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: Excel
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- Use the following are budgeted data for Your Company, a merchandising company, to determine how many units need to be purchased in January: Budgeted Sales (at retail- what you sell for) January.................. $300,000 February................ $340,000 March.................... $400,000 April...................... $350,000 Cost of goods sold as a percentage of sales is 60%. The desired ending inventory is 75% of next month's sales. HINT: This is just a production budget tweaked to be calculated in dollars instead of unitsThe budget director of Gold Medal Co., with 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: 1. Estimated sales for March: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per units 2. 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 3. 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 4. Direct materials used in production: In manufacture of batting helmet: Plastic 1.2 lbs per unit of product Foam lining 0.5 lb per unit of product…The budget director of Gold Medal Co., with 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: 1. Estimated sales for March: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per units 2. 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 3. 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 4. Direct materials used in production: In manufacture of batting helmet: Plastic 1.2 lbs per unit of product Foam lining 0.5 lb per unit of product…
- The budget director of Gold Medal Co., with 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: 1. Estimated sales for March: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per units 2. 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 3. 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 4. Direct materials used in production: In manufacture of batting helmet: Plastic 1.2 lbs per unit of product Foam lining 0.5 lb per unit of product…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: Estimated sales for March: Batting helmet .............................. 1,200 units at $40 per unit Football helmet ............................. 6,500 units at $160 per unit Estimated inventories on March 1: Direct materials: Plastic ............. 90 lbs. Foam lining....... 80 lbs. Finished products: Batting helmet ........ 40 units at $25 per unit Football helmet ...... 240 units at $77 per unit. Desired inventories on March 31: Direct materials: Plastic ............. 50 lbs. Foam lining........ 65 lbs. Finished products: Batting helmet ........ 50 units at $25 per unit Football helmet ....... 220 units at $78 per unit Direct materials used in production: In manufacture of batting helmet:…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: Estimated sales for March: Batting helmet .............................. 1,200 units at $40 per unit Football helmet ............................. 6,500 units at $160 per unit Estimated inventories on March 1: Direct materials: Plastic ............. 90 lbs. Foam lining....... 80 lbs. Finished products: Batting helmet ........ 40 units at $25 per unit Football helmet ...... 240 units at $77 per unit. Desired inventories on March 31: Direct materials: Plastic ............. 50 lbs. Foam lining........ 65 lbs. Finished products: Batting helmet ........ 50 units at $25 per unit Football helmet ....... 220 units at $78 per unit Direct materials used in production: In manufacture of batting helmet:…
- 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: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per unit Estimated inventories at March 1: Direct materials: Plastic 90 lb. Foam lining 80 lb. Finished products: Batting helmet 40 units at $25 per unit Football helmet 240 units at $77 per unit Desired inventories at March 31: Direct materials: Plastic 50 lb. Foam lining 65 lb. Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit Direct materials used in production: In manufacture of batting helmet: Plastic 1.20 lb. per unit of product Foam lining 0.50 lb. per unit of product In manufacture of football helmet: Plastic 3.50 lb.…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: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per unit 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 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 Direct materials used in production: In manufacture of batting helmet: Plastic 1.2 lbs. per unit of product Foam lining 0.5 lb. per unit of product In manufacture of football helmet: Plastic 3.5…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: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per unit Estimated inventories at March 1: Direct materials: Plastic 90 lb. Foam lining 80 lb. Finished products: Batting helmet 40 units at $25 per unit Football helmet 240 units at $77 per unit Desired inventories at March 31: Direct materials: Plastic 50 lb. Foam lining 65 lb. Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit Direct materials used in production: In manufacture of batting helmet: Plastic 1.20 lb. per unit of product Foam lining 0.50 lb. per unit of product In manufacture of football helmet: Plastic 3.50 lb.…
- The budget director of Jupiter Helmets 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 May: a. Estimated sales for May: Bicycle helmet 9,500 units at $24 per unit Motorcycle helmet 6,000 units at $180 per unit b. Estimated inventories at May 1: Direct materials: Finished products: Plastic 1,480 lbs. Bicycle helmet 200 units at $15 per unit Foam lining 520 lbs. Motorcycle helmet 100 units at $90 per unit c. Desired inventories at May 31: Direct materials: Finished products: Plastic 2,000 lbs. Bicycle helmet 400 units at $15 per unit Foam lining 800 lbs. Motorcycle helmet 300 units at $100 per unit d. Direct materials used in production: In manufacture of bicycle helmet: Plastic 0.90 lb. per unit of product Foam lining 0.20 lb. per…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: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per unit Estimated inventories at March 1: Direct materials: Plastic 90 lb. Foam lining 80 lb. Finished products: Batting helmet 40 units at $25 per unit Football helmet 240 units at $77 per unit Desired inventories at March 31: Direct materials: Plastic 50 lb. Foam lining 65 lb. Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit Direct materials used in production: In manufacture of batting helmet: Plastic 1.20 lb. per unit of product Foam lining 0.50 lb. per unit of product In manufacture of football helmet: Plastic 3.50 lb.…Sales, production, direct materials purchases, and direct labor cost budgets The budget director of Royal Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for February is summarized as follows: a. Estimated sales of King and Prince chairs for February by sales territory: Northern Domestic: King..........................................610 units at $780 per unit Prince .......................................750 units at $550 per unit Southern Domestic: King...........................................340 units at $780 per unit Prince ....................................... 440 units at $550 per unit International: King..........................................360 units at $850 per unit Prince .......................................290 units at $600 per unit b. Estimated inventories on February 1: Direct materials: Fabric ...................... 420…