Answer 1-10 and show solutions. Quarter 235,000Quarter 1Quarter 345,000Quarter 4Budgeted sales (units)Budgeted ManufacturingCost/unitBudgeted Cost of GoodsSold40,00050,000Php570.00Php570.00Php570.00 Php570.00Php 22,800,000.00Php 19,950,000.00Php 25,650,000.00 Php28,500,000,00Preparation of Cash paymentaBudgeted CashPaymentsBudgeted raw materialspurchased ( 70% of Costof Goods Sold)Cash Paid during theuarter of purchaseCash Paid in the quarterollowing purchasesash paid for RawQuarter 1Quarter 2Quarter 3Quarter 4Php15,960,000.00(1.)(2.)Php19,950,000.00Php 5,586,000.00(3.)_Php 7,980,000.00Php 9,576,000.00Php 8,379,000.00 (4.).MaterialsPhp15,162,000.00(5.),Php18,753,000.00Irect Labor andwerhead ( 30% of costGood Sold)ess Depreciationash Paid for Selling anddministrative expensesudgeted Cash PaymentsPhp 5,985,000.00(6.)Php 8,550,000.00Php (400,000.00)Php (400,000.00) Php (400,000.00)(7.)Php 4,500,000.00(9.)(10.)Pho 25,247,000.00

Cash payments record is a part of a periodic cash budget; a company prepare cash payment on a…

