None Quilcene OysteriaFlexible BudgetFor the Month Ended August 31Actual pounds (q)7,100Revenue ($4.05q)$ 28,755Expenses:Packing supplies ($0.25q)1,775Oyster bed maintenance ($3,400)3,400Wages and salaries ($2,000 + $0.50q)5,550Shipping ($0.75q)5,325Utilities ($1,290)1,290Other ($420 + $0.01q)491Total expenses17,831$ 10,924Net operating incomeThe actual results for August were as follows:Quilcene OysteriaIncome StatementFor the Month Ended August 31Actual poundsRevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expensesNet operating incomeRequired:7,100$ 26,6001,9453,2605,9605,0551,1001,11118,431$ 8,169Calculate the company's revenue and spending variances for August.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). Input all amounts as positive values.

The revenue and spending variance is the difference between the flexible budget and the actual cost…

Answered: Quilcene Oysteria Flexible Budget For…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 4E: Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended...

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Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included:
Saved antcring overhead s budgeted to be $33,000 plus $6 per unit produced. What Is budgeted manufacturing overhead for AuguUst? 32 Sylerh tas brecast production for the next three months as follows: July 6,500 units, August 8,200 units, September 9,100 units. Monthly Mutole Choice S82.200 $I2.000 $9.200 SE7500
Actual pounds (9) Flexible Budget For the Month Ended August 31 Revenue ($4.189) Expenses: Packing supplies ($0.309) Oyster bed maintenance ($3,500) Wages and salaries ($2,000 + $0.459) Shipping ($0.659) Utilities ($1,250) Other ($510 + $0.019) Total expenses Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 7,400 $ 30,340 2,228 3,500 5,330 4,810 1,250 584 17,694 $ 12,646 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,400 $ 26,700 2,390 3,360 5,740 4,540 1,060 1,204 18,294 $ 8,406 Calculate the company's revenue and spending variances for August. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. Revenue Quilcene Oysteria Revenue and Spending Variances For the…
Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($470.009) Expenses: Wages and salaries ($11,800 + $124.009) Supplies ($4.009) Equipment rental ($2,200 + $26.009) Insurance ($4,000) Miscellaneous ($540 + $1.469) Total expense Net operating income 300 $ 141,000 49,000 1,200 10,000 4,000 978 65,178 $ 75,822 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0
August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,300 Revenue ($4.259) $ 31,025 Expenses: Packing supplies ($0.409) 2,920 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,400 + $0.459) 5,685 Shipping ($0.709) 5,110 Utilities ($1,290) 1,290 other ($450 + $0.019) 523 Total expense 18,628 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 $ 12,397 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities other Total expense Net operating income Required: 7,300 $ 26,900 3,090 2,960 6,095 4,840 1,100 1,143 19,228 $ 7,672 Calculate the company's revenue and spending variances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive…
Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2022. Sales: quarter 1, 40,000 bags; quarter 2, 56,000 bags. Selling price is $60 per bag. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.8 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 1. 2. Type of Inventory January 1 Snare (bags) Gumm (pounds) Tarr (pounds) 4. 5. 6. 7. 8,000 April 1 15,000 9,000 10,000 July 1 18,000 13,000 14,000 20,000 25,000 Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. Selling and administrative expenses are expected to be 15% of sales plus $175,000 per quarter. Interest expense is $100,000. Income taxes are expected to be 20% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and…
Graded HW i Fixed Budget For Year Ended December 31 $ Sales 3,171,000 Costs Direct materials 996,600 Direct labor 226,500 Sales staff commissions 60,400 Depreciation-Machinery 295,000 Supervisory salaries 203,000 Shipping 226,500 Sales staff salaries (fixed annual 250,000 amount) Administrative salaries 556,450 Depreciation-Office equipment 198,000 Income $ 158,550 Saved Required: 1&2. Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,100 units. Prepare a simple budgeted income statement if 18,100 units are sold. Complete this question by entering your answers in the tabs below. Req 1 Req 3 and 2 Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible…
Actual pounds (q) Revenue ($4.00g) Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and salaries ($2,900 + $0.309) Shipping ($0.809) Utilities ($830) Other ($450+ $0.059) Total expense Net operating income Flexible Budget For the Month Ended August 31 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income Revenue Expenses: Shipping Utilities Other Packing supplies Oyster bed maintenance Wages and salaries 8,000 $ 35, 200 4,200 3,100 5,640 6,950 810 980 Total expense Net operating income 21,680 $ 13,520 Required: Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)…
Mike Tackett, manager of the Troopers Cafe, hos asked for your assistance preparing the monthly budget fer January 20X8, He provides you with the prior lanuary actuls as fallows: Sales $100,400 Expenses: Labor (F 12,000 Labor (VI 18,000 Cost of sales IV) 36,000 Supplies IV) 3200 Encrgy (V) 2620 Promotion (V) Maintenance (F) 2.000 Maintenance (V) 1.200 Property tawes (F) 800 Depreciation (F) 1000 1.300 Rent IF) 850 Insurance (F) 625 Subtotal 72.595 Net income $ 20.005 Assume for 20X3 sakes are expected to increase by 10 percent, fined custs will increase by s percent, ard variable costs will remain at the same percentage of sa es as eperienced in the prior January. Prepare the budget for January 20X8.
Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
Estate Corp., has the following information: Month Budgeted Purchases January $27,600 February 29 900 March 29,500 April 29.680 May 26,090 Purchases are paid for in the following manner 10% of the purchase amount in the month of purchasc 50% of the purchase amount in the month after purchase 40% of the purchase amount in the second month after purchase Whal is the expected balance in Accounts Payatile as of March 317 OA. 526,550 B. $14,750 OC. $2,990 D. $38,510
Two Brothers Moving prepared the following sales budget Month March April May June O $ 39,600 O $ 10,400 O$ 90,600 Cash Sales $18,000 $39,000 $35.000 $51,000 Credit collections are 25% in the month of sale, 60% in the month following the sale, and 10% two months following the sale. The remaining 5% is expected to be uncollectible. What are the total cash collections in June at Two Brothers Moving? O $101,000 Credit Sales $13,000 $13,000 $43,000 $50,000

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