FNSACC412: Prepare Operational Budgets - FNSACC513: Manage Budgets and Forecasts - Accounting and Finance Assignment Help

Assignment Task:

Assessment Criteria:

To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:

• Theory questions related to budgets

• Determine budget milestones and KPIs

• Prepare a Cash Budget and a Budgeted income statement

• Write a budget report

• Prepare a Budgeted Profit and Loss

• Prepare a budgeted income statement

• Prepare reports showing Variances in dollars and percentage

• Prepare reports discussing the actual performance of the budget 

Task 1 (white water  budget example in mind) 

Required:

1. In the Excel spreadsheet template provided (FNSACC412_513_AT1_TMP_TQM_V1) you are required to:

Create the following for the months of April, May and June 2018:

1. A Budgeted Income Statement 

2. A Cash Budget

Note: In preparing the above budgets, you will be required to prepare purchases, expense, cash payments and cash receipts schedules. 

2. Suggest to the management of Staples Pty Ltd 2 (two) ways the business is sensitive to changes from the time budget is created to the time that cash, revenue and expenses occur and identify 4 (four) KPIs. 

Task 2

The Jersey Dairy Company is a producer of top quality dairy products. The manager has provided the following information in relation to two of its products, tubs of flavoured yoghurt and cottage cheese, for the year 2017 - 2018. The budget selling prices for the products were $8 per tub of yoghurt and $5.50 per tub of cottage cheese.

• Expected sales were 90,000 tubs of yoghurt and 47,800 tubs of cottage cheese.

• Budgeted cost of goods sold in each case was 40% of the selling price.

• Actual sales were:

• Yoghurt 53,000 tubs at $8 and 34,500 tubs at $7.20

• Cottage cheese 49,200 tubs at $5.50

• Cost of goods sold were:

• Yoghurt $235,340

• Cottage Cheese $113652

Required:

1. Prepare an income statement for the year 2017 – 2018 (in the excel template provided - FNSACC412_513_AT1_TMP_TQM_V1).

2. Prepare a performance report for the income statement for the year, showing gross profit, net profit and all variances from the budget in dollars and percentages (in the excel template provided).

3. Write a brief report (250 to 300 words) to present to the Jersey Dairy Company management on the performance of the actual budget below. In your report, comment on any increase or decrease in sales, cost of goods sold, expenses and net profit. (management want to know what’s happened increase or decrease) You can make reasonable assumptions while noting the reason for change in these for e.g. the increase in sale of yogurt can be a result of high demand due to popularity of flavoured yogurts and high advertising.

4. You are required to present this report verbally to the Jersey Dairy Company management, clarifying the variances and seeking direction from the business as to how to address these variances. 

Provide a recommendation to the management on improving any outcomes of the unfavourable variances noted in your calculations in part b. Report to the Management of Jersey Dairy Company

This presentation and conversation is to be observed by your Assessor. This can be achieved in one of three ways:

• Completed in class 

• Completed using technology – online rooms, phone or web conferencing

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