A B C D E F G 1 Chapter 8: Applying Excel 2 3 Data 4 Year 3 Quarter 1 2 3 4 1 2 45,000 65,000 105,000 60,000 90,000 100,000 5 Budgeted unit sales 6 7 • Selling price per unit •Raw materials required to produce one unit 7 per unit $ 65,000 75% 00 8 • Accounts receivable, beginning balance 9 •Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 Finished goods inventory, beginning 13 14 15 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ Desired ending inventory of raw materials is • Raw materials inventory, beginning 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500
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The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget:
Year 2 Quarter |
Year 3 Quarter |
||||||
Data | 1 | 2 | 3 | 4 | 1 | 2 | |
Budgeted unit sales | 45,000 | 65,000 | 105,000 | 60,000 | 90,000 | 100,000 | |
Selling price per unit | $7 | ||||||
What is the total cost of raw materials to be purchased for the year under this revised budget?
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- Budgeted income statement and supporting budgets The budget director of Feathered Friends Inc., with the assistance of thee controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for December: A. Estimated sales for December Bird house....................... 3,200 units at 50 per unit Bird feeder....................... 3,000 units at 70 per unit B. Estimated inventories at December 1: Direct materials Finished products: Wood............ 220 ft Bird house........ 320 units at 27 per unit Plastic............ 240 ft Bird house........ 270 units at 40 per unit C. Desired inventories at December 31: Direct materials Finished products: Wood............ 220 ft Bird house........ 290 units at 27 per unit Plastic............ 200 ft Bird house........ 205 units at 41 per unit D. Direct materials used in production: In manufacture of Bird House: In manufacture of Bird Feeder: Wood............ 0.80 ft. per unit of product Wood........ 1.20 ft. per unit of product Plastic............ 0.50 lb. per unit of product Plastic......... 0.75 lb. per unit of product E. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood 7.00 per ft Plastic 1.00 per lb. F. Direct labor requirements: Bird House: Fabrication Department...................... 0.20 hr. at 16 per hr. Assembly Department........................ 0.30 hr. at 12 per hr. Bird Feeder: Fabrication Department...................... 0.40 hr. at 16 per hr. Assembly Department........................ 0.35 hr. at 12 pr hr. G. Estimated factory overhead costs for December: Indirect factory wages 75,000 Depreciation of plant and equipment 23,000 Power and light 6,000 Insurance and property tax 5,000 H. Estimated operating expenses for December: Sales salaries expense 70,000 Advertising expense 18,000 Office salaries expense 21,000 Depreciation expenseoffice equipment 600 Telephone expenseselling 550 Telephone expenseadministrative 250 Travel expenseselling 4,000 Office supplies expense 200 Miscellaneous administrative expense 400 I. Estimated other income and expense for December: Interest revenue200 Interest expense122 J. Estimated tax rate: 30% Instructions 1. Prepare a sales budget for December. 2. Prepare a production budget for December. 3. Prepare a direct materials purchases budget for December. 4. Prepare a direct labor cost budget for December. 5. Prepare a factory overhead cost budget for December. 6. Prepare a cost of goods sold budget for December. Work in process at the beginning of December is estimated to be 29,000, and work in process at the end of December is estimated to be 35,400. 7. Prepare a selling and administrative expenses budget for December. 8. Prepare a budgeted income statement for December.Chapter 8 Applying Excel Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted Unit Sales 40,000 60,000 100,000 50,000 70,000 80,000 Selling price per unit $8 Accounts receivable, beginning balance $65,000 Sales collected in the quarter sales are made 75% Sales collected in the quarter after sales are made 25% Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter Finished goods inventory, beginning 12,000 units Raw materials required to produce one unit 5 pounds Desired ending inventory of raw materials is 10% of the next quarter's production needs Raw materials inventory, beginning 23,000 pounds Raw materials cost $0.80 per pound Raw materials purchases are paid 60% in the quarter the purchases…Chapter 8 Applying Excel Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted Unit Sales 40,000 60,000 100,000 50,000 70,000 80,000 Selling price per unit $8 Accounts receivable, beginning balance $65,000 Sales collected in the quarter sales are made 75% Sales collected in the quarter after sales are made 25% Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter Finished goods inventory, beginning 12,000 units Raw materials required to produce one unit 5 pounds Desired ending inventory of raw materials is 10% of the next quarter's production needs Raw materials inventory, beginning 23,000 pounds Raw materials cost $0.80 per pound Raw materials purchases are paid 60% in the quarter the purchases are made and 40% in the…
