|University||Temasek Polytechnic (TP)|
|Subject||BCAF004: Management Accounting & Finance|
Pet Purrfect Pte Ltd produces a variety of pet care products. One of its popular products is the lightweight, durable, and airline-approved pet carrier. The two main materials used for the production of pet carriers are fabric and metal wire. The following information relates to the estimated sales and production of the pet carriers for the month of November 2023:
- Prepare the following budgets (using proper budget format) for the month of
November 2023 for the pet carrier product:
i) Sales budget
ii) Production budget
iii) Direct labor cost budget
iv) Direct materials purchases budget
- Determine the budgeted product cost per pet carrier for the month of November 2023.
- Pet Purrfect currently sells its pet carriers through online platforms. It is planning to rent a pop-up shop in a shopping mall to build up brand awareness and connect with new customers.
• Contract sales staff salary of $2,000 per month
• Pop-up shop rental of $4,500 per month
• Other fixed expenses of $1,000 per month
• Other variable expenses of $5 per pet carrier
Pet Purrfect expects to sell 800 pet carriers at a promotional selling price of $108 via the pop-up shop in the month of December 2023.
i) Compute the number of pet carriers that Pet Purrfect needs to sell via the popup shop in the month of December 2023 in order to achieve a target profit of $10,000.
ii) Without performing additional calculations and using your answer in part (c)(I), explain if Pet Purrfect is able to achieve its target profit of $10,000 in December 2023.
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- Pet Purrfect recently recruited a new Sales Manager, Matthew Lim. He was informed that the company pays its Sales Executives a monthly basic salary and an annual bonus that is tied to the actual annual sales volume achieved. The Sales Executives will be paid an annual bonus of $3 for every unit of pet carrier sold above his/her budgeted sales volume. For example, if the budgeted sales volume is 6,000 units and 7,500 units are sold, the Sales Executive will be paid a $4,500 bonus (1,500 x $3).
To work out the budgeted annual sales volume for the year 2024, Matthew asked all his Sales Executives to submit their sales forecast to him. Priscilla, one of the Sales Executives, submitted a sales forecast of 22,000 units although she should be able to get at least 28,000 units of orders based on her surveys with current customers.
Explain to Matthew why Priscilla had submitted a sales forecast of 22,000 units although she expected to sell at least 28,000 units.
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