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1. The initial budget process

The initial budget process involved calculating the amount of projected revenue based on forecasted monthly sales for the quarter ending September 2015. The sales budget estimate of projected revenue applied a per unit sale of $18 in line with Peyton Approved’s past sales. Additionally, the budget process involved ascertaining the amount of total revenue that the company would collect each month based on Peyton Approved’s credit policy. Since the company collected 40% of sales in cash in the month of sale and 60% in the following month, 40% of June sales and were included in the quarterly budget while 60% of September sales were excluded.

Another core element of the initial budget process involved calculating the cost of sales based on the company’s budgeted cost of $14.35 per unit. This would allow an estimation of the markup prior to deduction of other costs. The selling expense budget focused on the projected unit sales for the quarter as this was important in assessing variances....
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