|Perfect Number of Pages to Order||5-10 Pages|
Using Performance Reports to Inform Organizational Decisions Assignment
Very often, managers are called upon to make decisions “by the numbers.” In this Assignment, you will sort through a budget report from the fictitious Honey Bear Confections (HBC) organization in order to make decisions about productivity levels.
HBC is a small organization dedicated to making bear-shaped sweets with honey as a sugar substitute. You have just been promoted to a position as manager of the production department at HBC when your supervisor shows you the following report. She tells you to “get it fixed.” You suspect she is alluding to a problem with productivity and efficiency.
For this Assignment, review the Static Budget Report provided. Additionally, you may find valuable information in your course text, especially Exercise 6-3.
HINT: for more information about this, see the Weekly Briefing and the Performance Report video.
Honey Bear Confections (HBC)
Manufacturing Overhead Static Budget Report
For the Month Ended June 20XX
|Budget||Actual||Variance (U or F)|
|Production in bags of candy||10,000||12,000||2,000F|
Part 1: Prepare a performance report using spreadsheet software, such as Excel. Hint: Read the Weekly Briefing and watch the Performance Report video on this topic.
Part 2: For the next section of this Assignment, please utilize a word processing software (such as Word) to complete the following:
Write a short memo to your supervisor explaining your findings and your recommendations.
In your memo, as part of your recommendations, take a position on the following: Do all the variance in this example need to be examined? Why or why not?
All account setups and opening balances required to begin this problem are loaded when you select the problem from the CengageNOW assignment menu. Click on the Save button at the upper-right of your screen at any point to save your work if you need to stop working to continue later. Your work will automatically be restored when you return.
Set the System Date at the bottom of the screen to 12/30/16.
On December 30, record the payroll for the week ended December 30 using the information shown in the text problem replicated in the frame to the left, in the General Journal. Assume that the payroll is to be paid on December 31.
On December 30, record the employer’s payroll taxes in the General Journal for the payroll to be paid on December 31. Of the total payroll for the last week of the year, $35,000 is subject to unemployment compensation taxes.
Display the journal entries.
Make corrections to the journal entries, if necessary.
On December 30, record the payroll for the week ended December 30 in the General Journal. Assume that the payroll is to be paid on January 5 of the following fiscal year.
On January 5, record the employer’s payroll taxes in the General Journal for the payroll to be paid on January 5. Since it is a new fiscal year, all $675,000 in salaries is subject to unemployment compensation taxes.
Display the journal entries. Make corrections to the journal entries, if necessary.
Click on the Save button on the upper-right of the screen to save your work to this point.
When you are comfortable that you have completed all steps of the problem correctly, click on the Check My Work link if it is available, or click on the Submit Assignment for Grading button on the upper-right of your screen. The program will then display the results of the grading, indicating accounts in error with a red X. Note that grading in Cengage Learning General Ledger is based on the final General Ledger account balances, not on the order of transactions.