question 2 1. Platinum Trophy, Inc. projects sales of 45,000 brass plaques for 201X. The estimated January 1,201X inventory is 3,000 units and the desired December 31, 201X inventory is 5,000 units. What isthe budgeted production (in units) for 201X?2. Platinum Trophy needs brass sheets to produce their brass plaques. Assume 96 square inches ofbrash sheet are required for each brass plaque. The estimated January 1, 201X, brass sheet inventoryis 240,000 square inches. The desired December 31, 201X brass sheet inventory is 200,000 squareinches. Platinum Trophy pays $0.12 per square inch. Using the budgeted production from thequestion 1, determine the direct materials purchases budget for 201X.3. In addition to brass sheets, each plaque needs engraving. The amazing engraving artists on staffspend 12 minutes per plaque. Each engraving artist earns $11.00 per hour. Based on the budgetedproduction from question 1, determine the direct labor cost budget for 201X.4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finishedgoods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory onJanuary 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000.After careful consideration and calculation, Platinum Trophy determines the Factory Overheadbudget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct laborcost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.5. Platinum Trophy collects 25% of its sales on account in the month of the sale and 75% in the monthfollowing the sale. If sales on account are budgeted to be $100,000 for March and $126,000 for April,what are the budgeted cash receipts from sales on account for April?

The question is based on the concept of Cost Accounting.

1. Platinum Trophy, Inc. projects sales of 45,000 brass plaques for 201X. The estimated January 1, 201X inventory is 3,000 units and the desired December 31, 201X inventory is 5,000 units. What the budgeted production (in units) for 201X? 2. Platinum Trophy needs brass sheets to produce their brass plaques. Assume 96 square inches of brash sheet are required for each brass plaque. The estimated January 1, 201X, brass sheet invento: is 240,000 square inches. The desired December 31, 201X brass sheet inventory is 200,000 square inches. Platinum Trophy pays $O.12 per square inch. Using the budgeted production from the question 1, determine the direct materials purchases budget for 201X.

1. Platinum Trophy, Inc. projects sales of 45,000 brass plaques for 201X. The estimated January 1, 201X inventory is 3,000 units and the desired December 31, 201X inventory is 5,000 units. What the budgeted production (in units) for 201X? 2. Platinum Trophy needs brass sheets to produce their brass plaques. Assume 96 square inches of brash sheet are required for each brass plaque. The estimated January 1, 201X, brass sheet invento: is 240,000 square inches. The desired December 31, 201X brass sheet inventory is 200,000 square inches. Platinum Trophy pays $O.12 per square inch. Using the budgeted production from the question 1, determine the direct materials purchases budget for 201X.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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