You will need to submit a budget report to the CEO, including an explanation of the utility of master budgets. You will also submit a variance report that shows how the company is performing versus budgeted amounts. Use the following data. Amount of Goods Sold Per Quarter: Q1 Q2 Q3 Q4 Chairs sold per quarter 1150 1200 1250 1400 Tables sold per quarter 900 950 1000 1150 Dressers sold per quarter 650 700 750 900 Target Sales Goal Per Quarter: Goods Quantity Chairs 1300 Tables 1100 Dressers 800 Q1 beginning inventory: Goods Quantity Chairs 120 Tables 90 Dressers 70 Assume that the material and labor costs from Part 1 are standards. Compare those standard costs to the actual amounts listed below. These are the actual amounts used for the entire fiscal year: Actual amount of wood purchased and used 46,120 bd. ft. Actual cost of wood purchased and used $80,028 Actual amount of direct labor hours 17,900 Actual cost of direct labor $275,550 Within your analysis, make sure to include the following: Create variance reports for Q1, Q2, Q3, and Q4 against the Quarterly Budget. Generate a quarterly budget for the upcoming year that includes sales, production, materials and labor budgets. Assume a 10% increase in sales. Explain how a master budget can be a useful tool in aligning a company's operations to its long-term goals. Discuss how a variance report can be used to direct management toward production issues. Your explanations of master budgets and variance reports should be 500 to 750 words in length. Part #4 Use the following data to generate a quote model for future business. This can be accomplished by performing a high-low or regression analysis to generate an equation relating direct labor hours to product cost: Year Quarter Direct labor hrs. Manufacturing cost 2014 Q1 2,512 $224,950 2014 Q2 2,432 $214,100 2014 Q3 2,645 $226,840 2014 Q4 2,723 $228,760 2015 Q1 2,355 $211,950 Within your analysis, make sure to include the following: Explain how jobs can be estimated by using a quote model based on previous data. Discuss the different methods of cost estimation. Prepare a bid for a job that would require 2,700 direct labor hours. 

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Part 3 Utility of Master Budget and Variance Analysis Master budget refers to a document prepared on other specific budgets It is an essential element of management control processes which assists in ... View the full answer