Sheffield Company is preparing its direct labor budget for 2022 from the following production budget based on a calendar year: Quarter 1 2 3 4 Units 57,000 27,000 49,000 75.000 Each unit requires 2 hours of direct labor. The union contract provides for a 10% increase in wage rate to $22 per hour on October 1. Prepare a direct labor budget for 2022. $ First Quarter $ SHEFFIELD COMPANY Direct Labor Budget Second Quarter $ Third Quarter $ Fourth Quarter $ Total

Sheffield Company is preparing its direct labor budget for 2022 from the following production budget based on a calendar year: Quarter 1 2 3 4 Units 57,000 27,000 49,000 75.000 Each unit requires 2 hours of direct labor. The union contract provides for a 10% increase in wage rate to $22 per hour on October 1. Prepare a direct labor budget for 2022. $ First Quarter $ SHEFFIELD COMPANY Direct Labor Budget Second Quarter $ Third Quarter $ Fourth Quarter $ Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: accounting
Market Leasing budgeted credit sales in the first quarter of 2014 to be as follows: January $210,000 February 190,000 March 170,000 The budgeted beginning cash balance at February 1 is expected to be $14,000 and budgeted monthly cash disbursements are expected to be $198,000. Credit sales in December, 2013 are expected to be $204,000. The company expects to collect 20% of a month’s sales in the month of sale and 80% in the following month. How much is the budgeted cash balance at the end of February?
vnt.23
Alpesh
Exercises 1: Questions for discussion 1. Describe the items reflected in the sales budget. 2. List the items included in the production budget 3. Identify the items that comprise the operating budget Exercises 2: Word Problems Roel Trading Company presents the actual sales for the first three months of year 2019 in its own products as follows: Product B P 540,000 P 567,000 P 595,350 Product A Total Sales Janaury February March P 880,000 P 941,000 P 1,006,750 The business expects that the trends for the past three months will P 340,000 P 374,000 P 411400 continue in April and May 2019. Required: Determined the projected sales for April and May 2019 for the two products. Round the amounts to thousand pesos.
DO NOT GIVE SOLUTION IN IMAGE FORMAT
Schedule of Cash Payments for a Service Company EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January-March). The Accrued Expenses Payable balance on January 1 is $25,600. The budgeted expenses for the next three months are as follows: January February $58,900 $71,700 $79,400 4,900 5,400 6,400 45,400 49,500 54,500 $109,200 $126,600 $140,300 Other operating expenses include $3,200 of monthly depreciation expense and $700 of monthly insurance expense that was prepaid for the year on May 1 of the previous year. Of the remaining expenses, 80% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on January 1 relates to the expenses incurred in December. Salaries Utilities Other operating expenses Total Prepare a schedule of cash payments for operations for January, February, and March. EastGate Physical Therapy Inc. Schedule of Cash Payments for Operations…
Current Attempt in Progress The budget components for Novak Company for the quarter ended June 30 appear below. Novak sells recycling bins for $14 each. Budgeted production for the next three months is: April 24,500 units May 49,000 units June 31,000 units Novak desires to have recycling bins on hand at the end of each month equal to 20 percent of the following month's budgeted sales in units. On March 31, Novak had 3,500 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month, Novak desires to have 10 percent of the following month's direct material needed for production on hand. At March 31, Novak had 12.250 pounds of plastic on hand. The direct materials used in production cost $0.60 per pound. Eachrecycling bin produced requires 0.10 hours of direct labor. Compute the budgeted dollar value of the ending direct materials inventory at the end of May. Cost of ending inventory $ eTextbook and Media Save for Later Attempts: 0 of 6 used Submit…
Ramos Company provides the following budgeted production for the next four months. Units to produce April 620 May June July 750 720 720 Each finished unit requires 5 pounds of direct materials. The company wants to end each month with direct materials inventory equal to 30% of next month's production needs. Beginning direct materials inventory for April was 930 pounds. Direct materials cost $2 per pound. Prepare a direct materials budget for April, May, and June. Units to produce Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases RAMOS COMPANY Direct Materials Budget April May June 620 750 720 units 0
Manji
Management Accounting Course Project – Part 1, B Group The Terranova Company is preparing information to complete its master budget for the quarter ending December 31, 2020. The company intends to make unit sales in the related months as follows: September 5,000 October 9,750 November 11,700 December 14,625 Units are to be sold for $10 each. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following the sale. *Required: 1) Prepare a sales budget for Terranova for the quarter ending December 31, 2020. Show activity by month and in total. (Hint: a quarter = 3 months.) 2) Complete a schedule of expected cash collections for the quarter ending December 31, 2020. Show activity by month and in total.
Part B Tamy Sdn Bhd produces wooden desks. The following estimates are provided for the month of May, June, July and August 2021. Budgeted wooden desk sales in units 8,000 7,000 6,000 5,000 May June July August The estimated selling price is RM120 per unit. Tamy Sdn Bhd wants to have 10% of the next month's sales in units on hand at the end of each month. REQUIRED a) Prepare the sales budget for the month of May, June , July and Total 2021. b) Prepare the production budget for the month of May, June, July and Total 2021.