Total per-unit manufacturing costsf. Selling expenses:Variable selling expenses$3 per unitFixed selling expenses$800,000Administrative expenses (all fixed costs)$550,0001. Prepare a sales budget for August.Newport Inc.Sales BudgetFor the First Quarter Ending August 31JuneJulyAugustFirst QuarterEstimated units soldSelling price per unit x$x$x$x$Total budgeted sales2. Prepare a production budget for August. For those boxes in which you must enter subtracted or negative numbers use a minus sign.Newport Inc.Production BudgetFor the First Quarter Ending August 31JuneJulyAugustFirst QuarterTotal units available for saleTotal units to be produced3. Prepare a direct materials purchases budget for August. For those boxes in which you must enter subtracted or negative numbers use a minus sign.Newport Inc.Direct Materials Purchases BudgetFor the First Quarter Ending August 31 Budgeted income statement and supporting budgets for three monthsNewport Inc. gathered the following data for use in developing the budgets for the first quarter (June, July,a. Estimated sales at $36 per unit:June300,000 unitsJuly400,000 unitsAugust500,000 unitsSeptember500,000 unitsb. Estimated finished goods inventories:May 3116,000 units5% of next month's salesJune 30July 315% of next month's sales5% of next month's salesc. Work in process inventories are estimated to be insignificant (zero).August 31d. Estimated direct materials inventories:May 3135,000 poundsJune 3040,000 poundsJuly 3145,000 poundsAugust 3150,000 poundse. Manufacturing costs:Per UnitDirect materials (1.5 Ibs. per unit x $4 per Ib.)$ 6.00Direct labor (0.4 hr. per unit x $25 per hr.)10.00Variable factory overhead ($4 per direct labor hour)1.60Fixed factory overhead ($1,200,000 per month allocated using 500,000 units)2.40Total per-unit manufacturing costs$20.00f. Selling expenses:

A budget is a part of internal management where forecasted statements are prepared on the basis of…

1. Prepare a sales budget for August. Newport Inc. Sales Budget For the First Quarter Ending August 31 June July August First Quarter Estimated units sold Selling price per unit x$ X$ Total budgeted sales 2. Prepare a production budget for August. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Newport Inc. Production Budget For the First Quarter Ending August 31 June July August First Quarter Total units available for sale Total units to be produced 3. Prepare a direct materials purchases budget for August. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

1. Prepare a sales budget for August. Newport Inc. Sales Budget For the First Quarter Ending August 31 June July August First Quarter Estimated units sold Selling price per unit x$ X$ Total budgeted sales 2. Prepare a production budget for August. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Newport Inc. Production Budget For the First Quarter Ending August 31 June July August First Quarter Total units available for sale Total units to be produced 3. Prepare a direct materials purchases budget for August. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

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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