Question Content Area I AM NEEDING THE PICTURES ANWSERED THE PASSAGE IS JUST FOR ASSISTANCE TO ANSWER THE QUESTIONS Question Content Area LearnCo LearnCo manufactures and sells one product, an abacus for classroom use, with two models, the Basic model and the Deluxe model. The company began operations on January 1, 20Y1, and is planning for 20Y2, its second year of operations, by preparing budgets from its master budget. The company is trying to decide how many units to manufacture, how much it might spend on direct materials and direct labor, and what their factory overhead expenses might be. In addition, the company is interested in budgeting for selling and administrative costs, and in creating a budgeted income statement showing a prediction of net income for 20Y2. You have been asked to assist the controller of LearnCo in preparing the 20Y2 budgets. Sales Budget The sales budget often uses the prior year’s sales as a starting point, and then sales quantities are revised for various factors such as planned advertising and promotion, projected pricing changes, and expected industry and general economic conditions. LearnCo has completed reviewing its prior year’s sales and has prepared the following sales budget. After reviewing LearnCo’s sales budget, you note that three numbers have been omitted. The company’s controller has told you that the units sold for the Basic and Deluxe models are expected to be the same. Fill in the missing amounts. LearnCo Sales Budget For the Year Ending December 31, 20Y2 Product Unit Sales Volume Unit Selling Price Total Sales Basic Abacus fill in the blank c4ee4cf7601604b_1 $8 $288,000 Deluxe Abacus fill in the blank c4ee4cf7601604b_2 fill in the blank c4ee4cf7601604b_3 432,000 Totals 72,000   $720,000   Feedback Area   Feedback   Review the preparation of the sales budget and use the information the controller provided. Question Content Area Production Budget The production budget should be integrated with the sales budget to ensure that production and sales are kept in balance during the year. The production budget estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels. You note that LearnCo has omitted six numbers from the following production budget and fill in the missing amounts. You may need to use numbers from the sales budget you prepared. LearnCo Production Budget For the Year Ending December 31, 20Y2   Units Basic Units Deluxe Expected units to be sold (from Sales Budget) fill in the blank ae7e5bffffe4f89_1  fill in the blank ae7e5bffffe4f89_2  Desired ending inventory, December 31, 20Y2 1,000  3,000  Total units available fill in the blank ae7e5bffffe4f89_3  fill in the blank ae7e5bffffe4f89_4  Estimated beginning inventory, January 1, 20Y2 (1,050) (2,100) Total units to be produced fill in the blank ae7e5bffffe4f89_5  fill in the blank ae7e5bffffe4f89_6    Feedback Area   Feedback   Be sure to include the expected units to be sold for each model from the Sales Budget. Then review the preparation of the production budget and how the amounts are computed. Question Content Area Direct Materials Purchases Budget The direct materials purchases budget should be integrated with the production budget to ensure that production is not interrupted during the year. Before you make any changes to the budget, you review the information on the following Direct Materials Data Table and enter the units to be produced from the Production Budget. After scanning the direct materials purchases budget (which follows the Direct Materials Data Table), you observe that LearnCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Materials Data Table, or from the sales budget and production budget you prepared. When required, round your answers to the nearest dollar. Direct Materials Data Table   Wood Pieces Beads Packages required per unit:       Basic abacus 1 2   Deluxe abacus 2 3 Cost per package:       Wood pieces $0.25     Beads $0.25   Units to be produced (from Production Budget):       Basic abacus fill in the blank f0a29efc5019f8c_1     Deluxe abacus fill in the blank f0a29efc5019f8c_2   LearnCo Direct Materials Purchases Budget For the Year Ending December 31, 20Y2   Direct Materials   Wood Pieces Beads Total Packages required for production:         Basic abacus fill in the blank f0a29efc5019f8c_3  fill in the blank f0a29efc5019f8c_4      Deluxe abacus fill in the blank f0a29efc5019f8c_5  fill in the blank f0a29efc5019f8c_6    Desired inventory, December 31, 20Y2 2,200  5,000    Total packages available fill in the blank f0a29efc5019f8c_7  fill in the blank f0a29efc5019f8c_8    Estimated inventory, January 1, 20Y2 (3,500) (4,500)   Total packages to be purchased fill in the blank f0a29efc5019f8c_9  fill in the blank f0a29efc5019f8c_10    Unit price (per package) × $fill in the blank f0a29efc5019f8c_11  × $fill in the blank f0a29efc5019f8c_12    Total direct materials to be purchased $fill in the blank f0a29efc5019f8c_13  $fill in the blank f0a29efc5019f8c_14

LearnCo

LearnCo manufactures and sells one product, an abacus for classroom use, with two models, the Basic model and the Deluxe model. The company began operations on January 1, 20Y1, and is planning for 20Y2, its second year of operations, by preparing budgets from its master budget.

The company is trying to decide how many units to manufacture, how much it might spend on direct materials and direct labor, and what their factory overhead expenses might be. In addition, the company is interested in budgeting for selling and administrative costs, and in creating a budgeted income statement showing a prediction of net income for 20Y2.

You have been asked to assist the controller of LearnCo in preparing the 20Y2 budgets.

Sales Budget

The sales budget often uses the prior year’s sales as a starting point, and then sales quantities are revised for various factors such as planned advertising and promotion, projected pricing changes, and expected industry and general economic conditions. LearnCo has completed reviewing its prior year’s sales and has prepared the following sales budget.

After reviewing LearnCo’s sales budget, you note that three numbers have been omitted. The company’s controller has told you that the units sold for the Basic and Deluxe models are expected to be the same. Fill in the missing amounts.

Production Budget

The production budget should be integrated with the sales budget to ensure that production and sales are kept in balance during the year. The production budget estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels.

You note that LearnCo has omitted six numbers from the following production budget and fill in the missing amounts. You may need to use numbers from the sales budget you prepared.

Direct Materials Purchases Budget

The direct materials purchases budget should be integrated with the production budget to ensure that production is not interrupted during the year.

Before you make any changes to the budget, you review the information on the following Direct Materials Data Table and enter the units to be produced from the Production Budget. After scanning the direct materials purchases budget (which follows the Direct Materials Data Table), you observe that LearnCo has omitted quite a few numbers from the budget. Fill in the missing amounts. You may need to use numbers from the Direct Materials Data Table, or from the sales budget and production budget you prepared. When required, round your answers to the nearest dollar.