Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Sales and production budgets
Ultimate Audio Company manufactures two models of speakers. U500 and S1000. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget.
Concept Introduction:
Budgets:
Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a business. Few major types of budgets prepared are as follows:
- Sales budget
- Cash Collection budget
- Production budget
- Raw material purchase budget
- Expenses Budgets
- Cash disbursement budget
To Prepare:
The Sales Budget and Production Budget
The Sales Budget and Production Budget are prepared as follows:
| Sales Budget | U500 | S1000 |
| Budgeted Unit Sales (A) | 300,000 | 225,000 |
| Budgeted Selling price per unit (B) | $ 45 | $ 80 |
| Budgeted Sales (C)= A*B = | $ 13,500,000 | $ 18,000,000 |
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