MANAGERIAL ACCOUNTING F/MGRS.
6th Edition
ISBN: 9781264100590
Author: Noreen
Publisher: RENT MCG
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Chapter IE, Problem 10E
1.
To determine
Introduction: Budgeting is the process of making the plans for the
To prepare: A quarterly sales budget with the schedule showing cash collection in each quarter.
2.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: Quarterly production budget
3.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: A quarterly direct materials budget, with a schedule of expected cash disbursements for the purchase of materials.
4.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: Direct labor budget
5.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: Quarterly manufacturing overhead budget
6.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: Ending finished goods inventory budget on December 31, 2023
7.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: Quarterly selling and administrative expense budget.
8.
To determine
Introduction: Budgeting is the process of making the plans for the cash outflow by using the cash balance. The plan is known as a budget. The budgeting process is done in advance to plan all the expenses expected in the upcoming year from all the income and balances of the upcoming year.
To prepare: Quarterly
9.
To determine
Introduction: An income statement is one of the financial statements that determine the profitability of a company for a particular period of time.
To prepare: Income statement for the year ended December 31, 2023.
10.
To determine
Introduction: A balance sheet is one of the financial statements of a company that determines its net worth at the end of the financial period.
To prepare: Balance sheet on December 31, 2023
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Question 10
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Vaughn Manufacturing's budgeted manufacturing costs for
40000 squares of shingles are:
S.
entral
365
Fixed manufacturing costs
$12000
Variable manufacturing costs $16 per square
Vaughnproduced 30000 squares of shingles during March.
How much are budgeted total manufacturing costs in
March?
O $652000
O $492000
O $640000
O $480000
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Exercise 3 (Materials Purchase Budget)
Mini Products, Inc., has developed a very powerful electronic calculator. Each
calculator requires three small "chips" that cost P2 per chip and are purchased
from an overseas supplier. Mini Products has prepared a production budget for the
calculator by quarters for Year 2 and for the first quarter of Year 3, as shown below.
Year2 Year3
First Second Third Fourth First
Budgeted production
In calculators........ 60,000 90,000 150,000 100,000 80,000
The chip used in production of the calculator is sometimes hard to get, so it is
necessary to carry large inventories as a precaution against stockouts. For this
reason, the inventory of chips at the end of the quarter must be equal to 20% of
the following quarter's production needs. Some 36,000 chips will be on hand to
start the first quarter of Year 2.…
Exercise 3 (Materials Purchase Budget)
Mini Products, Inc., has developed a very powerful electronic calculator. Each
calculator requires three small "chips" that cost P2 per chip and are purchased
from an overseas supplier. Mini Products has prepared a production budget for the
calculator by quarters for Year 2 and for the first quarter of Year 3, as shownbelow.
Year2
Year3
First
Second
Third
Fourth
First
Budgeted production
incalculators. .
60,000 90,000
150,000
100,000
80,000
The chip used in production of the calculator is sometimes hard to get, so it is
necessary to carry large inventories as a precaution against stockouts. For this
reason, the inventory of chips at the end of the quarter must be equal to 20% of
the following quarter's production needs. Some 36,000 chips will be on hand to
start the first quarter of Year 2.
Required:
Prepare a materials purchases budget for chips, by quarter and in total, for
Year 2. At the bottom of your budget, show the peso amount of purchases…
Chapter IE Solutions
MANAGERIAL ACCOUNTING F/MGRS.
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