1. Prepare the following budgets for March 2012: a. Revenues budget b. Production budget in units c. Direct material usage budget and direct material purchases budget
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- Refer to Cornerstone Exercise 8.6. Required: 1. Calculate the total budgeted cost of units produced for Play-Disc for the coming year. Show the cost of direct materials, direct labor, and overhead. 2. Prepare a cost of goods sold budget for Play-Disc for the year. 3. What if the beginning inventory of finished goods was 75,200 (for 16,000 units)? How would that affect the cost of goods sold budget? (Assume Play-Disc uses the FIFO method.) Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following manufacturing costs: For the coming year, Play-Disc expects to make 300,000 plastic discs, and to sell 285,000 of them. Budgeted beginning inventory in units is 16,000 with unit cost of 4.75. (There are no beginning or ending inventories of work in process.) Required: 1. Prepare an ending finished goods inventory budget for Play-Disc for the coming year. 2. What if sales increased to 290,000 discs? How would that affect the ending finished goods inventory budget? Calculate the value of budgeted ending finished goods inventory.Lace Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: • Knights, with red blankets and the Knights logo • Raiders, with black blankets and the Raider logo Also, the black blankets are slightly larger than the red blankets. Additional information follows: The budgeted direct-cost inputs for each product in 2013 are as follows: Knights Blanket Raiders Blanket Red wool fabric 4 yards 0 Black wool fabric 0 5 yards Knight logo patches 1 0 Raider Logo patches 0 1 Direct manufacturing labor 3 hours 4 hours Unit data pertaining to the direct materials for March 2013 are as follows: Actual Beginning Direct Materials Inventory (3/1/2013) Knights Blanket Raiders Blanket Red wool fabric 35 yards…Lalonde Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: Knights, with red blankets and the Knights logo • Raiders, with black blankets and the Raider logo Also, the black blankets are slightly larger than the red blankets. Additional information follows: The budgeted direct-cost inputs for each product in 2013 are as follows: Knights Blanket Raiders Blanket Red wool fabric 5 yards 0 Black wool fabric 0 6 yards Knight logo patches 1 0 Raider logo patches 0 1 Direct manufacturing labor 4 hours 5 hours Unit data pertaining to the direct materials for March 2013 are as follows: Actual Beginning Direct Materials Inventory (3/1/2013) Knights Blanket Raiders Blanket…
- Company A manufactures two modular types of doors: one for the residential market, and the other for the office market. Budgeted and actual operating data for the year 2018 are: Static Budget Residential Office Total Number of chairs sold 260,000 140,000 400,000 Contribution margin $26,000,000 $11,200,000 $37,200,000 Actual Results Residential Office Total Number of chairs sold 248,400 165,600 414,000 Contribution margin $22,356,000 $13,248,000 $35,604,000 Required: Compute the following variances in terms of contribution margin: a. Compute the total static-budget variance, the total flexible-budget variance, and the total sales-volume variance. b. Compute the sale-mix variance and the sales-quantity variance by type of chair, and in total.The Document Creation Center (DCC) for Arlington Corp. provides photocopying and document services for three departments in the Minneapolis office. The following budget has been prepared for the year. Available capacity 8,100,000 pages Budgeted usage: Software Development 1,700,000 pages Training 3,100,000 pages Management 2,500,000 pages Cost equation $285,000 + $0.02 per page If DCC uses a dual-rate for allocating its costs based on usage, how much cost will be allocated to the Software Development Department? Multiple Choice $116,740. $100,370. $45,630. $162,000.Parisian Cosmetics Company is planning a one-month campaign for September to promote sales of one of its two cosmetics products. A total of $135,539 has been budgeted for advertising, contests, redeemable coupons, and other promotional activities. The following data have been assembled for their possible usefulness in deciding which of the products to select for the campaign: Moisturizer Perfume Unit selling price $55.23 $59.67 Unit production costs: Direct materials $ 9.01 $13.94 Direct labor 3.02 5.00 Variable factory overhead 3.07 4.94 Fixed factory overhead 6.00 3.98 Total unit production costs $21.10 $27.86 Unit variable selling expenses 16.02 14.94 Unit fixed selling expenses 12.07 5.93 Total unit costs $49.19 $48.73 Operating income per unit $ 6.04 $10.94 No increase in facilities would be necessary to produce and sell the increased output. It is anticipated that 22,000 additional units of moisturizer or 20,000 additional units of perfume…
