ine teacnlakeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator=&inprogress=falseSales and Production BudgetsUltimate Audio Company manufactures two models of speakers, U500 and S1000. Based on the following production and sales data for June.U500S1000Estimated inventory (units), June 126271Desired inventory (units), June 3030162Expected sales volume (units):Northeast Region2,9503,300Southwest Region5,6504,900Unit sales price$135$215a. Prepare a sales budget. Enter all amounts as positive numbers.ULTIMATE AUDIO COMPANYSales BudgetFor the Month Ending June 30Product and AreaUnit Sales VolumeUnit Sales PriceTotal SalesModel U500:Northeast RegionSouthwest RegionTotalNextCheck My WorkSign outマ012:1女 Y Check My Worka. For each region and each model, multiply unit sales volume by unit seling price.b. Prepare a production budget. Enter all amounts as positive numbers.ULTIMATE AUDIO COMPANYProduction BudgetFor the Month Ending June 30Model U500Model S1000Expected units to be soldPlus desired Inventory, June 30TotalLess estimated inventory, June 1Total units to be producedFeedback7 Check My Worknth of lune Fynected sales yO

Answered: Prepare a production budget. Enter all…

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Prepare a production budget. Enter all amounts as positive numbers.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 17P

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NEED IT ASAP LO.3 (FIFO cost assignment) In October 2010, Tibbetts Company had the following production and cost data:Beginning inventory units (80% complete as to DM;45% complete as to DL; 30% complete as to OH)42,600October completed production 1,570,000Units in ending inventory (35% complete as to DM;15% complete as to DL; 5% complete as to OH) 28,400Beginning inventory cost $458,482October direct material cost per EUP $10.74October direct labor cost per EUP $13.88October overhead cost per EUP $24.80 a. What is the cost of the beginning inventory transferred out in October?b. What is the total cost transferred out in October?c. What is the cost of ending inventory at the end of October?d. What is the total cost to account for during October?
Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Cost ReplacementCost SalesPrice Net RealizableValue NormalProfit Aluminum siding $ 70,000 $ 62,500 $ 64,000 $ 56,000 $ 5,100 Cedar shake siding 86,000 79,400 94,000 84,800 7,400 Louvered glass doors 112,000 124,000 186,400 168,300 18,500 Thermal windows 140,000 126,000 154,800 140,000 15,400 Total $408,000 $391,900 $499,200 $449,100 $46,400 Instructions a. 1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. 2. For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Prior to adjustment, the Allowance account had a balance of $27,500. b. Explain the rationale for the use of the lower-of-cost-or-market rule as it…
The VARCOST2 worksheet is capable of calculating variable and absorption income when unit sales are equal to or less than production. An equally common situation (that this worksheet cannot handle) is when beginning inventory is present and sales volume exceeds production volume. Revise the worksheet Data Section to include: Beginning inventory in units 15,000 Beginning inventory cost (absorption) $266,875 Beginning inventory cost (variable) $210,000, Also, change actual production to 70,000. Revise the Answer Section to accommodate this new data. Assume that Anderjak uses the weighted-average costing method for inventory. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Check figure: Absorption income, $670,000.
LO.3 (FIFO cost assignment) In October 2010, Tibbetts Company had the following production and cost data:Beginning inventory units (80% complete as to DM;45% complete as to DL; 30% complete as to OH)42,600October completed production 1,570,000Units in ending inventory (35% complete as to DM;15% complete as to DL; 5% complete as to OH) 28,400Beginning inventory cost $458,482October direct material cost per EUP $10.74October direct labor cost per EUP $13.88October overhead cost per EUP $24.80a. What is the cost of the beginning inventory transferred out in October?b. What is the total cost transferred out in October?c. What is the cost of ending inventory at the end of October?d. What is the total cost to account for during October?
The S&OP team at Kansas Furniture, has received thefollowing estimates of demand requirements:July Aug. Sept. Oct. Nov. Dec.1,000 1,200 1,400 1,800 1,800 1,800 Stephanie Klein-Davis/The Roanoke Times/ AP Imagesa) Assuming one-time stockout costs for lost sales of $100 perunit, inventory carrying costs of $25 per unit per month, andzero beginning and ending inventory, evaluate these two planson an incremental cost basis: ◆ Plan A: Produce at a steady rate (equal to minimum require-ments) of 1,000 units per month and subcontract additional units at a $60 per unit premium cost.◆ Plan B: Vary the workforce, to produce the prior month’sdemand. The fi rm produced 1,300 units in June. The cost ofhiring additional workers is $3,000 per 100 units produced.The cost of layoff s is $6,000 per 100 units cut back.
A firm uses backflush costing and values inventory using throughput accounting. All cost and unit figures below are equal to budgeted amounts. Total DM 100000 Total DL 90000 Total OH 70000 Units produced 20000 Units sold 19580 Units in process 100 Which journal entry appropriately backflushes costs to inventory accounts?
Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average
signmentMain.do/invoker-takeAssignmentSessionlocator SOW Verbiage-202 022x SST-Emp-List-Emp... SST-SOW-2023. Flying Cloud Co. has the following operating data for its manufacturing operations: Unit selling price Unit variable cost Total fixed costs O increased by 1015 units Ob. increased by 1.210 units unprogress-false SST-SRY-SOW-202 2023 OneDrive Monthly Invoice-Fil Logine Bell valua $235 $118 $758,000 The company has decided to increase the wages of hourly workers which will increase the unit variable cost by 10%. Increases in the salaries of factory supervisors and property taxes for the factory will increase fixed costs by 4%. If sa are held constant, the next break-even point for Flying Cloud Co. will be Od. increased by $12 units
Chamiching makes hacksaw blades. Inventory values are determined using the first in, first out (FIFO) method. Production and sales data for the first three years appear below. Hacksaw blades Sold Produced Yr 1 18,000 22,000 Yr 2 25,000 23,000 Yr 3 37,000 35,000 Sales price Full cost Yr 1 $10.00 $6.00 Yr 2 $11.00 $6.60 Yr 3 $12.00 $7.60 In the first year, variable costs accounted for half of the full costs. Total fixed production costs increased each subsequent year by 20%, as a result of step-fixed costs and a general inflationary price increase. For Chamiching, which of the following is true? Variable costing income (VCI) exceeds full costing income (FCI) every year VCI exceeds FCI in Yrs 1 and 2 only VCI exceeds FCI in Yrs 2 and 3 only VCI never exceeds FCI
Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.
A company uses the Economic Order Quantity (EOQ) model to establish reorder quantities. The following information relates to the forthcoming period: Order costs = $25 per order Holding costs = 10% of purchase price = $4/unit Annual demand = 20,000 units Purchase price = $40 per unit EOQ = 500 units No safety inventory are held. What are the total annual costs of inventory (ie the total purchase cost plus total order cost plus total holding costs)? A $22,000 B $33,500 C $802,000 D $803,000
Hassan Company reports the following for the month of June. Units Unit cost Total Cost June 1 Inventory 250 $7 $1,750 12 Purchase 325 $8 $2,600 23 Purchase 475 $9 $4,275 30 Inventory 130 Instructions: Compute the cost of the ending inventory and the cost of goods sold under (1)FIFO and (2)LIFO.(2 Mark for Each Method ) Which costing method gives the higher ending inventory? Why?(1Marks ) Solution: (1)FIFO (2) LIFO b)