FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Magnolia, Inc., manufactures bedding sets. The budgeted production is for 22,400 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 5,930 yards with the desired ending balance of 4,200 yards of material. If the material costs $3.90 per yard, determine the materials budget for the year.arrow_forwardRequired: Prepare Shadee's budgeted income statement for the months of May and June Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Required: Calculate Shadee's total cash receipts for August and September Note: Do not round your intermediate calculotions. Round your onswers to the nearest whole dollor.arrow_forwardBonita Industries is preparing its direct labor budget for May. Projections for the month are that 31400 units are to be produced and that direct labor time required is three hours per unit. If the labor cost per hour is $15, what is the total budgeted direct labor cost for May? O $1345500. O $2025000. O $1413000. O$1379250.arrow_forward
- Magnolia, Inc., manufactures bedding sets. The budgeted production is for 22,100 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 4,970 yards with the desired ending balance of 4,500 yards of material. If the material costs $6.50 per yard, determine the materials budget for the year.$fill in the blank 1arrow_forwardMiami Solar manufactures solar panels for industrial use. The company budgets production of 5,300 units (solar panels) in July and 5,600 units in August.arrow_forwardMagnolia, Inc., manufactures bedding sets. The budgeted production is for 16,500 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 3,740 yards with the desired ending balance of 5,200 yards of material. If the material costs $7.80 per yard. Determine the materials budget for the year.arrow_forward
- Prepare a production budget for the first four months of the year. Cloud Shoes manufactures recovery sandals and is planning on producing 12,000 units in March and 11,500 in April. Each sandal requires 1.2 yards if material, which costs $3.00 per yard. The company’s policy is to have enough material on hand to equal 15% of next month’s production needs and to maintain a finished goods inventory equal to 20% of the next month’s production needs. What is the budgeted cost of purchases for March?arrow_forwardABC Company’s budgeted sales for June, July, and August are 12,800, 16,800, and 14,800 units, respectively. ABC requires 30% of the next month’s budgeted unit sales as finished goods inventory each month. Budgeted ending finished goods inventory for May is 3,840 units. Required: Calculate the number of units to be produced in June and July.arrow_forwardanswer in text form please (without image)arrow_forward
- Shadee Corporation expects to sell 630 sun shades in May and 320 in June. Each shade sells for $162. Shadee's beginning and ending finished goods inventories for May are 60 and 50 shades, respectively. Ending finished goods inventory for June will be 55 shades. Required: 1. Prepare Shadee's sales budget for May and June. 2. Prepare Shadee's production budget for May and June.arrow_forwardDomesticarrow_forwardEsquire Clothing is a manufacturer of designer suits For June 2020, each suit is budgeted to take 3 labor-hours. The budgeted number of suits to be manufactured in June 2020 is 1,120, Esquire Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor-hours per suit. Data pertaining to fixed manufacturing overhead costs for June 2020 are budgeted, $57,120, and actual, $63,900. In June 2020 there were 1,140 suits started and completed. There were no beginning or ending inventories of suits Requirements 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results. 2. Compute the production-volume variance for June 2020. What inferences can Esquire Clothing draw from this variance? + Requirement 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results Begin by computing the following amounts for the fixed manufacturing overhead Actual Costs Incurred Same Budgeted Lump Sum Regardless of…arrow_forward
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