Prepare a Cost of Goods Sold Budget for the year.
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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.
Prepare a Cost of Goods Sold Budget for the year.
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- Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.47. The following standard data are available for ABC Corp to produce one unit of product X: · Direct materials: 3 yards at 5 per yard · Direct labor: 2 hours at 10 per hour · Budgeted Overhead: 700,000 (includes Budgeted VOH of 500,000) at normal capacity of 10,000 DL hours. The company produced 1,500 units and ending Finished Goods inventory is 100 units. What is the standard cost of goods sold?Sales (17,500 units) $1,750,000 Production costs (23,000 units): Direct materials $851,000 Direct labor 409,400 Variable factory overhead 204,700 Fixed factory overhead 135,700 1,600,800 Selling and administrative expenses: Variable selling and administrative expenses $248,100 Fixed selling and administrative expenses 96,000 344,100 If required, round interim per-unit calculations to the nearest cent. *** I only need assistance with the ones that are blank. Could you also leave the steps on how to solve it, please? a. Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August 31 Sales $1750000 Cost of goods sold Gross profit $ Selling and administrative expenses 344100 Income from operations $ b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc.…
- The following information has been taken from the Visic company’s production, sales & costrecords for the just completed year:Production in Units 30,000Sales in Units ?20000Ending finished goods inventory in units ? 10,000Sales in dollars 10,00,000Costs:Advertising 1,15,000Entertainment & travel 40,000Direct Labor 90,000Indirect Labor 85,000Raw materials purchased 500,000Building Rent (production uses 60% of the space; administrative &sales offices use the rest) 40,000Utilities, factory 108,000Royalty paid for use of production patent,1.5 per unit produced ?Maintenance, factory 9,000Rent for special production equipment,11000 per year plus 0.30 perunit produced ?Selling & administrative salaries 2,10,000Other factory overhead costs 6,800Other selling & administrative expenses 17,000Beginning of End of Page 2 of 2 the year Year Inventories:Raw materials 40,000 20,000Work in process 60,000 30,000Finished goods 10,000 ?The finished goods inventory…Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? Group of answer choices A. $1,000 B. $13,000 C. $130,000 D. $20,00048.The following quarterly cost data have been accumulated for Jeokha Mfg. Inc. Raw materials – beginning inventory (Jan. 1, 2020) 10,000 units @P6.00 Purchases 8,500 units @P7.00 11,000 units @P7.50 Transferred 21,500 units of raw materials to work in process: Work in process – beginning inventory (Jan. 1, 2020) 5,600 units @P13.50 Direct labor P250,000 Manufacturing over head P325,000 Work in process – ending inventory (Mar. 31, 2020) 4,200 units @P13.75 If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020
- Beginning WIP Inventory 3,000 Transferred in 18,500 Ending WIP Inventory 6,500 In August 15,000 metric tons were completed and sent to the department. The ending WIP inventory was 50% complete with respect to conversion costs. Prepare a production cost report for the department to show the equivalent units for direct materials and conversion costs. How would you use the weighted average methodThe information relating to cost department of BETA Corporation is as follows: Inventory Jan 01 Dec 31 Material 34,000 49,000 Work in Process 82,000 42,000 Finished Goods 48,000 ? Finished Goods Inventory 300 units 420 units Sold during the year = 3,380 units at Rs. 220 per unit Rupees Materials purchased 360,000 Conversion cost 214,400 Freight In 8,600 Purchase discount 8,000 Opening material inventory 34,000 Closing material inventory…I. E1-7 Sales $86,625Materials inventory (January 1) $28,875Work in process inventory (January 1) $27,720Finished goods inventory (January 1) $36,960Materials purchased $24,255Direct labor cost $20,790 Factory overhead (including $1,000 of indirect materials used and $3,000 of indirect labor cost) $13,860 Selling and administrative expenses $11,550Inventories at January 31:Materials $25,410Work in process $23,100Finished goods $34,650a. Prepare the Statement of cost of goods manufactured. b. Prepare Cost of goods sold. II. E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc. INVENTORIES ENDING BEGINNING Finished goods $82,294 $120,698 Work in process $87,780 $76,808 Direct materials…
- Input required per unit Standard cost per unit Standard cost per unit Direct Materials 6 kg per unit P90 per kg P540 Direct Labor 5 hours per unit P50 per hour P250 Other information follows: Budgeted factory overhead for the year: Variable 480,000 Fixed 600,000 The company's normal capacity per month is 400 units Actual cost materials purchased for the year is P2,342,000 During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kgs Actual labor costs for the year 1,080,000 of which 24,900 direct labor hours was consumed Actual factory overhead amounted to 1,320,000, 65% of which is fixed cost, FOH is based on labor hours Actual production during the year 5,150 units Compute for Spending VarianceInput required per unit Standard cost per unit Standard cost per unit Direct Materials 6 kg per unit P90 per kg P540 Direct Labor 5 hours per unit P50 per hour P250 Other information follows: Budgeted factory overhead for the year: Variable 480,000 Fixed 600,000 The company's normal capacity per month is 400 units Actual cost materials purchased for the year is P2,342,000 During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kgs Actual labor costs for the year 1,080,000 of which 24,900 direct labor hours was consumed Actual factory overhead amounted to 1,320,000, 65% of which is fixed cost, FOH is based on labor hours Actual production during the year 5,150 units Compute for Variable Overhead Efficiency VarianceInput required per unit Standard cost per unit Standard cost per unit Direct Materials 6 kg per unit P90 per kg P540 Direct Labor 5 hours per unit P50 per hour P250 Other information follows: Budgeted factory overhead for the year: Variable 480,000 Fixed 600,000 The company's normal capacity per month is 400 units Actual cost materials purchased for the year is P2,342,000 During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kgs Actual labor costs for the year 1,080,000 of which 24,900 direct labor hours was consumed Actual factory overhead amounted to 1,320,000, 65% of which is fixed cost, FOH is based on labor hours Actual production during the year 5,150 units Compute for Controllable Variance