WIP Control BACK TO INSTRUCTIONS /xl/drawings/drawing3.xml#INSTRUCTIONS!A1 T-ACCOUNTS $100.00 $710.00 WIP $4,120.00 Finished Goods $1,300.00 $710.00 $4,020.00 Goods sold – $1,950.00 OH Control $100.00 $550.00 $2,080.00 End Year – BACK TO INSTRUCTIONS /xl/drawings/drawing4.xml#INSTRUCTIONS!A1 PERFORMANCE BACK TO INSTRUCTIONS /xl/drawings/drawing5.xml#INSTRUCTIONS!A1
Southern
ACC 20
7
INSTRUCTIONS FOR FINAL PROJECT I (Due in Module Three)
IMPORTANT NOTE: Make sure to completely review the Final Project I Rubric.
ITEMS TO COMPLETE FOR THIS PROJECT:
PROMPT
You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the company’s leadership team. Use the scenario info in the table below:
on the
OVERVIEW DIAGRAM
B: Prepare journal entries to summarize the 20
1
–
Cost of Goods Sold
4
JOURNAL ENTRIES
Manufacturing Overhead Control
Overhead Allocated. Use the template on the
T-ACCOUNTS
PERFORMANCE
SRS COST DATA
· Direct materials and supplies purchased on credit: $
8
· Direct materials used: $7
10
· Indirect materials issued to various production departments: $100
· Direct manufacturing labor: $1,
3
· Indirect manufacturing labor incurred by various production departments: $
9
·
Depreciation
·
Miscellaneous
5
o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.)
· Manufacturing overhead allocated at 1
6
· Cost of goods manufactured: $4,120
·
Revenues
· Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020
· Inventories, December 31, 2016 (not 2017):
o
Materials
o Work-in-process control: $60
o Finished goods control: $500
OVERVIEW DIAGRAM
Paste your image below
JOURNAL ENTRIES
1
Manufacturing Control
$100.00
Materials $100.00
2
Manufacturing OH
$400.00
Depreciation $400.00
3
Costs of Goods Sold
$4,020.00
Finished Goods
4
WIP
$2,080.00
Manufacturing Overhead Allocated
5
Materials
$800.00
Payables
6
Accounts Receivable
$8,000.00
Revenues $8,000.00
7 Manufacturing OH $2,080.00
Manufacturing Overhead Control
$1,950.00
Goods sold
$130.00
8
Finished Goods Control
$4,120.00
Work-in-Process Control
9 Manufacturing OH
$550.00
Miscellaneous $550.00
10
WIP Control
$1,300.00
Manugacturing
OH Control
$900.00
Wages
$2,200.00
11
$710.00
Materials Control $710.00
T-ACCOUNTS
Materials Control
Start of year
Payables $800.00 $100.00 Manufacturing OH
End Year
$90.00
Work-in-Process Control
Start of year
$60.00
Wages control
Materials control
Manufacturing OH $2,080.00
End Year
$30.00
Finished Goods Control
Start of year
$500.00
WIP $4,120.00
End Year
$600.00
Cost of Goods Sold
Start of year – $130.00 Manufacturing OH
Finished Goods $4,020.00
End Year
$3,890.00
Manufacturing Overhead Control
start of year
Materials $100.00 start of year –
Wages $900.00 Wages control $900.00
Depreciation $400.00
materials control
Payables $550.00
Accounts Payable
End Year – Depreciation $400.00
End Year –
Manufacturing Overhead Allocated
Start of year – $2,080.00 WIP
Allocated Manufacturing OH
PERFORMANCE
1) How was the SRS Educational Press performance in 2017?
In 2017, SRS performed well and this is indicated by the company’s grosss margin of $4110. This figure is calculated by subtrcating the cost of goods sold from the total revenues for the year. That is, $8000-3890 = 4110. The profit margin for the year is obtained by dividing the gross margin of 4110 by the total revenues of 8000. The answer will be 51.4%. Since the year’s overhead was 7% and the profit margin is above 30%, then the company performed well.
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