Construct the raw materials purchases budgetАprilMayJuneQuarterRequired production (units)Raw materials required to produce one unitProduction needs (pounds)|Add desired ending inventory of raw materials (pounds)Total needs (pounds)Less beginning inventory of raw materials (pounds)Raw materials to be purchasedCost of raw materials per poundCost of raw materials to be purchased55555$0.40$0$0$0$0Construct the schedule of expected cash paymentsAprilMayJuneQuarter|Accounts payable, beginning balance|April purchasesMay purchasesJune purchases|July purchases$0$0$0$0Total cash disbursements$0$0$0$0Construct the Direct Labor BudgetАprilMayJuneQuarterRequired ProductionDirect Labor per UnitLabor Hours RequiredGuaranted Labor HoursLabor Hours PaidHourly Wage RateTotal Direct Labor Hour Costs0.05$10$Construct the Manufacturing Overhead BudgetАprilMayJuneQuarterBudgeted DLHViable Mgftrg OH rate20Viable Mgftrg OH CostFixed Mgftrg OH CostTotal Mgftrg OH CostLess: Noncash Items$0#DIV/ 0!$0 O/H Rate =$0$0Cash Dsibursements for OHetеtе Ending Finished Goods InvesntoryDirect MaterialsDirect Labor#DIV / 0!0.05Overhead#DIV/0!Total Cost4.99Number of Good in Ending InventoryEnding Finished Goods InventoryConstruct Selling & Administrative BudgetMayАprilJuneQuarterBudget SalesVariable S&A Rate$0.50Variable ExpensesFixed S& A ExpensesTotal S&A Expenses$0Less: Non-cash ItemsTotal Cash S&A ExpensesConstruct Final Cash BudgetАprilMayJuneQuarterBeginning Cash BalancesAdd: Cash Collections$0Total Cash AvailableLess Cash DisbursementsMaterials$0Labor$0Manu OH$0S&A$0Equioment PurchasesDividends$0$0Total$0$0Excess/(Deficiency)Financing:BorrowingsRepaymentsInterest$0$0$Total FinancingEnding Cash BalancePrepare Income StatementSalesCOGSGross Margin$0306еtеее30несеееtа

Question
Asked Oct 2, 2019
13 views
Construct the raw materials purchases budget
Аpril
May
June
Quarter
Required production (units)
Raw materials required to produce one unit
Production needs (pounds)
|Add desired ending inventory of raw materials (pounds)
Total needs (pounds)
Less beginning inventory of raw materials (pounds)
Raw materials to be purchased
Cost of raw materials per pound
Cost of raw materials to be purchased
5
5
5
5
5
$0.40
$0
$0
$0
$0
Construct the schedule of expected cash payments
April
May
June
Quarter
|Accounts payable, beginning balance
|April purchases
May purchases
June purchases
|July purchases
$0
$0
$0
$0
Total cash disbursements
$0
$0
$0
$0
Construct the Direct Labor Budget
Аpril
May
June
Quarter
Required Production
Direct Labor per Unit
Labor Hours Required
Guaranted Labor Hours
Labor Hours Paid
Hourly Wage Rate
Total Direct Labor Hour Costs
0.05
$10
$
Construct the Manufacturing Overhead Budget
Аpril
May
June
Quarter
Budgeted DLH
Viable Mgftrg OH rate
20
Viable Mgftrg OH Cost
Fixed Mgftrg OH Cost
Total Mgftrg OH Cost
Less: Noncash Items
$0
#DIV/ 0!
$0 O/H Rate =
$0
$0
Cash Dsibursements for OH
e
tе
tе
help_outline

Image Transcriptionclose

Construct the raw materials purchases budget Аpril May June Quarter Required production (units) Raw materials required to produce one unit Production needs (pounds) |Add desired ending inventory of raw materials (pounds) Total needs (pounds) Less beginning inventory of raw materials (pounds) Raw materials to be purchased Cost of raw materials per pound Cost of raw materials to be purchased 5 5 5 5 5 $0.40 $0 $0 $0 $0 Construct the schedule of expected cash payments April May June Quarter |Accounts payable, beginning balance |April purchases May purchases June purchases |July purchases $0 $0 $0 $0 Total cash disbursements $0 $0 $0 $0 Construct the Direct Labor Budget Аpril May June Quarter Required Production Direct Labor per Unit Labor Hours Required Guaranted Labor Hours Labor Hours Paid Hourly Wage Rate Total Direct Labor Hour Costs 0.05 $10 $ Construct the Manufacturing Overhead Budget Аpril May June Quarter Budgeted DLH Viable Mgftrg OH rate 20 Viable Mgftrg OH Cost Fixed Mgftrg OH Cost Total Mgftrg OH Cost Less: Noncash Items $0 #DIV/ 0! $0 O/H Rate = $0 $0 Cash Dsibursements for OH e tе tе

