If budgeted begin inventory is $20,600, budgeted ending inventory is $23,600, and budgeted cost of goods sold is $26,120
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- Which one of the following is the equations is used in the production budget? Select one: a. Current period sale (in units) + Beginning inventory (in units) + Ending Inventory (Units) b. Current period sale (in units) + Beginning inventory (in units) - Ending Inventory (Units) c. Current period sale (in units) - Beginning inventory (in units) - Ending Inventory (Units) d. Current period sale (in units) - Beginning inventory (in units) + Ending Inventory (Units)On the production budget, the number of units to be produced is computed as Select one: a. unit sales + desired end inventory + beginning inventory. b. unit sales - desired end inventory - beginning inventory. c. unit sales - desired end inventory + beginning inventory. d. unit sales + desired end inventory - beginning inventory. e. unit sales - cost of goods sold + beginning inventory. PreviousSave AnswersNextWhich of the following best describes the selling and administrative budget? An estimate of cash expenditures for long-term assets. An estimate of all operating costs other than production costs. A budget that is based on sales projections plus an estimate of desired ending finished goods inventory less beginning finished goods inventory. None of the answer choices is
- 87. The formula for determining budgeted merchandise purchases is budgeted A) cost of goods sold + desirdd emnding inventory- beginning inventory. B) production t desired ending inventory-beginning inventory. C) sales + beginning inventory - desired ending inventory. D) cost of goods sold beginning inventory-desired ending inventory.Which of the following statements are true? Statement I. In a production budget, if the number of units in finished goods inventory at the end of the period is less than the number of units in finished goods inventory at the beginning of the period, then the expected number of units sold is less than the number of units to be produced during the period. Statement II. In the merchandise purchases budget, the required purchases (in units) for a period can be determined by subtracting the beginning merchandise inventory (in units) from the budgeted sales (in units) and desired ending merchandise inventory (in units). Statement III. When preparing a direct materials budget, beginning inventory for raw materials should be added to production needs, and desired ending inventory should be subtracted to determine the amount of raw materials to be purchased. Only Statement I is true. O Only Statement II is true. Statements I and II are true. Statements II and III are true. O None of the…1) The sales budget is based on assumptions about the ___________. a) Number of units to be sold and selling price per unit. b) Timing of cash receipts. c) Contribution margin per unit and the number of units to be sold. d) Costs of the units produced and the total fixed costs. 2) When constructing the production budget, the desired ending inventory for the period is determined based on: a) Next period sales b) Next period production c) Last period production and sales d) Credit period 3)Standard time allowed to complete one unit is 2 hours. A worker during a week (48 hours) completed 20 units and drawn a salary of Rs. 6000. The standard rate per day of 8 hours shift is Rs. 1000. Which one of the following is true? a)Labour efficiency variance is Zero b)Labour rate variance is zero c)Labour cost variance is zero d)None of the above
- What is a sales budget? a. A plan of items to be sold b. A plan of how much an item will cost c. A plan for how much money should be made in a given period. d. A plan for tracking an inventory and how much they sellThe units required in production each period are computed by which of the following methods? Select one: a. adding beginning inventory, budgeted sales, and desired ending inventory b. adding beginning inventory to budgeted sales and subtracting desired ending inventory c. adding budgeted sales to the beginning inventory and subtracting the desired ending inventory d. adding budgeted sales to the desired ending inventory and subtracting beginning inventoryAll of the accounts payable are for inventory purchases and all inventory items are purchased on account. What are the estimated cash disbursements for inventories for the budget period? * (1 Point) Sample format: 1,111,111 NUBD Co., a merchandising firm, is preparing its master budget and has gathered the following data to help budget cash disbursements: Budgeted data: Cost of goods sold Desired decrease in inventories Desired decrease in accounts payable P1,680,000 P80,000 P150,000
- When preparing a production budget, the required production equals: 1. budgeted sales+beginning inventory+desired ending inventory 2. budgetd sales-beginning inventory+desired ending inventory 3.budgeted sales-beginning inventory+desired ending inventory 4. budgeted sales+ beginning inventory-desired ending inventoryWhich of the following statements concerning budget preparation for a merchandiser is correct? A. Operating expenses differ from operating cash outflows solely as a result of timing differences between when an expense is incurred and when an expense is paid. B. Only an understanding of cost behavior is required to prepare an operating expense budget. C. If a company requires its ending inventory to equal a certain percentage of the cost of next month’s sales, the company would be able to prepare purchases budgets for 4 months if it only knew the cost of sales for those 4 months. D. Assuming only a portion of a company’s sales are made on account, bad debt expense under the income statement method is calculated by multiplying sales on account by the estimated uncollectible percentage. E. None of the above statements are correct.Evaluate the following statements related to creating budget: I. In a production budget if the number of units in the finished goods inventory at the end of the period is less than the number of units in the finished goods inventory at the beginning of the period then the expected number of units sold is less than the number of units to be produced during the period Ii. in the merchandise purchases budget, the required purchases in units for a period can be determined by subtracting the beginning merchandise Inventory in units from the total of budgeted sales in unit and desired ending merchandise inventory (unit) III. When preparing a direct materials budget the beginning inventory for raw materials should be added to production needs, and the desired ending inventory should be subtracted to determine the amount of raw materials to be purchased Answer: ???