Each acoustic guitar requires a maple neck blank, which Swifty purchases for $45. On December 31, 2021, Swifty had 200 neck blanks in inventory. The production process results in a standard quantity of 1 neck per acoustic guitar. Because of recent delivery problems, Swifty wants to maintain an ending inventory equal to 50% of the following quarter's production needs. Since the supplier has assured Swifty that the delivery issues will be resolved by the end of December, Swifty wants only 150 neck blanks in inventory on December 31, 2022. Prepare the purchases budget for neck blanks for 2022. Purchases Budget 1st Quarter 2nd Quarter 3rd Quarter Standard necks per guitar 1.5 1.5 Budgeted production 282 296 Production needs 423 444 Budgeted ending inventory 222 249 Total DM required (necks) 645 693 Beginning inventory 200 222 Budgeted purchases (necks) 445 471 Standard necks per guitar 45 45 Budgeted purchases (necks) 20025 21195 eTevthook and Media Purchases Budget 2nd Quarter 3rd Quarter 4th Quarter Annual 1.5 1.5 1.5 1.5 296 332 306 1216 444 498 459 1824 249 230 150 150 693 728 609 1974 222 249 230 200 471 479 379 1774 45 45 45 45 21195 %24 21555 17055 49830 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 > > %24 %24
Each acoustic guitar requires a maple neck blank, which Swifty purchases for $45. On December 31, 2021, Swifty had 200 neck blanks in inventory. The production process results in a standard quantity of 1 neck per acoustic guitar. Because of recent delivery problems, Swifty wants to maintain an ending inventory equal to 50% of the following quarter's production needs. Since the supplier has assured Swifty that the delivery issues will be resolved by the end of December, Swifty wants only 150 neck blanks in inventory on December 31, 2022. Prepare the purchases budget for neck blanks for 2022. Purchases Budget 1st Quarter 2nd Quarter 3rd Quarter Standard necks per guitar 1.5 1.5 Budgeted production 282 296 Production needs 423 444 Budgeted ending inventory 222 249 Total DM required (necks) 645 693 Beginning inventory 200 222 Budgeted purchases (necks) 445 471 Standard necks per guitar 45 45 Budgeted purchases (necks) 20025 21195 eTevthook and Media Purchases Budget 2nd Quarter 3rd Quarter 4th Quarter Annual 1.5 1.5 1.5 1.5 296 332 306 1216 444 498 459 1824 249 230 150 150 693 728 609 1974 222 249 230 200 471 479 379 1774 45 45 45 45 21195 %24 21555 17055 49830 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 > > %24 %24
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 3R: Review the completed master budget and answer the following questions:
Is Ranger Industries...
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Swifty Enterprises is a boutique guitar manufacturer. The company produces both acoustic and electric guitars for rising and established professional musicians. Patricia Johnson, the company’s sales manager, prepared the following sales
Sales Price
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Acoustic guitar sales
|
$1,200 | 200 | 280 | 320 | 350 | |||||||||||
Electric guitar sales
|
$2,150 | 400 | 350 | 320 | 360 |
|
Please help me fill out the red shown in the picture.
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