fullscreen
Ending Finished Goods Invesntory
Direct Materials
Direct Labor
#DIV / 0!
0.05
Overhead
#DIV/0!
Total Cost
4.99
Number of Good in Ending Inventory
Ending Finished Goods Inventory
Construct Selling & Administrative Budget
May
Аpril
June
Quarter
Budget Sales
Variable S&A Rate
$0.50
Variable Expenses
Fixed S& A Expenses
Total S&A Expenses
$0
Less: Non-cash Items
Total Cash S&A Expenses
Construct Final Cash Budget
Аpril
May
June
Quarter
Beginning Cash Balances
Add: Cash Collections
$0
Total Cash Available
Less Cash Disbursements
Materials
$0
Labor
$0
Manu OH
$0
S&A
$0
Equioment Purchases
Dividends
$0
$0
Total
$0
$0
Excess/(Deficiency)
Financing:
Borrowings
Repayments
Interest
$0
$0
$
Total Financing
Ending Cash Balance
Prepare Income Statement
Sales
COGS
Gross Margin
$0
30
6е
tе
ее
30
не
се
е
е
tа
help_outline

Image Transcriptionclose

Ending Finished Goods Invesntory Direct Materials Direct Labor #DIV / 0! 0.05 Overhead #DIV/0! Total Cost 4.99 Number of Good in Ending Inventory Ending Finished Goods Inventory Construct Selling & Administrative Budget May Аpril June Quarter Budget Sales Variable S&A Rate $0.50 Variable Expenses Fixed S& A Expenses Total S&A Expenses $0 Less: Non-cash Items Total Cash S&A Expenses Construct Final Cash Budget Аpril May June Quarter Beginning Cash Balances Add: Cash Collections $0 Total Cash Available Less Cash Disbursements Materials $0 Labor $0 Manu OH $0 S&A $0 Equioment Purchases Dividends $0 $0 Total $0 $0 Excess/(Deficiency) Financing: Borrowings Repayments Interest $0 $0 $ Total Financing Ending Cash Balance Prepare Income Statement Sales COGS Gross Margin $0 30 6е tе ее 30 не се е е tа

fullscreen
check_circle

Expert Answer

Step 1

Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-part solved please repost the complete question and mention the sub-parts to be solved.”.

Step 2

Given info is as follows

April
May
Data
June
July
August
Budgeted sales units
20,000
50,000
30,000
25,000
15,000
Selling price per unit
10 per unit
DL per unit
0.05 per DHL
30,000
Accounts Receivable, beginning balance
Labor rate
10 per hour
1500 per month
Sales collected in the quarter sales are made
70%
Minimum LH
Sales collected in the quarter after sales are made
25%
Desired ending FG inventory
Finished goods inventory, beginning
Raw materials inventory,beginning
Raw materials costs
20% of budgeted unit of next mth sale
4,000 units
13,000
0.40 per pound
50% in the month of purchases
Raw materials purchases are paid
&
50% in the next month
Accounts payble for raw materials beginning
12,000
Production budget
2 Budgeted unit sales
3Add desired units FG(20 % next month sales unit)
Total needs
5Less beginning inventory
Desired production
April
20,000
Quarter July
25,000
May
June
50,000
30,000
100,000
5000
10000
6000
5000
3000
56,000
35,000 105,000
4,000
101,000
28,000
30,000
4,000
26,000
10000
6000
5000
29,000
46,000
23,000
7
help_outline

