Based on the following production and sales data of Jackson Co. for March of the current year. Product T Product X Estimated inventory, March 1 26,000 units 18,000 units Desired inventory, March 31 32,000 units 15,000 units Expected sales volume: Area I 320,000 units 260,000 units Area II 190,000 units 130,000 units Unit sales price $4 $12 a. Prepare Sales budget. Jackson Co.Sales BudgetFor Month Ending March 31, 20XX Product and Area Unit Sales Volume Unit Selling Price Total Sales Product T: Area I fill in the blank fd1fca00100d02d_1 $fill in the blank fd1fca00100d02d_2 $fill in the blank fd1fca00100d02d_3 Area II fill in the blank fd1fca00100d02d_4 fill in the blank fd1fca00100d02d_5 fill in the blank fd1fca00100d02d_6 Total fill in the blank fd1fca00100d02d_7 $fill in the blank fd1fca00100d02d_8 Product X: Area I fill in the blank fd1fca00100d02d_9 $fill in the blank fd1fca00100d02d_10 $fill in the blank fd1fca00100d02d_11 Area II fill in the blank fd1fca00100d02d_12 fill in the blank fd1fca00100d02d_13 fill in the blank fd1fca00100d02d_14 Total fill in the blank fd1fca00100d02d_15 $fill in the blank fd1fca00100d02d_16 Total revenue from sales $fill in the blank fd1fca00100d02d_17 b. Prepare a production budget. Jackson Co.Production BudgetFor Month Ending March 31, 20XX Product T (units) Product X (units) Sales fill in the blank 9c5f60ff6036069_1 fill in the blank 9c5f60ff6036069_2 Plus desired ending inventory, March 31, 20XX fill in the blank 9c5f60ff6036069_3 fill in the blank 9c5f60ff6036069_4 Total fill in the blank 9c5f60ff6036069_5 fill in the blank 9c5f60ff6036069_6 Less estimated beginning inventory, March 1, 20XX fill in the blank 9c5f60ff6036069_7 fill in the blank 9c5f60ff6036069_8 Total production fill in the blank 9c5f60ff6036069_9 fill in the blank 9c5f60ff6036069_10

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Based on the following production and sales data of Jackson Co. for March of the current year.

	Product T	Product X
Estimated inventory, March 1	26,000	units	18,000	units
Desired inventory, March 31	32,000	units	15,000	units
Expected sales volume:
Area I	320,000	units	260,000	units
Area II	190,000	units	130,000	units
Unit sales price	$4		$12

a. Prepare Sales budget.

Jackson Co.Sales BudgetFor Month Ending March 31, 20XX

Product and Area	Unit Sales Volume	Unit Selling Price	Total Sales
Product T:
Area I	fill in the blank fd1fca00100d02d_1	$fill in the blank fd1fca00100d02d_2	$fill in the blank fd1fca00100d02d_3
Area II	fill in the blank fd1fca00100d02d_4	fill in the blank fd1fca00100d02d_5	fill in the blank fd1fca00100d02d_6
Total	fill in the blank fd1fca00100d02d_7		$fill in the blank fd1fca00100d02d_8
Product X:
Area I	fill in the blank fd1fca00100d02d_9	$fill in the blank fd1fca00100d02d_10	$fill in the blank fd1fca00100d02d_11
Area II	fill in the blank fd1fca00100d02d_12	fill in the blank fd1fca00100d02d_13	fill in the blank fd1fca00100d02d_14
Total	fill in the blank fd1fca00100d02d_15		$fill in the blank fd1fca00100d02d_16
Total revenue from sales			$fill in the blank fd1fca00100d02d_17

b. Prepare a production budget.

Jackson Co.Production BudgetFor Month Ending March 31, 20XX

	Product T (units)	Product X (units)
Sales	fill in the blank 9c5f60ff6036069_1	fill in the blank 9c5f60ff6036069_2
Plus desired ending inventory, March 31, 20XX	fill in the blank 9c5f60ff6036069_3	fill in the blank 9c5f60ff6036069_4
Total	fill in the blank 9c5f60ff6036069_5	fill in the blank 9c5f60ff6036069_6
Less estimated beginning inventory, March 1, 20XX	fill in the blank 9c5f60ff6036069_7	fill in the blank 9c5f60ff6036069_8
Total production	fill in the blank 9c5f60ff6036069_9	fill in the blank 9c5f60ff6036069_10

Expert Solution

Step 1

Lets start with basics.

Budget is prepared by the management so that to estimate the future profit and loss from the decisions.

Management prepares master budget for the whole organization and with the also prepare other budgets based on the various activities. i.e. Sales budget, purchase budget, direct material budget etc.

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