d) Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. e) Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. f) What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?
d) Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. e) Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. f) What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Question
Transcribed Image Text:All School Logos & More (ASLM) design and manufacture school uniform crests. After production,
the crests are placed into individual plastic cases, before being transferred into Finished Goods. The
accounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniform
crests for Hill Point High School are given below.
| Inventory
Raw Materials
Work in Progress $138,875
1/10/2021 31/12/2021
$72,000
$65,000
$129,125
$141,700
Finished Goods
$149,500
Other information:
Sales Revenue
Factory Labour
Raw Materials Purchased
Office Cleaner's Wages
Factory Supplies Used
Depreciation: Factory Plant & Equipment
Total Utilities !
Plant Supervisor's Salary
Design Costs (School Logo)
Packaging Material Cost
Total Insurance 2
Delivery Vehicle Drivers’ Wages
Depreciation: Delivery Vehicle
Property Taxes 3
Administrative Wages & Salaries
Sales Commission
$1,694,950
239.700
235,000
4,500
23.500
32,000
118,750
180,000
4.300
35,000
60,000
41,250
7,250
105,000
123,750
2% of Net Profit before Commission
"Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
2Of the total insurance, 66%% relates to the manufacturing facilities & 33%% relates to the office area
3 The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
Transcribed Image Text:d) Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly
showing total manufacturing cost & total manufacturing costs to account for.
e) Prepare an income statement for personal All School Logos & More for the quarter ended December
31, 2021. List the non-manufacturing overheads in order of size starting with the largest.
f) What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point
High School for the quarter under review and uses a mark-up of 50% on cost?
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