4) 10% -A) 5% -For the year 2024, the marketing managers project semi-annual sales of 90,000for product A, 50,000 for product B, and 60,000 for product C. Average sellingprices are estimated at $4 per product A, $6 per product B and $5 for product C.Prepare a revenue budget for the year ending December 31, 2024.B) 5% - The company begins 2024 with 100,000 finished units of A in inventory. Thevice president of operations requests that ending inventory on December 31 ofproduct A, be not less that 70,000 units. Based on sales projections of 100,000units, prepare a production budget for product A for 2024.

A) Revenue Budget for the Year Ending December 31, 2024To prepare the revenue budget, we will use…

Answered: 4) 10% - A) 5% -For the year 2024, the…

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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Accounting Assume that we have the following estimations of the sales units for the 2024 sales, and that there should be 25% to be kept as closing balance from next quarter, and that the opening balance of the product (X) is 800 Units. You are required to prepare the 2024 budget of production: 1st Quarter,2024 2000 units 2nd Quarter,2024 6000 units 3rd Quarter,2024 5000 units 4th Quarter,2024 4000 units 1st Quarter,2025 2000 units A” Company estimates its sales for the next “5” months as following Feb March April May Jun July 10000 12000 15000 16000 18000 20000 “A” expects to sale at OMR 5 per unit. Sales policy is to receive 30% of its sales in cash in the same month of sale and 50 % in the next month and the rest on the third month. Purchases cost is expected to be 70% of the next month sales and is paid in two equal installments in the two…
Filmore Enterprises reports the year-end information from December 31, 2023 as follows: Sales (90,000 units) $1,170,000 Cost of goods sold $409,500 Gross margin $760,500 Operating expenses $620,100 Operating income $140,400 Filmore Enterprises is developing the next twelve- month budget. In January 2024, the company would like to increase selling prices by 3%. As a result, it is expected there will be a decrease in sales volume of 7%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. What is the budgeted operating income for the year? Budgeted Sales $Answer Budgeted cost of goods sold $Answer Budgeted gross margin $Answer Operating expenses $Answer Budgeted operating income $Answer
Show the solution in good accounting form
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Crane Company estimates that unit sales will be 8,000 in quarter 1,11,200 in quarter 2, 12,000 in quarter 3, and 14,400 in quarter 4. Using a unit selling price of $68 per unit. Prepare the sales budget by quarters for the year ending December 31, 2022. CRANE COMPANY Sales Budget Quarter 3 Year $ $ es es
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At January 1, 2022, Sheridan Company has beginning inventory of 2000 surfboards. Sheridan estimates it will sell 14000 units during the first quarter of 2022 with a 12% increase in sales each for the following quarters. Sheridan's policy is to maintain an ending finished goods inventory equal to 25% of the next quarter's sales. Each surfboard costs $120 and is sold for $155. What is the budgeted sales revenue for the third quarter of 2022? $17562 $2722048 $2790000 $620000
Also include the total of the six months
On January 1,2022, the Vaughn Company budget committee has reached agreement on the following data for the 6 months ending June 30,2022. Sales units: First quarter 7,200: second quarter 8,640: third quarter 10,080.Ending raw materials inventory: 40% of the next quarter's production requirements.Ending finished goods inventory: 25% of the next quarter's expected sales units.Third-quarter production: 10,430 units. The ending raw materials and finished goods inventories at December 31,2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Total Required DIrect Labor HoursTotal Pounds Needed for productionDirect Material PurchasesCost Per PoundDirect Labor Cost Per HourTotal Cost of Direct Material PurchasesDirect Materials Per unitUnits to be…
10. ASD expects to have a cash balance of OMR 45,000 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows: January (OMR) February (OMR) Collections from Customer 100,000 160,000 Payments for direct materials Direct labor (wages are paid in the same month they are incurred) Manufacturing overhead (These costs include depreciation of OMR 1,000 per month) Selling and administrative expenses 60,000 80,000 30,000 45,000 26,000 31,000 15,000 20,000 Sales of marketable securities in January are expected to realize OMR 10,000 in cash. ASD has a line of credit at a local bank that enables it to borrow up to OMR 25,000. The Company wants to maintain a minimum monthly cash balance of OMR 25,000. Instructions: Prepare a cash budget for January and February. (
The following information is applicable to Shine Wholesalers for the year 2020: Budgeted sales:July R105 000August R132 000September R165 000 In October 2020, sales are expected to increase by 20% relative to sales in September 2020. Cash sales amount to 20% of total sales. 55% of all credit sales are collected in the month of sale, with a discount of 10% to those debtors who pay during thistime. The outstanding credit sales are collected in equal instalments over the next two months. There are no bad debts. Purchases of raw materials are expected to be sufficient to meet 60% of the total sales for the next month. The companynormally settles half of its creditors in the month following the month of purchase. The remaining creditors are paid twomonths after the month of purchase. Wages and salaries are paid to employees at the end of the month in which they are earned. Wages and salaries areexpected to be:June R22 200July R20 500 Required:Prepare a cash budget for Shine…
5. Farooq Company has accumulated the following budget data for the year 2020. Sales: 60,000 units, unit selling price $80. Cost of one unit of finished goods: Direct materials 3 pounds at $5 per pound, direct labor 3 hours at $6 per hour, and manufacturing overhead $7 per direct labor hour. Selling and administrative expenses: $750,000. Income taxes: 30% of income before income taxes. Instructions (a) Prepare a schedule showing the computation of cost of goods sold for 2020. (b) Prepare a budgeted income statement for 2020.

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