1.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the
To prepare: The sales budget including a schedule of expected cash collections.
2.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The quarterly production budget.
3.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The quarterly direct materials budget.
4.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The quarterly direct labor budget.
5.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The quarterly manufacturing overhead budget.
6.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The ending finished goods inventory budget.
7.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The quarterly selling and administrative expense budget.
8.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The
9.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The income statement for the year ended December 31, 2022.
10.
Introduction: An income statement is a profitability statement that represents the profit position of the business for a particular period. It is a financial statement prepared at the end of the year to determine the profit earned or loss incurred during the period.
To prepare: The balance sheet.
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MANAGERIAL ACCOUNTING (LL) W/CONNECT >C<
- Taylor Corporation is analyzing the cost behavior of three cost items, A, B, and C, to budget for the upcoming year. Past trends have indicated the following dollars were spent at three different levels of output: In establishing a budget for 14,000 units, Taylor should treat A, B, and C costs as: a. semivariable, fixed, and variable, respectively. b. variable, fixed, and variable, respectively. c. semivariable, semivariable, and semivariable, respectively. d. variable, semivariable, and semivariable, respectively.arrow_forwardBudgeted 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: Estimated sales for March: Estimated inventories at March 1: Desired inventories at March 31: Direct materials used in production: Anticipated cost of purchases and beginning and ending inventory of direct materials: Direct labor requirements: Estimated factory overhead costs for March: Estimated operating expenses for March: Estimated other revenue and expense for March: Estimated tax rate: 30% Instructions Prepare a sales budget for March. Prepare a production budget for March. Prepare a direct materials purchases budget for March. Prepare a direct labor cost budget for March. Prepare a factory overhead cost budget for March. 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. Prepare a selling and administrative expenses budget for March. Prepare a budgeted income statement for March.arrow_forwardBudgeted income statement and supporting budgets The budget director of Birding Homes Feeders 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 January: Estimated sales for January: Estimated inventories at January 1: Desired inventories at January 31: Direct materials used in production: Anticipated cost of purchases and beginning and ending inventory of direct materials: Direct labor requirements: Estimated factory overhead costs for January: Estimated operating expenses for January: Estimated other revenue and expense for January: Estimated tax rate: 25% Instructions Prepare a sales budget for January. Prepare a production budget for January. Prepare a direct materials purchases budget for January. Prepare a direct labor cost budget for January. Prepare a factory overhead cost budget for January. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be 9,000, and work in process at the end of January is estimated to be 10,500. Prepare a selling and administrative expenses budget for January. Prepare a budgeted income statement for January.arrow_forward
- Please help me with the functions for this ! Thank you! Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of 2024: Sales in units 17,000 Sales price per unit $48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $29.00 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) $45,000 Rent Expense (per quarter) $27,000 Depreciation Expense (per quarter) $36,000 Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Total Cost Units Quarter 1 $67,000 12,500 Quarter2 $94,000 21,000 Quarter 3 $89,800 13,800 Quarter 4 $92,600 20,000 2023 Quarter 1 $72,500 13,700 Quarter2 $80,000 14,000 Quarter 3 $84,000 14,300 Quarter…arrow_forwardThe Budget Committee is now ready with the budget estimates for the preparation of the Operating Budget of YAKANG-YAKA Company for the year 2022. The following data were preseted below: Finished Product Model B 8,000 P 140 Model M 5,000 P 170 Budget sales-units Selling price per unit Inventory, Beginning in units Expected inventory end in units 850 600 700 500 Inventory, Beginning in units Expected inventory end in units Material MI 5,000 5,500 Material M2 4,000 5,000 Material M3 3,000 3,600 Model B Model M 4 units 3 units 3 units 15 hours Material Content of each unit: Material M1 Material M2 Material M3 Direct labor hours per unit 6 units 4 units 2 units 10 hours Overhead is applied based on 100% of direct labor hours. Budgeted unit costs: Material M1 Material M2 per unit Material M3 2.50 per unit Direct labor P2.00 Р.00 per uniti 3.00 per hour Other budgeted data based on production are shown below: Factory Overhead: Indirect labor Factory supplies Repairs and maintenance Other…arrow_forwardImagine the marketing team has an annual budget for 2022 of $500k. Using the table below, create a tracker in excel that communicates to the marketing team, as of the end of Q2 2022, how their actual spend compares to that which has been budgeted. Make up numbers for Q2 2022, and also make up a few examples of commentary that might explain or give context to the spend that is left and/or has been exceeded. Item Annual budget Revisionist History $ 50,000 The Happiness Lab $ 50,000 Deep Cover $ 50,000 Cautionary Tales $ 40,000 Bad Women $ 25,000 A Slight Change of Plans $ 40,000 The Bomber Mafia $ 65,000 Web development $ 100,000 Marketing tech $ 30,000 Social campaign management $ 50,000 total $ 500,000arrow_forward
