1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year. Question Content Area a. Production budget in units: Greiner CompanyProduction Budget (units)For the First Quarter of the Coming Year January February March Total Unit sales fill in the blank e75d75ff8069f94_1 fill in the blank e75d75ff8069f94_2 fill in the blank e75d75ff8069f94_3 fill in the blank e75d75ff8069f94_4 Desired ending inventory fill in the blank e75d75ff8069f94_5 fill in the blank e75d75ff8069f94_6 fill in the blank e75d75ff8069f94_7 fill in the blank e75d75ff8069f94_8 Total units required fill in the blank e75d75ff8069f94_9 fill in the blank e75d75ff8069f94_10 fill in the blank e75d75ff8069f94_11 fill in the blank e75d75ff8069f94_12 Less: Beginning inventory fill in the blank e75d75ff8069f94_13 fill in the blank e75d75ff8069f94_14 fill in the blank e75d75ff8069f94_15 fill in the blank e75d75ff8069f94_16 Units produced fill in the blank e75d75ff8069f94_17 fill in the blank e75d75ff8069f94_18 fill in the blank e75d75ff8069f94_19 fill in the blank e75d75ff8069f94_20 2. Calculate the total budgeted contribution margin for Greiner Company by month and in total for the first quarter of the coming year. (CMA adapted) Greiner CompanyBudgeted Contribution MarginFor the First Quarter of the Coming Year January February March Total Sales revenue $fill in the blank 85ec3cfc400506a_1 $fill in the blank 85ec3cfc400506a_2 $fill in the blank 85ec3cfc400506a_3 $fill in the blank 85ec3cfc400506a_4 Direct labor cost fill in the blank 85ec3cfc400506a_5 fill in the blank 85ec3cfc400506a_6 fill in the blank 85ec3cfc400506a_7 fill in the blank 85ec3cfc400506a_8 Materials cost fill in the blank 85ec3cfc400506a_9 fill in the blank 85ec3cfc400506a_10 fill in the blank 85ec3cfc400506a_11 fill in the blank 85ec3cfc400506a_12 Contribution margin $fill in the blank 85ec3cfc400506a_13 $fill in the blank 85ec3cfc400506a_14 $fill in the blank 85ec3cfc400506a_15 $fill in the blank 85ec3cfc400506a_16
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.
Question Content Area
Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin
Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner’s
January | February | March | April | |
Estimated unit sales | 35,600 | 34,600 | 40,400 | 39,600 |
Sales price per unit | $80 | $80 | $76 | $76 |
Direct labor hours per unit | 2.70 | 2.70 | 2.40 | 2.40 |
Direct labor hourly rate | $18 | $18 | $19 | $19 |
Direct materials cost per unit | $9 | $9 | $9 | $9 |
Required:
Unless otherwise indicated, round all calculated amounts to the nearest dollar or unit.
1. Prepare the following monthly budgets for Greiner Company for the first quarter of the coming year.
Question Content Area
a. Production budget in units:
January | February | March | Total | |
---|---|---|---|---|
Unit sales | fill in the blank e75d75ff8069f94_1 | fill in the blank e75d75ff8069f94_2 | fill in the blank e75d75ff8069f94_3 | fill in the blank e75d75ff8069f94_4 |
Desired ending inventory | fill in the blank e75d75ff8069f94_5 | fill in the blank e75d75ff8069f94_6 | fill in the blank e75d75ff8069f94_7 | fill in the blank e75d75ff8069f94_8 |
Total units required | fill in the blank e75d75ff8069f94_9 | fill in the blank e75d75ff8069f94_10 | fill in the blank e75d75ff8069f94_11 | fill in the blank e75d75ff8069f94_12 |
Less: Beginning inventory | fill in the blank e75d75ff8069f94_13 | fill in the blank e75d75ff8069f94_14 | fill in the blank e75d75ff8069f94_15 | fill in the blank e75d75ff8069f94_16 |
Units produced | fill in the blank e75d75ff8069f94_17 | fill in the blank e75d75ff8069f94_18 | fill in the blank e75d75ff8069f94_19 | fill in the blank e75d75ff8069f94_20 |
2. Calculate the total budgeted contribution margin for Greiner Company by month and in total for the first quarter of the coming year. (CMA adapted)
January | February | March | Total | |
---|---|---|---|---|
Sales revenue | $fill in the blank 85ec3cfc400506a_1 | $fill in the blank 85ec3cfc400506a_2 | $fill in the blank 85ec3cfc400506a_3 | $fill in the blank 85ec3cfc400506a_4 |
Direct labor cost | fill in the blank 85ec3cfc400506a_5 | fill in the blank 85ec3cfc400506a_6 | fill in the blank 85ec3cfc400506a_7 | fill in the blank 85ec3cfc400506a_8 |
Materials cost | fill in the blank 85ec3cfc400506a_9 | fill in the blank 85ec3cfc400506a_10 | fill in the blank 85ec3cfc400506a_11 | fill in the blank 85ec3cfc400506a_12 |
Contribution margin | $fill in the blank 85ec3cfc400506a_13 | $fill in the blank 85ec3cfc400506a_14 | $fill in the blank 85ec3cfc400506a_15 | $fill in the blank 85ec3cfc400506a_16 |
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