Answered: Quarter 2 35,000 Quarter 1 Quarter 3…

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter22: Budgeting

Section: Chapter Questions

Problem 22.8EX

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Budgeted income statement and supporting budgets The budget director of Feathered Friends Inc., with the assistance of thee controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for December: A. Estimated sales for December Bird house....................... 3,200 units at 50 per unit Bird feeder....................... 3,000 units at 70 per unit B. Estimated inventories at December 1: Direct materials Finished products: Wood............ 220 ft Bird house........ 320 units at 27 per unit Plastic............ 240 ft Bird house........ 270 units at 40 per unit C. Desired inventories at December 31: Direct materials Finished products: Wood............ 220 ft Bird house........ 290 units at 27 per unit Plastic............ 200 ft Bird house........ 205 units at 41 per unit D. Direct materials used in production: In manufacture of Bird House: In manufacture of Bird Feeder: Wood............ 0.80 ft. per unit of product Wood........ 1.20 ft. per unit of product Plastic............ 0.50 lb. per unit of product Plastic......... 0.75 lb. per unit of product E. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood 7.00 per ft Plastic 1.00 per lb. F. Direct labor requirements: Bird House: Fabrication Department...................... 0.20 hr. at 16 per hr. Assembly Department........................ 0.30 hr. at 12 per hr. Bird Feeder: Fabrication Department...................... 0.40 hr. at 16 per hr. Assembly Department........................ 0.35 hr. at 12 pr hr. G. Estimated factory overhead costs for December: Indirect factory wages 75,000 Depreciation of plant and equipment 23,000 Power and light 6,000 Insurance and property tax 5,000 H. Estimated operating expenses for December: Sales salaries expense 70,000 Advertising expense 18,000 Office salaries expense 21,000 Depreciation expenseoffice equipment 600 Telephone expenseselling 550 Telephone expenseadministrative 250 Travel expenseselling 4,000 Office supplies expense 200 Miscellaneous administrative expense 400 I. Estimated other income and expense for December: Interest revenue200 Interest expense122 J. Estimated tax rate: 30% Instructions 1. Prepare a sales budget for December. 2. Prepare a production budget for December. 3. Prepare a direct materials purchases budget for December. 4. Prepare a direct labor cost budget for December. 5. Prepare a factory overhead cost budget for December. 6. Prepare a cost of goods sold budget for December. Work in process at the beginning of December is estimated to be 29,000, and work in process at the end of December is estimated to be 35,400. 7. Prepare a selling and administrative expenses budget for December. 8. Prepare a budgeted income statement for December.
Budgeted income statement and supporting budgets The, budget director of Feathered Friends Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for December 2016: a. Estimated .sales for December: Bird house 3,200 units at 50 per unit Bird feeder 3,000 units at 70 per unit b. Estimated inventories at December 1: Direct materials: Finished products: Wood 200 ft Bird house....... 320 units at 27 per unit Plastic 240 lbs. Bird feeder....... 270 units at 40 per unit c. Desired inventories at December 31: Direct materials: Finished products: Wood 220 ft Bird house....... 290 units at 27 per unit Plastic 200 lbs. Bird feeder....... 250 units at 41 per unit d. Direct materials used in production: In manufacture of Bird House: In manufacture of Bird Feeder: Wood 0.80 ft. per unit of product Wood........... 1.20 ft per unit of product Plastic 050 lb. per unit of product Plastic........... 0.75 lb. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood 7.00 per ft. Plastic................. 1.00 per lb. f. Direct labor requirements: Bird House: Fabrication Department 0.20 hr. at 16 per hr. Assembly Department 0.30 hr. at 12 per hr. Bird Feeder: Fabrication Department 0.40 hr. at 16 per hr. Assembly Department 0.35 hr. at 12 per hr. g. Estimated factory overhead costs for December. Indirect factory wages 75,000 Power and light 6,000 Depreciation of plant and equipment 23,000 Insurance and property tax 5,000 h. Estimated operating expenses for December: Sales salaries expense 70,000 Advertising expense 18,000 Office salaries expense 21,000 Depreciation expenseoffice equipment 600 Telephone expenseselling 550 Telephone expenseadministrative 250 Travel expenseselling 4,000 Office supplies expense 200 Miscellaneous administrative expense 400 i. Estimated other income and expense for December: Interest revenue 200 Interest expense 122 j. Estimated lax rate: 30% Instructions 1. Prepare a sales budget for December. 2. Prepare a production budget for December. 3. Prepare a direct materials purchases budget for December. 4. Prepare a direct labor cost budget for December. 5. Prepare a factory overhead cost budget for December. 6. Prepare a cost of goods sold budget for December. Work in process at the beginning of December is estimated to be 29,000 and work in process at the end of December is estimated to be 35,400. 7. Prepare a selling and administrative expenses budget for December. 8. Prepare a budgeted income statement for December.
Refer to Cornerstone Exercise 8.1, through Requirement 1. FlashKick requires ending inventory of product to equal 20 percent of the next months unit sales. Beginning inventory in January was 3,100 practice soccer balls and 400 match soccer balls. Required: 1. Construct a production budget for each of the two product lines for FlashKick Company for the first three months of the coming year. 2. What if FlashKick wanted a production budget for the two product lines for the month of April? What additional information would you need to prepare this budget? FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKicks best-selling lines are the practice ball line (durable soccer balls for training and practice) and the match ball line (high-performance soccer balls used in games). In the first four months of next year, FlashKick expects to sell the following: Required: 1. Construct a sales budget for FlashKick for the first three months of the coming year. Show total sales for each product line by month and in total for the first quarter. 2. What if FlashKick added a third linetournament quality soccer balls that were expected to take 40 percent of the units sold of the match balls and would have a selling price of 45 each in January and February, and 48 each in March? Prepare a sales budget for Flash- Kick for the first three months of the coming year. Show total sales for each product line by month and in total for the first quarter.
