Fill in the missing information from the following schedules: Sales Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Expected sales (units) 7,400 8,300 8,800 8,900 fill in the blank 1 Sales price per unit $44 $51 $51 $55 Total sales revenue $325,600 $423,300 $448,800 $fill in the blank 2 $fill in the blank 3 Production Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Q1, Year 2 Expected sales 7,400 8,300 8,800 8,900 8,000 Desired ending inventory 1,660 1,760 1,780 fill in the blank 4 880 Total required units 9,060 10,060 10,580 10,500 8,880 Less: Beginning inventory 1,480 1,660 1,760 1,780 1,600 Required production 7,580 8,400 8,820 fill in the blank 5 7,280 Total fill in the blank 6 Direct Materials Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,580 8,400 8,820 8,720 33,520 Direct material per unit 2 2 2 2 2 Total pounds needed for production 15,160 16,800 17,640 17,440 67,040 Add: Desired ending inventory 4,200 4,410 4,360 3,640 3,640 Total material required 19,360 21,210 22,000 21,080 70,680 Less: Beginning inventory 0 4,200 4,410 4,360 - Pounds of direct material purchase requirements 19,360 17,010 17,590 16,720 70,680 Cost per pound $1.50 $1.50 $1.50 $1.50 $1.50 Total cost of direct material purchase $29,040 $25,515 $26,385 $25,080 $106,020 Total $fill in the blank 7 $106,020 Direct Labor Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,580 8,400 8,820 fill in the blank 8 fill in the blank 9 Direct labor hours per unit 0.75 0.75 0.75 0.75 0.75 Total required direct labor hours 5,685 6,300 6,615 6,540 fill in the blank 10 Labor cost per hour $25 $25 $25 $25 $25 Total direct labor cost $142,125 $157,500 $165,375 $fill in the blank 11 $628,500
Fill in the missing information from the following schedules: Sales Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Expected sales (units) 7,400 8,300 8,800 8,900 fill in the blank 1 Sales price per unit $44 $51 $51 $55 Total sales revenue $325,600 $423,300 $448,800 $fill in the blank 2 $fill in the blank 3 Production Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Q1, Year 2 Expected sales 7,400 8,300 8,800 8,900 8,000 Desired ending inventory 1,660 1,760 1,780 fill in the blank 4 880 Total required units 9,060 10,060 10,580 10,500 8,880 Less: Beginning inventory 1,480 1,660 1,760 1,780 1,600 Required production 7,580 8,400 8,820 fill in the blank 5 7,280 Total fill in the blank 6 Direct Materials Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,580 8,400 8,820 8,720 33,520 Direct material per unit 2 2 2 2 2 Total pounds needed for production 15,160 16,800 17,640 17,440 67,040 Add: Desired ending inventory 4,200 4,410 4,360 3,640 3,640 Total material required 19,360 21,210 22,000 21,080 70,680 Less: Beginning inventory 0 4,200 4,410 4,360 - Pounds of direct material purchase requirements 19,360 17,010 17,590 16,720 70,680 Cost per pound $1.50 $1.50 $1.50 $1.50 $1.50 Total cost of direct material purchase $29,040 $25,515 $26,385 $25,080 $106,020 Total $fill in the blank 7 $106,020 Direct Labor Budget For the Year Ending Dec. 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Units to be produced 7,580 8,400 8,820 fill in the blank 8 fill in the blank 9 Direct labor hours per unit 0.75 0.75 0.75 0.75 0.75 Total required direct labor hours 5,685 6,300 6,615 6,540 fill in the blank 10 Labor cost per hour $25 $25 $25 $25 $25 Total direct labor cost $142,125 $157,500 $165,375 $fill in the blank 11 $628,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Fill in the missing information from the following schedules:
| Sales Budget | |||||
| For the Year Ending Dec. 31, 2018 | |||||
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |
| Expected sales (units) | 7,400 | 8,300 | 8,800 | 8,900 | fill in the blank 1 |
| Sales price per unit | $44 | $51 | $51 | $55 | |
| Total sales revenue | $325,600 | $423,300 | $448,800 | $fill in the blank 2 | $fill in the blank 3 |
| Production Budget | |||||
| For the Year Ending Dec. 31, 2018 | |||||
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Q1, Year 2 | |
| Expected sales | 7,400 | 8,300 | 8,800 | 8,900 | 8,000 |
| Desired ending inventory | 1,660 | 1,760 | 1,780 | fill in the blank 4 | 880 |
| Total required units | 9,060 | 10,060 | 10,580 | 10,500 | 8,880 |
| Less: Beginning inventory | 1,480 | 1,660 | 1,760 | 1,780 | 1,600 |
| Required production | 7,580 | 8,400 | 8,820 | fill in the blank 5 | 7,280 |
| Total | fill in the blank 6 |
| Direct Materials Budget | |||||
| For the Year Ending Dec. 31, 2018 | |||||
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |
| Units to be produced | 7,580 | 8,400 | 8,820 | 8,720 | 33,520 |
| Direct material per unit | 2 | 2 | 2 | 2 | 2 |
| Total pounds needed for production | 15,160 | 16,800 | 17,640 | 17,440 | 67,040 |
| Add: Desired ending inventory | 4,200 | 4,410 | 4,360 | 3,640 | 3,640 |
| Total material required | 19,360 | 21,210 | 22,000 | 21,080 | 70,680 |
| Less: Beginning inventory | 0 | 4,200 | 4,410 | 4,360 | - |
| Pounds of direct material purchase requirements | 19,360 | 17,010 | 17,590 | 16,720 | 70,680 |
| Cost per pound | $1.50 | $1.50 | $1.50 | $1.50 | $1.50 |
| Total cost of direct material purchase | $29,040 | $25,515 | $26,385 | $25,080 | $106,020 |
| Total | $fill in the blank 7 | $106,020 |
| Direct Labor Budget | |||||
| For the Year Ending Dec. 31, 2018 | |||||
| Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |
| Units to be produced | 7,580 | 8,400 | 8,820 | fill in the blank 8 | fill in the blank 9 |
| Direct labor hours per unit | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| Total required direct labor hours | 5,685 | 6,300 | 6,615 | 6,540 | fill in the blank 10 |
| Labor cost per hour | $25 | $25 | $25 | $25 | $25 |
| Total direct labor cost | $142,125 | $157,500 | $165,375 | $fill in the blank 11 | $628,500 |
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