FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Fill in the missing information from the following schedules:
Sales Budget
For the Year Ended December 31, 2018
Quarter 1
Quarter 2
Quarter 3
7,500
8,250
Expected sales (units)
Sales price per unit
$
45
$ 50
$
8,750
50
$437,500
Total sales revenue
$337,500
$412,500
Production Budget
For the Year Ended December 31, 2018
Quarter 1 Quarter 2
Quarter 3
Expected sales
7,500
8,250
8,750
1,650
1,750
1,800
Desired ending inventory
Total required units
9,150
10,000
10,550
1,500
1,650
1,750
- beginning inventory
Required production
Total
7,650
8,350
8,800
Direct Materials Budget
For the Year Ended December 31, 2018
Quarter 1
Quarter 2 Quarter 3
7,650
8,800
8,350
2
2
2
Units to be produced
Direct material per unit
Total pounds needed for
production
15,300
16,700
17,600
4,175
4,400
4,400
19,475
21,100
22,000
+ desired ending inventory
Total material required
- beginning inventory
Pounds of direct material
0
4,175
4,400
19,475
16,925
17,600
$ 1.50
$ 1.50
$ 1.50
purchase requirements
Cost per pound
Total cost of direct material
purchase
$29,213
$25,388
$26,400
Total
Direct Labor Budget
For the Year Ended December 31, 2018
Quarter 1 Quarter 2 Quarter 3
Units to be produced
7,650
8,350
8,800
Direct labor hours per unit
0.75
0.75
0.75
Total required direct labor hours
5,738
6,263
6,600
Labor cost per hour
$
25
$
25
$
25
Total direct labor cost
$143,438
$156,563
$165,000
Quarter 4
9,000
$ 55
?
Quarter 4
9,000
?
10,600
1,800
?
Quarter 4
8,800
2
17,600
3,650
21,250
4,400
16,850
$ 1.50
$25,275
?
Quarter 4
?
0.75
6,600
$ 25
?
Total
?
?
Q1, Year 2
8,000
900
8,900
1,600
7,300
Total
33,600
2
67,200
3,650
70,850
0
70,850
1.50
$
$106,275
$106,275
Total
?
0.75
?
$ 25
$630,000
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