- The Document Creation Center (DCC) for Arlington Corp. provides photocopying and document services for three departments in the Minneapolis office. The following budget has been prepared for the year. Available capacity 9,400,000 pages Budgeted usage: Software Development 2,460,000 pages Training 3,600,000 pages Management 2,940,000 pages Cost equation $307,000 + $0.06 per page If DCC uses a dual-rate for allocating its costs based on usage, how much cost will be allocated to the Management Department? Multiple Choice $247,887. $276,687. $256,878. $130,829.LearnCo manufactures and sells one product, an abacus for classroom use, with two models, the Basic model and the Deluxe model. The company began operations on January 1, 20Y1, and is planning for 20Y2, its second year of operations, by preparing budgets from its master budget. The company is trying to decide how many units to manufacture, how much it might spend on direct materials and direct labor, and what their factory overhead expenses might be. In addition, the company is interested in budgeting for selling and administrative costs, and in creating a budgeted income statement showing a prediction of net income for 20Y2. You have been asked to assist the controller of LearnCo in preparing the 20Y2 budgets. The sales budget often uses the prior year’s sales as a starting point, and then sales quantities are revised for various factors such as planned advertising and promotion, projected pricing changes, and expected industry and general economic conditions. LearnCo has…Cari’s Manufacturing Company manufactures Tye Dye Special Garment (SG), using cotton and dye as direct materials. One SG is budgeted to use 34 parts of cotton at a cost of $2 per part and 0.8 gallons of dye at a cost of $7 per gallon. All other materials are indirect. At the beginning of the year Cari’s has an inventory of 450,000 parts of cotton at a cost of $861,800 and 4,000 gallons of dye at a cost of $24,680. Target ending inventory of cotton and dye is zero. Cari’s uses the FIFO inventory cost flow method. Cari’s SG are very popular and demand is high, but because of capacity constraints the firm will produce only 200,000 SG per year. The budgeted selling price is $2,100 each. There are no SGs in beginning inventory. Target ending inventory of SG is also zero. Cari’s makes SG by hand, but uses a machine to dye the cotton. Thus, overhead costs are accumulated in two cost pools—one for weaving and the other for dyeing. Weaving overhead is allocated to products based on direct…
- Cari’s Manufacturing Company manufactures Tye Dye Special Garment (SG), using cotton and dye as direct materials. One SG is budgeted to use 34 parts of cotton at a cost of $2 per part and 0.8 gallons of dye at a cost of $7 per gallon. All other materials are indirect. At the beginning of the year Cari’s has an inventory of 450,000 parts of cotton at a cost of $861,800 and 4,000 gallons of dye at a cost of $24,680. Target ending inventory of cotton and dye is zero. Cari’s uses the FIFO inventory cost flow method. Cari’s SG are very popular and demand is high, but because of capacity constraints the firm will produce only 200,000 SG per year. The budgeted selling price is $2,100 each. There are no SGs in beginning inventory. Target ending inventory of SG is also zero. Cari’s makes SG by hand, but uses a machine to dye the cotton. Thus, overhead costs are accumulated in two cost pools—one for weaving and the other for dyeing. Weaving overhead is allocated to products based on direct…Cari’s Manufacturing Company manufactures Tye Dye Special Garment (SG), using cotton and dye as direct materials. One SG is budgeted to use 34 parts of cotton at a cost of $2 per part and 0.8 gallons of dye at a cost of $7 per gallon. All other materials are indirect. At the beginning of the year Cari’s has an inventory of 450,000 parts of cotton at a cost of $861,800 and 4,000 gallons of dye at a cost of $24,680. Target ending inventory of cotton and dye is zero. Cari’s uses the FIFO inventory cost flow method. Cari’s SG are very popular and demand is high, but because of capacity constraints the firm will produce only 200,000 SG per year. The budgeted selling price is $2,100 each. There are no SGs in beginning inventory. Target ending inventory of SG is also zero. Cari’s makes SG by hand, but uses a machine to dye the cotton. Thus, overhead costs are accumulated in two cost pools—one for weaving and the other for dyeing. Weaving overhead is allocated to products based on direct…Venus Creations sells window treatments (shades, blinds, and awnings) to both commercial and residential customers. The following information relates to its budgeted operations for the current year. Commercial Residential Revenues $300,700 $483,000 Direct materials costs $29,500 $50,500 Direct labor costs 100,400 289,500 Overhead costs 90,900 220,800 150,000 490,000 Operating income (loss) $79,900 $(7,000) The controller, Peggy Kingman, is concerned about the residential product line. She cannot understand why this line is not more profitable given that the installations of window coverings are less complex for residential customers. In addition, the residential client base resides in close proximity to the company office, so travel costs are not as expensive on a per client visit for residential customers. As a result, she has decided to take a closer look at the overhead costs assigned to…