Hazlett, Inc., operates at capacity and makes plastic combs and hairbrushes. Although the combs and brushes are a matching set, they are sold individually and so the sales mix is not 1:1. Hazlett's management is planning its annual budget for fiscal year 2018. Here is information for 2018: Input Prices Direct materials $0.30 per ounce $0.75 per bunch $ 18 per direct manufacturing labor-hour Plastic Bristles Direct manufacturing labor Input Quantities per Unit of Output Combs Brushes Direct materials Plastic 5 ounces 8 ounces 16 bunches Bristles Direct manufacturing labor Machine-hours (MH) 0.05 hours 0.2 hours 0.025 MH 0.1 MH Inventory Information, Direct Materials Plastic Bristles Beginning inventory Target ending inventory Cost of beginning inventory 1,820 bunches 1,600 ounces 1,766 ounces $456 2,272 bunches $1,419 Hazlett accounts for direct materials using a FIFO cost flow. Sales and Inventory Information, Finished Goods Combs Brushes Expected sales in units 12,000 14,000 24 Selling price 30 Target ending inventory in units Beginning inventory in units Beginning inventory in dollars 1,200 1,400 600 1,200 $ 2,700 $27,180 Hazlett uses a FIFO cost-flow assumption for finished-goods inventory. Combs are manufactured in batches of 200, and brushes are manufactured in batches of 100. It takes 20 minutes to set up for a batch of combs and 1 hour to set up for a batch of brushes. Hazlett uses activity-based costing and has classified all overhead costs as shown in the following table. Budgeted fixed overhead costs vary with capacity. Hazlett operates at capacity so budgeted fixed overhead cost per unit equals the budgeted fixed overhead costs divided by the budgeted quantities of the cost allocation base. Budgeted Variable Cost Type Manufacturing Budgeted Fixed Cost Driver/Allocation Base Materials handling Setup $17,235 $22,500 16,650 Number of ounces of plastic used 10,245 Setup-hours 30,000 Processing 11,640 Machine-hours 10,500 Inspection Nonmanufacturing 1,560 Number of units produced Marketing $21,150 $90,000 Sales revenue 1,170 Distribution Number of deliveries Delivery trucks transport units sold in delivery sizes of 1,000 combs or 1,000 brushes.

Identify some essential component of the annual budget process for a state or local government. How long might the process take?

Which of the following items do you need to have available to develop a budget? a) Prior period operating results b) Assumptions of next period operations c) Goals d) All of the above 0.000.

The budgeted income statement is part of which element of the master budget? The financial budget The operating budget The capital expenditures budget None of the above

LB Enterprises (LB) is preparing its budget for the first quarter of 2019. LB's balance sheet as of December 31, 2018 is as follows: Assets Liabilities Cash $5,000 Accounts Payable $9500 Accounts Recievable 28,000 Inventories Direct Materials 8,100 Finished Goods (500 Units) 16,870 Stockholders Equity Equipment - gross 45,000 Accumulated depreciation 15.000 Common Stock $15,000 Net Equipment 30,000 Retained Earnings 63,470 Total Assets $87,970 Total Liabilities and $87,960 Equity LB sells one product for $45/unit. The Company forecasts that it will sell 2,000; 1,500; 1,600; and 1,700 units in January, February, March and April, respectively. • Sales to customers are all on credit. 40% of the cash for these sales is collected in the month of the sale and the remaining 60% is collected in the following month. LB wants finished goods inventory equal to 25% of the next month's sales on hand at the end of each month. LB wants direct materials equal to 75% of the current month's production…

What revenue sources allow this budget to be balanced in each year? What revenue source will have the greatest impact on the budget? What assumptions have been made with respect to revenue sources? What two expenditures will have the greatest impact upon the budget?

What is the capital expenditures budget?

Today is November 1, 2021. A continuous budget for the period from November 1, 2021 through October 31, 2022 is more reflective of current operating conditions than an operating budget for calendar year 2021 that was compiled in November 2020. True or false?

Budget development for the coming year usually?

1. Briefly describe the two types of financial statements that government are required to issue under GASB 34 2. Why do governments make a journal entry to record the budget?