FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

9.1cd

Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin
Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing
Greiner's master budget and has assembled the following data for the coming year. The direct labor rate includes wages, all employee-
related benefits, and the employer's share of FICA. Labor saving machinery will be fully operational by March. Also, as of March 1, the
company's union contract calls for an increase in direct labor wages that is included in the direct labor rate. Greiner expects to have 6,100
glare filters in inventory on December 31 of the current year, and has a policy of carrying 35 percent of the following month's projected sales
in inventory. Information on the first four months of the coming year is as follows:
January February March April
Estimated unit sales
37,200
34,400 39,800 40,400
Sales price per unit
$83
$83
$77
$77
Direct labor hours per unit
2.70
2.70
2.40
2.40
Direct labor hourly rate
$18
$18
$20
$20
Direct materials cost per unit
$10
$10
$10
$10
expand button
Transcribed Image Text:Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contribution Margin Greiner Company makes and sells high-quality glare filters for microcomputer monitors. John Craven, controller, is responsible for preparing Greiner's master budget and has assembled the following data for the coming year. The direct labor rate includes wages, all employee- related benefits, and the employer's share of FICA. Labor saving machinery will be fully operational by March. Also, as of March 1, the company's union contract calls for an increase in direct labor wages that is included in the direct labor rate. Greiner expects to have 6,100 glare filters in inventory on December 31 of the current year, and has a policy of carrying 35 percent of the following month's projected sales in inventory. Information on the first four months of the coming year is as follows: January February March April Estimated unit sales 37,200 34,400 39,800 40,400 Sales price per unit $83 $83 $77 $77 Direct labor hours per unit 2.70 2.70 2.40 2.40 Direct labor hourly rate $18 $18 $20 $20 Direct materials cost per unit $10 $10 $10 $10
O CP8:
CP8: Problems f X
: CengageNOWv. X
G Olympus, Inc., n x
b Similar Questior x
f (1) Facebook
(1030) Ench x
(8) Messages / x
A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false e
I Google Meet 0 All app | Microsoft.
O Outlook
E McGraw : CENGAGE di MS TEAMS
CUDDLE NATION 1;.
O Rockefeller
Econ- FA # 1
COSACC - 1
>>
CP8: Problems for Budgeting Part 2
Direct labor hours per unit
1. CEX.08.03.ALGO
Total labor budget (hours)
2. CEX.08.04.ALGO
c. Direct materials cost budget:
3. CEX.08.05.ALGO
Greiner Company
Direct Materials Cost Budget
4. СЕХ.08.06. ALGO
For the First Quarter of the Coming Year
January February March
Total
5. CEX.08.08.ALGO
Units produced
6. CEX.08.09.ALGO
Cost per unit
Total direct materials
7. EX.08.17.ALGO
8. EX.08.30.ALGO
d. Sales budget: Round unit selling price amounts to the nearest cent and use the same for subsequent requirements.
Greiner Company
9. PR.08.38 ALGO
Sales Budget (dollars)
For the First Quarter of the Coming Year
January February March
Total
Unit sales
Unit selling price
Total sales revenue
$
2. Calculate the total budgeted contribution margin for Greiner Company by month and in total for the first quarter of the coming year. (CMA
adapted)
Greiner Company
Budgeted Contribution Margin
For the First Quarter of the Coming Year
January February March
Total
Sales revenue
Home
PgUp
Direct labor cost
End
PgDn
Insert
Pause
Check My Work 10 more Check My Work uses remaining.
Previous
PrtScn
ScrLk
tems
Options
Help
Save and Exit Submit Test for Grading
12:08 PM
收 口中
5/6/2022
expand button
Transcribed Image Text:O CP8: CP8: Problems f X : CengageNOWv. X G Olympus, Inc., n x b Similar Questior x f (1) Facebook (1030) Ench x (8) Messages / x A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignment-take&inprogress=false e I Google Meet 0 All app | Microsoft. O Outlook E McGraw : CENGAGE di MS TEAMS CUDDLE NATION 1;. O Rockefeller Econ- FA # 1 COSACC - 1 >> CP8: Problems for Budgeting Part 2 Direct labor hours per unit 1. CEX.08.03.ALGO Total labor budget (hours) 2. CEX.08.04.ALGO c. Direct materials cost budget: 3. CEX.08.05.ALGO Greiner Company Direct Materials Cost Budget 4. СЕХ.08.06. ALGO For the First Quarter of the Coming Year January February March Total 5. CEX.08.08.ALGO Units produced 6. CEX.08.09.ALGO Cost per unit Total direct materials 7. EX.08.17.ALGO 8. EX.08.30.ALGO d. Sales budget: Round unit selling price amounts to the nearest cent and use the same for subsequent requirements. Greiner Company 9. PR.08.38 ALGO Sales Budget (dollars) For the First Quarter of the Coming Year January February March Total Unit sales Unit selling price Total sales revenue $ 2. Calculate the total budgeted contribution margin for Greiner Company by month and in total for the first quarter of the coming year. (CMA adapted) Greiner Company Budgeted Contribution Margin For the First Quarter of the Coming Year January February March Total Sales revenue Home PgUp Direct labor cost End PgDn Insert Pause Check My Work 10 more Check My Work uses remaining. Previous PrtScn ScrLk tems Options Help Save and Exit Submit Test for Grading 12:08 PM 收 口中 5/6/2022
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education