Posted: March 4th, 2022

“Performance Evaluation,“ of Fundamentals of Managerial Accounting Concepts

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Comp 2 Instructions
PLEASE
ENSURE ALL CALCULATIONS ARE ACCURATE. USE EXCEL AND PROVIDE FORMULAS AND
DETAIL.
“Performance Evaluation,“ of Fundamentals
of Managerial Accounting Concepts. This
scenario puts you in charge of preparing a budget for the Redmond Management Association annual public
relations luncheon.
Mr. Snow was extremely
upset with the budget deficit. He immediately called you, the treasurer, to
complain about the budget variance for the meal cost. He told you that the
added dessert caused the meal cost to be $4,810 ($25,110 – $20,300) over
budget. He added, “I could expect a couple hundred dollars one way or the
other, but several thousand is totally unacceptable. At the next budget meeting
of the budget committee, I want you to explain what happened.”
Create a 6- to 8-slide
presentation for the budget committee meeting showing your findings and
recommendations from your computations.
Complete the following in your presentation:
Summarize the results of the sales volume and variable cost volume
variances computations based on the comparison between the master budget
and the flexible budget.
Summarize the results of the flexible budget variances
computations based on the comparison between the flexible budget and the
actual results.
Justify the favorable or unfavorable budget variances.
Since this is a not-for-profit organization, address why anyone
should be concerned with meeting the budget.
Make recommendations for what can be done differently to stay on
budget for future luncheons. Provide specific examples to support your
recommendations.
Include speaker notes.

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