Image Transcriptionclose

April May Data June July August Budgeted sales units 20,000 50,000 30,000 25,000 15,000 Selling price per unit 10 per unit DL per unit 0.05 per DHL 30,000 Accounts Receivable, beginning balance Labor rate 10 per hour 1500 per month Sales collected in the quarter sales are made 70% Minimum LH Sales collected in the quarter after sales are made 25% Desired ending FG inventory Finished goods inventory, beginning Raw materials inventory,beginning Raw materials costs 20% of budgeted unit of next mth sale 4,000 units 13,000 0.40 per pound 50% in the month of purchases Raw materials purchases are paid & 50% in the next month Accounts payble for raw materials beginning 12,000 Production budget 2 Budgeted unit sales 3Add desired units FG(20 % next month sales unit) Total needs 5Less beginning inventory Desired production April 20,000 Quarter July 25,000 May June 50,000 30,000 100,000 5000 10000 6000 5000 3000 56,000 35,000 105,000 4,000 101,000 28,000 30,000 4,000 26,000 10000 6000 5000 29,000 46,000 23,000 7

fullscreen
Step 3

Required production is mutiplied with raw materials required for producing each unit to arrive at total production needs. Then desired closing inventory is calculated at 10% of total production needs of next month.So, ending raw materials inventory April= 10%*230,000=23,000

May= 10% of 145,000= 14,500

The desired...

Raw materials purchase budget
Required production (units) a
Raw materials required to produce one unit b
Production needs (pounds) c-a*b
Add. Desired ending inventory of raw materials (pounds) 10% d
Total needs e= (c+d)
Less beginning inventory of raw materials f
Raw materials purchased g= (e-f)
Cost of raw materials purchased (S0.40 per pound) h
April
Quarter July
May
June
101,000
26,000
46,000
29,000
23,000
5
145000
130000
230000
505000
115000
14500
23000
11500
11500
516500
153000
244500
156500
23000
14500
13,000
13,000
140,000
221,500
142,000
503,500
0.4
0.4
0.4
0.4
56800
Cost of raw materials to be purchased g*h
56000
88600
201400
help_outline

Image Transcriptionclose

Raw materials purchase budget Required production (units) a Raw materials required to produce one unit b Production needs (pounds) c-a*b Add. Desired ending inventory of raw materials (pounds) 10% d Total needs e= (c+d) Less beginning inventory of raw materials f Raw materials purchased g= (e-f) Cost of raw materials purchased (S0.40 per pound) h April Quarter July May June 101,000 26,000 46,000 29,000 23,000 5 145000 130000 230000 505000 115000 14500 23000 11500 11500 516500 153000 244500 156500 23000 14500 13,000 13,000 140,000 221,500 142,000 503,500 0.4 0.4 0.4 0.4 56800 Cost of raw materials to be purchased g*h 56000 88600 201400

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: 11. Custom Tees' Printing Department has materials cost at $2 per unit and conversion cost at 4 per ...

A: Since we are answering only one question i.e. question No. 11. Please re-submit the question and spe...

question_answer

Q: On January 1, 2021, Wildhorse Corporation had 980,000 shares of common stock outstanding. On March 1...

A: Note: Assume that the accounting period of Company starts in January and ends in December of every y...

question_answer

Q: The following transactions are for Skysong Company. 1.   On December 3, Skysong Company sold $513...

A: Journalize the given entries:

question_answer

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below:   Item InventoryQuantity Cos...

A: If the value of the inventory falls below its original cost before a company can sell it, companies ...

question_answer

Q: Estimating Uncollectible Accounts and Reporting Accounts ReceivableCollins Company analyzes its acco...

A: In case of a credit sale, the customer is given an option to make payment for the sale within a spec...

question_answer

Q: Analyzing an Inventory Footnote DisclosureThe inventory footnote from Deere & Company’s 2015 10-...

A: a.Deere shows inventories at $3817 million, on its balance sheet for period 2015.

question_answer

Q: What is the difference between account receivable and account payable ?

A: Diffecrence between the accounts receivable an accounts payable are as follows:

question_answer

Q: Lakeside Inc. manufactures four lines of remote control boats and uses activity-based costing to cal...

A: Activity cost pools: A list of overhead categories that represents a cost associated with an activit...

question_answer

Q: E 19-4 Multiple choice Which of the following is not a governmental fund? Special revenue fund ...

A: As the student has posted multiple questions and not specified which questions to be answered, the s...