Midwest A Essay

925 words - 4 pages

Midwest aCase 24-4 Midwest Ice Cream Company (A)QUESTIONSExplain in as much detail as possible where all the numbers for Steps 1-4 would come from. (You will need to use your imagination; the case does not describe all details of the profit planning process.)We can get the numbers from the company's records and its external environment.We can use the following from the company's records:• Management's short term and long term plans;• Accounting reports such as financial statements;• Source documents such as official receipts, purchase and sales invoices and vouchers;• Communications/directives from management that affect in one way or another the company's budgeting process; and• Previous budgets and comparisons with actual performance.The following factors from the external environment can be used:• Trends in the market where the company operates;• Existing economic conditions and issues;• Competition; and• Environmental factors, such as weather conditions.Step 1: Establish standards for selling price, variable expenses, and marginal contribution per gallon.The company's accounting personnel can use current prices and records for determining material costs. These can be traced trough source documents such as official receipts and invoices.In the problem, advertising expense has been considered as part of the variable cost because management decided to have an allowance of 6 cents per gallon for this expense for the actual number of gallons sold.After the unit variable cost has been developed, this amount is subtracted from the selling price to arrive at marginal contribution per unit.Step 2: Sales forecastsIn coming up with a sales projection, consideration should be given to the number of days in a given period, as well as to the number of Fridays and Mondays, as these are two of the heaviest days and will make a difference in the sales forecast.Consideration should also be given to the following:• Target sales for the period;• Trend analysis of financial statements;• Economic and market conditions;• Degree of competition;• Environmental conditions; and• Anticipated promotionsStep 3: Budgeted fixed costsManagement discretion is the biggest factor in determining fixed cost budgets. Experience from previous periods are evaluated and considered in arriving at an amount that will more or less estimate the current level of operations.Trend analysis can also be helpful in determining budgeted fixed cost. The increase and decrease of every identified expense from previous periods can prompt management to set fixed cost in the same manner under underlying conditions and assumptions.Market and economic consideration may likewise affect management judgment in setting up budgeted fixed cost. Rising oil prices and cost of commodities, for example, can trigger an increase in certain expenses.Step 4: The profit plan.The figures are arrived at by combining data generated in Steps 1 and...

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