Project #65590 - Case Study

 

Shoffner, H. G., Shelly, S., & Cooke, R. A. (2011).

Case Study 1 (chapter 9)Gretchen started the first Gimmicks and Gadgets Store, she instituted flexible budgeting within the first few months of operations, and her first monthly budget numbers were as follow:

Cost of goods sold 40% of sales

Advertising 10% of sales

Salaries $5,000

Part-time help 5% of sales

Delivery expense 1% of sales

Fire insurance $100

Rent $2,000

Supplies 2% of sales

Telephone $200

Next compute and list the budget figures for May, when sales were $30,000

Item                                                     Budget in dollar

                                                                                   

                                                                     $

                                                    $                 

                                                    $

                                                    $ 

                                                    $

                                                    $

                                                    $

Case Study 2 (Chapter 10)

The operating results for the first Gretchen’s Gimmicks and Gadgets Store were as listed in the following partially completed report. Compute the variances (in dollars and percentages) for the third and fourth columns. In the last column indicate ‘‘F’’ or ‘‘U’’ for favorable or unfavorable nature of the variance.

                          May Actual       May Budget      Dollar Variance      Dollar Percentage     F/U

Sales                    $30,000  $30,000

Cost of goods sold17,000   18,000

Gross profit            13,000   12,000

Expenses:

Advertising              3,300     3,000

Salaries                    3,000      3, 000

Part-time help          1,000      1,500  

Delivery expense        330         300

Fire insurance             130          100

Rent                           2,000       2, 000

Supplies                      500           600

Telephone                   250           200 

Total expenses         10,510       10,700

 

Subject Business
Due By (Pacific Time) 04/10/2015 12:00 am
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