- Q13 Winston Company had two products code named X and Y. The firm had the following budget for August: Product X Product Y Total Sales $ 240,000 $ 510,000 $ 750,000 Variable Costs 117,600 295,800 413,400 Contribution Margin $ 122,400 $ 214,200 $ 336,600 Fixed costs 8,000 100,000 108,000 Operating Income $ 114,400 $ 114,200 $ 228,600 Selling Price per unit $ 100 $ 50 On September 1, the following actual operating results for August were reported: Product X Product Y Total Sales $ 364,000 $ 540,000 $ 904,000 Variable Costs 200,000 221,000 421,000 Contribution Margin $ 164,000 $ 319,000 $ 483,000 Fixed costs 8,000 100,000 108,000 Operating Income $ 156,000 $ 219,000 $ 375,000 Units Sold 3,000 9,000 Total industry volume for both products X and Y was estimated to be 130,000 units at the time of the budget. Actual industry volume for the period for products X and Y was 100,000 units. The selling price variance for Product Y is:…Problem 10-50: Comprehensive Profit Plan Background Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2016 follow: Finished Components C12 D57 Requirements for each finished component: RM1 10 pounds 8 RM2 0 4 RM3 2 pounds 1 Direct labor 2 hours 3 Product information: Sales price $150 $220 Sales units 12,000 9,000 Estimated beginning inventory (units) 400 150 Desired ending inventory (units) 300 200 Direct Materials Information RM1 RM2 RM3 Cost per pound $2.00 $2.50 $0.50 Estimated beginning inventory in pounds 3,000 1,500 1,000 Desired ending inventory in pounds…Problem 10-50: Comprehensive Profit Plan Background Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2016 follow: Finished Components C12 D57 Requirements for each finished component: RM1 10 pounds 8 RM2 0 4 RM3 2 pounds 1 Direct labor 2 hours 3 Product information: Sales price $150 $220 Sales units 12,000 9,000 Estimated beginning inventory (units) 400 150 Desired ending inventory (units) 300 200 Direct Materials Information RM1 RM2 RM3 Cost per pound $2.00 $2.50 $0.50 Estimated beginning inventory in pounds 3,000 1,500 1,000 Desired ending inventory in pounds…
- Problem 10-50: Comprehensive Profit Plan Background Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2016 follow: Finished Components C12 D57 Requirements for each finished component: RM1 10 pounds 8 RM2 0 4 RM3 2 pounds 1 Direct labor 2 hours 3 Product information: Sales price $150 $220 Sales units 12,000 9,000 Estimated beginning inventory (units) 400 150 Desired ending inventory (units) 300 200 Direct Materials Information RM1 RM2 RM3 Cost per pound $2.00 $2.50 $0.50 Estimated beginning inventory in pounds 3,000 1,500 1,000 Desired ending inventory in pounds 4,000 1,000 1,500…Q20 Olwethu Ltd manufactures and sells two products, Nike and Carvela shoes. The following information relates to the two products for the financial year ended 31 Dec ember 2014: Nike Carvela Budgeted sales(in units) 105 000 112 000 Selling price per unit R20 R22 Required opening inventory 30 900 40 100 Required closing inventory 29 000 21 500 The budgeted sales for Carvela are___________. Select one: a. R2 310 000 b. R2 100 0000 c. R2 464 0000 d. R4 410 000Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 • Selling price per unit $8 per unit • Accounts receivable, beginning balance $65,000 • Sales collected in the quarter sales are made 75% • Sales collected in the quarter after sales are made 25% • Desired ending finished goods inventory is 30% of the budgeted unit sales of the next quarter • Finished goods inventory, beginning 12,000 units • Raw materials required to produce one unit 5 pounds • Desired ending inventory of raw materials is 10% of the next quarter's production needs • Raw materials inventory, beginning 23,000 pounds • Raw material costs $0.80 per pound • Raw materials purchases are paid 60% in the quarter the purchases are made and 40% in the…
- Question 1 The marketing department of HASF Corporations has submitted the following sales forecast for the upcoming fiscal year (all sales are on account) Q1 Q2 Q3 Q4 total Budgeted units sales ? 10% increase 10 % decrease 16,335 62,685 Budget selling price per unit 18 18 18 ? 18 budgeted sales revenue ? 297,000 ? 294,030 ? Other information Each quarter ending finished goods inventory is 20% of next month units sold. Next year first quarter beginning inventory is 3,000. Each finished units require 3 grams of raw material that cost Rs 3 per unit. Management desired to end each quarter with an inventory of raw material equal to 15% of the current quarter production needs Beginning inventory of raw material in first quarter 3,000 grams FIND UNIT SALES of Q1 Answer format should be like : 10000 donot USE COMMA's or Currency or UNITs. Answer should be plain…QUESTION 5 A) A company sells product X & Y Sales for the year ended 2019 are: X: 5000 units @ ¢10 each Y: 3000 units @ ¢12 each The company expects to sell the following units in 2020: X: 6000 units @ ¢15 each Y: 4500 units @ ¢18 each Additional information: i) Budgeted opening stock X: 1000 units Y: 800 units Budgeted closing stock: X: 2000 units Y: 1500 units ii) Materials A and B are used to produce products X and Y based on the following ratio in order to produce one unit of X & Y Product Material A Material B X 3kg 2kg Y 2kg 1kg Purchase price ¢10 per Kg ¢12 per kg iii) Material A Material B Opening stock 8000 5000 Closing stock 6000 3500 (iv) The company has only one grade of labour and uses 3 hours to produce one unit of X 2 hours to produce one unit of Y Labour rate would be ¢20 per hour Required: Prepare the following budgets for 2020 Sales budget Production budget Direct Material usage budget Direct Material purchase budget Direct labour…MCQS: 1) Evergreen Corporation manufactures circuit boards and is in the process of preparing next year's budget. The pro forma income statement for the current year is presented below. Sales $ 3,500,000 Cost of sales: Direct Material $ 500,000 Direct labor 250,000 Variable Overhead 275,000 Fixed Overhead 600,000 1,625,000 Gross Profit $ 1,875,000 Selling and General & Admin. Exp. Variable 750,000 Fixed 250,000 1,000,000 Operating Income $ 875,000 For the coming year, the management of Evergreen Corporation anticipates a 5 percent decrease in sales, a 10 percent increase in all variable costs, and a $45,000 increase in fixed costs. The operating profit for next year would be: A $477,500. B $492,500. C $831,250. D $552,500. 2) Neelon Corporation has two divisions: Southern Division and Northern Division. The following data are for the most recent…