Show how you would prepare the partial budget using the total approach and gross margin approach (2) prepare labour Planning table?

To prepare a partial budget using the total approach and gross margin approach, follow these steps:

Total Approach:
1. List all the expected revenues and expenses related to the specific aspect of the business you are analyzing (e.g. a new product line, expansion project, etc.).
2. Calculate the total expected revenue by adding up all the revenue sources.
3. Calculate the total expected expenses by adding up all the expenses.
4. Calculate the net profit or loss by subtracting the total expenses from the total revenue.

Gross Margin Approach:
1. List all the expected revenues and variable expenses related to the specific aspect of the business.
2. Calculate the gross margin by subtracting the total variable expenses from the total revenue.
3. Calculate the contribution margin by subtracting the total fixed expenses from the gross margin.
4. Calculate the net profit or loss by subtracting the total fixed expenses from the total revenue.

To prepare a labor planning table, follow these steps:
1. List all the different types of labor required for the specific aspect of the business.
2. Estimate the number of hours or units of labor needed for each type of labor.
3. Calculate the total labor hours or units needed by adding up the estimates for each type of labor.
4. Determine the cost of labor by multiplying the total labor hours or units needed by the hourly rate or unit cost for each type of labor.
5. Include any additional costs related to labor, such as benefits or training expenses.
6. Calculate the total labor cost by adding up all the labor-related expenses.