Deliverable Length: 3-4 pages. OBJECTIVES You will create this assignment following the Assignment Detail instructions below. This assignment will be submitted in the Unit 4 - Submission Assignment 2

Deliverable Length: 

3-4 pages.

OBJECTIVES

You will create this assignment following the Assignment Detail instructions below. This assignment will be submitted in the Unit 4 - Submission Assignment 2 lesson in intellipath.Review the tutorial titled How to Submit the Intellipath Submission Assignment.Please submit your work to this week’s Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click "OK" to finish. Assignment Details

Chicago Furniture Company produces combination desk and chair sets for the elementary schools in the Midwest. As the second quarter is progressing it is important for the controller to complete a budget for the third quarter. The sales department manager has provided the following forecast.

July8,000 desk combosAugust8,700 desk combosSeptember

7,600 desk combos

October8,700 desk combosNovember8,800 desk combos

• In order to ensure Just-in-Time (JIT) deliveries are maintained in accordance with the needs of the schools Chicago Furniture Company has a standing policy that the inventory at the end of each month must be equal to 40% of the following month’s forecasted sales. On July 1st there will be 3,200 desk combos in inventory.
• The building of each desk combo requires 12 board feet of pine planks which cost $0.70 per foot. In order to maintain proper inventory for building the desk combos the department must have 30% of the next month’s production requirements.

Using the information you developed in Submission Lesson #1, write 3-4 pages discussing the following: 

• Why is the preparation of a sales forecast one of the earliest steps in preparing a master budget?
• Explain at least three ways a company can benefit from preparing a formal budget.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

If you are planning to repurpose an assignment or submit one you have used before, please let your instructor know. If an instructor is not made aware of work being repurposed or reused, he or she will treat the assignment as a plagiarized task and reserves the right to post an F grade and submit a task for review to administration until proof of originality is provided. Click here for more information.The following are some tips if you have problems submitting your assignment:

1. Resave in the proper format per the Assignment Detail instructions, and resubmit.
2. Submit with a different Web browser.
3. Submit from a different computer.
4. Call Technical Support at 877-221-5800, Menu Option 2. They are open 24/7.
5. If you are still having difficulties after trying steps 1–4, please contact your course instructor.

Make sure you submit this assignment by the listed due date. Late deductions will apply for this assignment as follows: 

1. Assignments submitted within 7 calendar days after the stated due date: 10% penalty of total assignment points.
2. Assignments submitted 8–14 calendar days after the stated due date: 20% penalty of total assignment points.
3. Assignments submitted 15–21 calendar days after the stated due date: 30% penalty of total assignment points.
4. Assignments submitted 22–28 calendar days after the stated due date: 40% penalty of total assignment points.
5. No assignments, including late assignments, will be accepted after the end of the course unless an approved Incomplete has been granted.