Budget performance report for a cost center Sneed Industries Company sells vehicle parts to manufacturers of heavy construction equipment. The Crane Division is organized as a cost center. The budget for the Crane Division for the month ended August 31, 20Y6, is as follows (in thousands): During August, the costs incurred in the Crane Division were as follows: Instructions Prepare a budget performance report for the director of the Crane Division for the month of August.
Budget performance report for a cost center Sneed Industries Company sells vehicle parts to manufacturers of heavy construction equipment. The Crane Division is organized as a cost center. The budget for the Crane Division for the month ended August 31, 20Y6, is as follows (in thousands): During August, the costs incurred in the Crane Division were as follows: Instructions For which costs might the director be expected to request supplemental reports?
Budgeted income statement and supporting budgets The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March: A. Estimated sales for March: Batting helmet.................. 1,200 units at 40 per unit Football helmet................. 6,500 units at 160 per unit B. Estimated inventories at March 1: Direct materials: Finished products: Plastic............ 90 lbs. Batting helmet....... 40 units at 25 per unit Foam lining....... 80 lbs. Football helmet...... 240 units at 77 per unit C. Desired inventories at March 31: Direct materials: Finished products: Plastic............ 50 lbs. Batting helmet....... 50 units at 25 per unit Foam lining....... 65 lbs. Football helmet...... 220 units at 78 per unit D. Direct materials used in production: In manufacture of batting helmet: Plastic............................... 1.2lbs. per unit of product Foam lining......................... 0.5 lb. per unit of product In manufacture of football helmet: Plastic............................... 3.5lbs. per unit of product Foam lining.......................... 1.5 lbs. per unit of product E. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic........................ 6 per lb. Foam lining................... 4 per lb. F. Direct labor requirements Batting helmet: Molding Department............. 0.2 hr. at 20 per unit Assembly Department............ 0.5 hr. at 14 per hr. Football helmet: Molding Department............. 0.5 hr. at 20 per hr. Assembly Department............ 1.8 hrs. at 14 per hr. G. Estimated factory overhead costs for March: Indirect factory wages 86,000 Depreciation of plant and equipment 12,000 Power and light 4,000 Insurance and property tax 2,300 H. Estimated operating expenses for March: Sales salaries expense 184,300 Advertising expense 87,300 Office salaries expense 32,400 Depreciation expenseoffice equipment 3,800 Telephone expenseselling 5,800 Telephone expenseadministrative 1,200 Travel expenseselling 9,000 Office supplies expense 1,100 Miscellaneous administrative expense 1,000 I. Estimated other income and expense for March: Interest revenue 940 Interest expense 872 J. Estimated tax rate:30% Instructions 1. Prepare a sales budget for March. 2. Prepare a production budget for March. 3. Prepare a direct materials purchases budget for March. 4. Prepare a direct labor cost budget for March. 5. Prepare a factory overhead cost budget for March. 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be 15,300, and work in process at the end of March is desired to be 14,800. 7. Prepare a selling and administrative expenses budget for March. 8. Prepare a budgeted income statement for March.
Forecast sales volume and sales budget Sentinel Systems Inc. prepared the following sales budget for 20Y8: Sentinel Systems Inc. Sales Budget For the Year Ending December 31, 20 Y8 Unit Sales Unit Selling Total Product and Area Volume Price Sales Home Alert System: United States 1,700 200 340,000 Europe 580 200 116,000 Asia 450 200 90,000 Total 2,730 546,000 Business Alert System: United States 980 750 735,000 Europe 350 750 262,500 Asia 240 750 180,000 Total 1,570 1,177,500 Total revenue from sales 1,723,500 At the end of December 20Y8, the following unit sales data were reported for the year: Unit Sales Home Alert System Business Alert System United States 1,734 1,078 Europe 609 329 Asia 432 252 For the year ending December 31, 20Y9, unit sales are expected to follow the patterns established during the year ending December 31, 20Y8. The unit selling price for the Home Alert System is expected to increase to 250, and the unit selling price for the Business Alert System is expected to be decreased to 820, effective January 1, 20Y9. Instructions 1. Compute the increase or decrease of actual unit sales for the year ended December 31, 20Y8, over budget. Place your answers in a columnar table with the following format: Unit Sales, Year Ended 20Y8 Increase (Decrease) Actual Over Budget Budget Actual Sales Amount Percent Home Alert System: United States Europe Asia Business Alert System: United States Europe Asia 2. Assuming that the increase or decrease in actual sales to budget indicated in part (1) is to continue in 20Y9, compute the unit sales volume to lie used for preparing the sales budget for the year ending December 31, 20Y9- Place your answers in a columnar table similar to that in part (1) but with the following column heads. Round budgeted units to the nearest unit. 20Y8 Actual Units Percentage Increase (Decrease) 20Y9 Budgeted Units (rounded) 3. Prepare a sales budget for the year ending December 31, 20Y9.

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