a) Analyze the sales budget (in unit and value). b) Analyze the production budget of the Bobo Co. c) Construct a material usage and purchases budget of the Bobo Co
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- ACTIVITY 3- ACCOUNTING FOR MATERIALS 1. Krissy operates its factory 300 days per year. Its annual used of Material Y is 300,000 gallons. It carries a 2,500 gallon safety stock of material and its lead time is 3 business days. What is the order point for Material Y? 2. The EOQ for Material is 7,500 gallons, and the carrying cost per gallon per year is P.25. What is the total annual carrying cost for Material? 3. Peter's order quantity for tocino is 5,000 kilos. Peter maintains a safety stock of Tocino at 500 kilos, and its order point is 1,500 kilos. What is the lead time, assuming daily usage is 50 kilos? 4. Peter's order quantity for tocino is 5,000 kilos. Peter maintains a safety stock of Tocino at 500 kilos, and its order point is 1,500 kilos. What would be the total annual carrying costs, assuming the carrying cost per unit is P.80 5. The following are data of materials inventory for the year 2020 of Mars Corp: Number of pounds required annually Cost of placing an order Annual…Folsom River products is contemplating the use of economic order quantity analysis to optimize inventory ordering activities and minimize inventory cost. Below are data for three products the company sells. product RS2 PM3 SNZ Annual demand in units 24, 500 16,000 5,000 Cost per unit $50 $20 $10 Cost to place an order $100 $60 $40 carrying cost as a percent of product cost 20% 10% 16% Required: a) Compute Economic order quantity b) Determine the number of orders placed annualy for each of the product c) Compute the total annual inventory ordering costs for the three products combined.According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 275300 Opening stock of WIP 49250 Opening stock of FG 28500 Closing stock of WIP 21550 Closing stock of FG 1020 units Total production units 3030 Select one: a. 285100 b. 243000 c. 253000 d. 229500
- Question 1: Pamlico Manufacturing Ltd has the following information given in the table below. 12.50 Sales per unit Variable production cost per unit Variable administration sales and distribution per 7.50 1.00 unit Fixed production costs 37 500 18 750 Fixed administration sales and distribution Opening inventory in units Units produced 2 500 25 000 At the beginning of December 2018, there were 2 500 units in inventory. Required: Draw up a staement of comprehensiy income according to margial costing principlesor three differenevels of sales, for the moth of December 12 500 units b) 18 750 units c) 25 000 units Question 2 Using the above information on Pamlico Manufacturing Ltd, prepare the statement of comprehensive income using absorption costing principles for the month of December and assume the following: 1. Normal level of activity is 25 000 shirts per month. 2. Fixed production costs were 37 500 for the month.Green Tea’s data show the following information for the financial year, beginning July 2020: July Aug. Sept. Oct. Nov. Estimated sales (units) 25,000 25,000 27,000 27,500 28,000 Sales price per unit $31 $31 $31 $31 $31 Direct labour per unit $1.75 $1.75 $1.50 $1.50 $1.50 Labour rate per hour $21 $21 $24 $24 $24 New machinery will be added in September. This machine will reduce the labour required per unit and increase the labour rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month’s requirements. Direct material requires 2.5 kg per unit at a cost of $5 per kg. The ending inventory required for direct materials is 20% of the next month’s needs. In July, the beginning inventory is 3,750 units of finished goods and 13,125 kg of materials. Required: i) Prepare a production budget for the first quarter of the year (i.e. July – September).…A company produces and sells the following quantites of a product: Date Number of tons Total CostsJuly 1 Opening Inventory 10 P200 4 Production 8 176 6 Sale 9 15 Production 6 144 18 Sale 11 23 Production 4 104 Question:Which statement is true? A. Cost of goods sold using FIFO is higher than cost of goods sold using weighted average. B. Profit using FIFO is higher than profit using weighted average. C. Total assets at July 31 is higher using weighted average than total assets using FIFO. D. Profit is not affected by the costing method used to measure inventory.
- Problem: AAA Company produces and sells Product X: Annual Demand 24,000 units Annual cost to held one unit of inventory P11.52 Order Cost P38.40 Beg. Inventory P 0 a. What is the Economic Order Quantity? b. How much is the total Order Costs? c. How much is the total Carrying Costs?According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 205000 Opening stock of WIP Opening stock of FG Closing stock of WIP Closing stock of FG 38000 19000 23000 500 units Total production units 2000Golden Eagle Company began operations in 2014 by selling a single product. Data on purchases and sales for the year for the year were as follows: Purchases: Date Units Purchased Unit Cost Total Cost May 18 33,000 39.00 1,287,000 June 6 40,000 39.60 1,584,000 July 10 40,000 42.00 1,680,000 Aug 10 27,200 42.75 1,162,800 Oct 25 12,800 43.50 556,800 Nov 4 8,000 44.85 358,800 Dec 10 8,000 48.00 384,000 Total 200,000 8,148,000 SALES: April 16,000 units May 16,000 June 20,000 Jul 24,000 Aug 28,000 Sep 28,000 Oct 18,000 Nov 10,000 Dec 8,000 Total Units 168,000 Total Sales 10,000,000 On January 2015, the president of the company, Connie Kilmer, asked for your advise on costing the 32,000 unit physical inventory that was taken on Decemer 31, 2014. Moreover, since the firm plans to expand its product line, she asked for your advise on the use of a perpetual inventory system in the future.…
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 238600 Opening stock of WIP 44400 Opening stock of FG 39000 Closing stock of WIP 21000 Closing stock of FG 1500 units Total production units 26200 Select one: a. 296000 b. 299000 c. 286000 d. 303000 According to the information given in the table below, which of the following is Raw materials consumed? Opening Stock Raw Materials 27300 Purchases 231600 Freight in 4500 Purchase return raw Material 6500 Wages 123000 Closing Stock Raw Materials 19500Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?Kaizen Furniture has the following information in respect to coffee tables for 2011: Production specifications: Beginning Target Ending Inventory Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Red oak 25,000 b.f. 22,000 b.f. Finished goods Coffee tables 5,000 units 3,000 units Revenue expected for 2011 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of red oak. Costs expected for 2011 include: 2010 2011 Particle board (per b.f.) $ 3.90 $ 4.00 Red oak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Prepare the following budgets for 2011: a. Revenues Budget b. Production Budget (in units) c. Direct Materials Usage Budget
