03v2.cengagenow.com/mm/takeAssignment/takeAssignmentMain.do?inprogress=trueClasswork 01-03eBook2. Prepare a production budget for March.Peaky Blinders Furniture CompanyProduction BudgetFor the Month Ending March 31<Line Item DescriptionThomas UnitsPolly UnitsExpected units to be soldPlus desired inventory, March 311,000 V450TotalLess estimated inventory, March 1Total units to be producedFeedbackCheck My WorkExpected units to be sold plus desired ending inventory minus estimated beginning inventory equals units produced.3. Prepare a direct materials purchases budget for March.Peaky Blinders Furniture CompanyDirect Materials Purchases BudgetFor the Month Ending March 31Direct Materials:Fabric (sq. yds.) Wood (lineal ft.) Filler (cu. ft.) Springs (units) TotalRequired units for production:Check My WorkQ Searchhp516 486&008U6693PreviousDprt sc.deletehomebackspace

Here is the production budget and direct materials purchases budget for Peaky Blinders Furniture…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 3PA: Echo Amplifiers prepared the following sales budget for the first quarter of 2018: It also has this...

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Wyckam Manufacturing Inc. has provided the following estimates concerning its manufacturing costs: Cost per Machine-Hour Fixed Cost per Month Direct materials $ 5.50 $ 42,600 Direct labor Supplies Utilities $0.10 $ 1,200 $ 14,900 $ 11,800 $0.25 Depreciation Insurance For example, utilițies should be $1,200 per month plus $0.25 per machine-hour. The company expects to work 4,500 machine- hours in June. Note that the company's direct labor is a fixed cost. ces Required: Prepare the company's planning budget for June. Wyckam Manufacturing Inc. Planning Budget for Manufacturing Costs For the Month Ended June 30 o search 行

Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost drivers-the number of cruises and the number of passengers-that it uses in its budgeting and performance reports. The company publishes a schedule of day cruises that it may supplement with special sailings if there is sufficient demand. Up to 80 passengers can be accommodated on the tour boat. Data concerning the company's cost formulas appear below: Cost per Cruise $ 477.00 Cost per Passenger Fixed Cost per Month $ 6,000 $ 2,500 $ 5,300 $ 3,300 $ 3.00 Vessel operating costs Advertising Administrative costs $ 31.00 $ 1.50 Insurance For example, vessel operating costs should be $6,000 per month plus $477.00 per cruise plus $3.00 per passenger. The company's sales should average $31.00 per passenger. In July, the company provided 52 cruises for a total of 3,200 passengers. Required: Prepare the company's flexible budget for July. Alyeski Tours Flexible…
Spiffy Shades Corporation manufactures artistic frames for sunglasses. Talia Demarest, controller, is responsible for preparing the company's master budget. In compiling the budget data for 20x1, Demarest has learned that new automated production equipment will be installed on March 1. This will reduce the direct labor per frame from 3.0 hours to 2.75 hours. Labor-related costs include pension contributions of $1.55 per hour, workers' compensation insurance of $1.25 per hour, employee medical insurance of $5 per hour, and employer contributions to Social Security equal to 6.00 percent of direct- labor wages. The cost of employee benefits paid by the company on its employees is treated as a direct-labor cost. Spiffy Shades Corporation has a labor contract that calls for a wage increase to $21.00 per hour on April 1, 20x1. Management expects to have 22,000 frames on hand at December 31, 20x0, and has a policy of carrying an end-of-month inventory of 100 percent of the following month's…
Printer Office Supply's March 31, 2018 balance sheet follows: Requirement 1. Prepare Printer's sales budget for April and May 2018. Round all calculations to the nearest dollar Requirement 2. Prepare Printer's inventory, purchases , and cost of goods sold budget for April and May Requirement 3. Prepare Printer's selling and administrative expense budget for April and May
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Fixed Cost Cost per Car Washed $ 0.70 $ 0.09 $ 0.20 $ 0.30 per Month Cleaning supplies Electricity $ 1,400 Maintenance $ 4,500 $ 8,100 $ 2,100 $ 1,400 Wages and salaries Depreciation Rent Administrative expenses $ 0.03 For example, electricity costs are $1,400 per month plus $0.09 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.30 per car washed.
1.2 REQUIRED Use the information provided below to prepare the Direct Materials Purchases Budget for April 2019. INFORMATION The estimated sales volumes of Product Jip of Polo Manufacturers for April and May 2019 are as follows: Units April 18 000 May 15 000 The policy of Polo Manufacturers is to maintain a finished goods closing inventory each month at a level equal to 40% of the next month's budgeted sales. Each unit of Product Jip requires 2 kg of Material A and 1 kg of Material B. The costs per kg of Material A and Material B are R10 and R20 respectively. Inventories of materials are expected to be as follows: Material A Material B Opening inventory 5 000 kg 6 000 kg Closing inventory 1 000 kg 2 000 kg
4. Prepare a direct labor cost budget for August. Newport Inc. Direct Labor Cost Budget For the First Quarter Ending August 31 June July August First Quarter hr. hr. hr. hr. hrs. hrs. hrs. hrs. X$ X$ X$ 5. Prepare a factory overhead cost budget for August. Newport Inc. Factory Overhead Cost Budget For the First Quarter Ending August 31 June July August First Quarter Variable factory overhead: hrs. hrs. hrs. hrs. X$ X$ X$ X$ Fixed factory overhead: Total factory overhead cost
Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
On January 1, 2022, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 5,000; second quarter 6,000; third quarter 7,000. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 7,200 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound.
Perez Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Perez expects sales in January year 1 to total $210,000 and to increase 20 percent per month in February and March. All sales are on account. Perez expects to collect 68 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 8 percent in the second month following the sale. Required Prepare a sales budget for the first quarter of year 1. Determine the amount of sales revenue Perez will report on the year 1 first quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter of year 1. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Prepare a sales budget for the first quarter of year 1.
Ramos Co. provides the following sales forecast and production budget for the next four months. July 660 600 Sales (units) Budgeted production (units) April 560 500 The company plans for finished goods inventory of 180 units at the end of June. In addition, each finished unit requires 6 pounds of direct materials and the company wants to end each month with direct materials inventory equal to 25% of next month's production needs. Beginning direct materials inventory for April was 750 pounds. Direct materials cost $3 per pound. Each finished unit requires 0.20 hours of direct labor at the rate of $22 per hour. The company budgets variable overhead at the rate of $26 per direct labor hour and budgets fixed overhead of $8,600 per month. 1. Prepare a direct labor budget for April, May, and June. 2. Prepare a factory overhead budget for April, May, and June. Required 1 Required 2 May 640 630 Complete this question by entering your answers in the tabs below. RAMOS CO. June 590 600 Prepare a…
Bright Light Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 25,000 Knox lamps and 15,000 Ayer lamps in 2020. The following data are available for the year 2020. (Click the icon to view the information.) (Click the icon to view the December 31, 2020 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Schedule 3B); and (c) the direct manufacturing labor costs budget (label it Schedule 4) for the year ending December 31, 2020. (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2020. Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2020 Physical Units Budget Direct materials required for Knox lamps Direct materials required for Ayer lamps…

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