8) Describe the benefits to an organization of preparing an operating budget. 9) Bob and Dale...

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8) Describe the benefits to an organization of preparing an operating budget. 9) Bob and Dale have just purchased a small honey manufacturing company that was having financial difficulties. After a brief operating period, they decided that the company's main problem was the lack of any financial planning. The company made a good product and the market potential was great. Required: Explain why a company needs a good budgeting plan. Specifically address the need for a master budget. 10) Claudia Geer, the controller, discusses the pricing of a new product with the sales manager, James Nolan. What major influences must Claudia and James consider in pricing the new product? Discuss each briefly. 11) Explain the differences between short-run pricing decisions and long-run pricing decisions. 12) What is the primary reason a firm would adopt target costing? 13) Compare target costing and kaizen costing. 8) Describe the benefits to an organization of preparing an operating budget. 9) Bob and Dale have just purchased a small honey manufacturing company that was having financial difficulties. After a brief operating period, they decided that the company's main problem was the lack of any financial planning. The company made a good product and the market potential was great. Required: Explain why a company needs a good budgeting plan. Specifically address the need for a master budget. 10) Claudia Geer, the controller, discusses the pricing of a new product with the sales manager, James Nolan. What major influences must Claudia and James consider in pricing the new product? Discuss each briefly. 11) Explain the differences between short-run pricing decisions and long-run pricing decisions. 12) What is the primary reason a firm would adopt target costing? 13) Compare target costing and kaizen costing.