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Ice Cream Essay

1323 words - 5 pages

Midwest Ice Cream EXECUTIVE SUMMARY It is recommended that Jim Peterson use the following outline for the presentation to the board of directors at Midwest Ice Cream Company. Outline for Presentation · Introduction · Identify the problem · Analyse Figure 1 and Illustrations 1 - 3 · Commend the areas that did well · Discuss the corrective actions to consider · Make recommendations · Conclude the presentation The following case study provides Jim Peterson with all the necessary information to make a non-technical presentation to the board of directors. INTRODUCTION Budgeting is a vital element of the management planning and control process. Budgeting is the process that translates corporate intentions into specific tasks, and identifies the resources needed by each manager to carry them out. In the process, budgeting enhances communication and co-ordination of different administrative units, facilitates decision-making, and provides a framework for monitoring and for performance evaluation. All managers are responsible for preparing a budget. Since specific departments play important roles in improving various components of the balance sheet and the income statement, it is critical that they prepare their budgets in a responsible way. Once budgets are in place it is necessary to analyse the difference between the actual and budgeted costs (variance). A variance analysis involves the decomposition of the variance into the individual factors that caused the variance. Managers need to be able to understand how to break down and analysis the variances; this helps them determine the proper corrective action. PROBLEM The Midwest Ice Cream Company is doing many things wrong, and the mistakes they are making are being covered up by a poorly planned budget. ANALYSIS The overall variance at Midwest Ice Cream is $71,700F . This is considered a good variance because it means they made more money than their original budgeted figure. However, the breakdown of this variance shows quite a different picture, it seems that Midwest under-budgeted their sales forecast by 248,037 gallons of ice cream or $117,700F. This figure was slightly offset by the $(58,000)U operating variance which brings the total number to $71,700F. When looking at variances it is possible to break them down into their specific areas. In the analysis of the Midwest Ice Cream Company the variances can be broken into three broad areas Sales, Operations and Sales Price/Operations. The following variance analysis lets managers understand why the variances occurred. Sales - Refer to Appendix A The overall sales variance is $117,700 this number on its own can be misleading that is why it is necessary to break it down into the specific areas. The sales variance can be dissected into three areas: industry volume, market share and sales mix. Industry Volume $167,619F Market Share $(55,259)U Sales Mix $5,339F Total $117,700F Now that the specific variances...

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