I am needing help on creating some budgets that will lead to a master budget.

I need HELP on this Cost accounting Budget project part 1, I am stuck!

McMillan Toys is a worldwide toy manufacturer who is considering expanding into new markets and developing new toys over the next year. Michael Dorsey, the CEO of McMillian Toys hired you as a cost accountant. He would like you improve the budgeting process but doesn’t know how. You suggest implementing Excel spreadsheets so that when management makes last-minute changes to sales and other forecasts, all the other numbers will automatically update.

Michael Dorsey agrees with your recommendation and gave you the project to prepare the master budget for the first quarter of the upcoming year along with a budgeted income statement. He reminded you that a complete master budget has the following budgets included: Sales Budget, Production Budget, Direct Materials Purchases Budget, Direct Labor Budget, Manufacturing Overhead Budget, Selling & Administrative Expense Budget, and Cost of Goods Manufactured Budget. He also requested a budgeted income statement and informed you that the income tax expense is 30%.

You have been working with various departments to gather financial data to assemble all eight budgets into a master budget using Excel so that you can connect all the budgets together.

Preparation:

  1. Review the data provided in the word file titled Budget Project Background, found at this link Download this link. (THIS INFO IS BELOW)
  2. Download the Excel templates you will use to prepare the master budget found at this link Download this link. (THIS INFO IS BELOW)

The Project

M5A3: Part 1 of the Budget Project:

This part of the project is due at the end of Module 5.

  1. Starting with the sales budget, use the data provided to determine total sales for the entire quarter (including any additional months necessary to compute first quarter sales).
  2. Using data provided, complete first four budgets only for the first quarter. (Production Budget, Direct Materials Purchases Budget and Direct Labor Budget). The remaining budgets will be completed in Part 2 during Module 6.
  3. Use Excel formulas to perform calculations and integrate each budget so changes to one particular budget are automatically updated in the remaining budgets.
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