- Westport Company is preparing its master budget for May. Use the estimates provided to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement. a. What should total sales revenue be if territories E and W estimate sales of 50,000 and 100,000 units, respectively, and the unit selling price is $65? 9750000 b. If the beginning finished goods inventory is an estimated 6,000 units and the desired ending inventory is 11,000 units, how many units should be produced? 155000 c. What dollar amount of materials should be purchased at $5.50 per pound if each unit of product requires 2.5 pounds and beginning and ending materials inventories should be 12,000 and 13,500 pounds, respectively. 2139500 How much direct labor cost should be incurred if each unit produced requires 0.5 hours at an hourly rate of $22? How much manufacturing overhead should be incurred if fixed manufacturing overhead is $45,000 and variable…arrow_forward1. AL Jamat Inc. is preparing its annual budgets for the year ending December 31, 2020.Accounting assistants furnish the data shown below. Detail Product AProduct C Sales Budget Anticipated Volume in units Unit Selling price Production Budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 40500 20500 55 45 2500 1500 3000 1000 20 30 3000 1500 4000 1000 3 0.4 0.6 122 155 122 222 has prepared An accounting assistant manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $645,000 for product A and $345,000 for product C, and administrative expenses of $545,000 for product A and $345,000 for product C. Income taxes are expected to be the detailed…arrow_forwardThe followings are the budget for next financial year (1 January 2023 - 31 December 2023), indicating the average selling price and variable costs of each product category. The common fixed manufacturing overhead and the fixed non-manufacturing overhead costs are estimated to be $1,250,000 and $2,778,320 respectively. Table 1: Budget Jan - Dec 2023 Sales Quantity (in units) In $ Unit selling price Unit production cost Unit selling & admin variable costs (5% of selling price) In $ Revenue Variable Production Costs Selling & Admin Variable Costs Model 1 8,400 600 250 30 Folding Bike Model 2 7,500 400 180 20 Model 3 3,500 480 200 24 Electric Bike 800 2,000 850 100 Total 20,200 5,040,000 3,000,000 1,680,000 1,600,000 11,320,000 (2,100,000)| (1,350,000)| (700,000)| (680,000)| (4,830,000) (252,000) (150,000) (84,000) (80,000) (566,000) Q1. Based on the above budgeted information, calculate the expected breakeven units for the Model 2 folding bikes.arrow_forward
- Westport Company is preparing its master budget for May. Use the estimates provided to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories E and W estimate sales of 50,000 and 100,000 units, respectively, and the unit selling price is $70? 2$ b. If the beginning finished goods inventory is an estimated 6,000 units and the desired ending inventory is 11,500 units, how many units should be produced? units c. What dollar amount of materials should be purchased at $6 per pound if each unit of product requires 2.5 pounds and beginning and ending materials inventories should be 12,000 and 13,500 pounds, respectively.arrow_forwardThe budget director of Birds and Beyond, 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 January 2021: Estimated sales for January: Birdhouse 7.500 units at $66 per unit Bird feeder 5,000 units at $82 per unit Estimated inventories at January 1: Direct Materials: Finished Products: Wood: 198 ft. Birdhouse: 500 units at $28 per unit. Plastic: 420 lbs. Bird feeder: 210 units at $40 per unit. Desired inventories at January 31: Direct Materials: Finished Products: Wood: 220 ft. Birdhouse: 400 units at $28 per unit. Plastic: 340 lbs. Bird feeder: 250 units at $40 per unit. Direct materials used in production:…arrow_forwardWestport Company is preparing its master budget for May. Use the estimates provided to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories E and W estimate sales of 50,000 and 100,000 units, respectively, and the unit selling price is $35? b. If the beginning finished goods inventory is an estimated 6,000 units and the desired ending inventory is 8,000 units, how many units should be produced?Answer units c. What dollar amount of materials should be purchased at $2.50 per pound if each unit of product requires 2.5 pounds and beginning and ending materials inventories should be 12,000 and 13,500 pounds, respectively. d. How much direct labor cost should be incurred if each unit produced requires 0.5 hours at an hourly rate of $16? e. How much manufacturing overhead should be incurred if fixed manufacturing overhead is $45,000 and variable manufacturing…arrow_forward
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