A B C D E F G 1 Chapter 8: Applying Excel 2 3 Data 4 Year 3 Quarter 1 2 3 4 1 2 45,000 65,000 105,000 60,000 90,000 100,000 5 Budgeted unit sales 6 7 • Selling price per unit •Raw materials required to produce one unit 7 per unit $ 65,000 75% 00 8 • Accounts receivable, beginning balance 9 •Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 Finished goods inventory, beginning 13 14 15 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ Desired ending inventory of raw materials is • Raw materials inventory, beginning 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500

A B C D E F G 1 Chapter 8: Applying Excel 2 3 Data 4 Year 3 Quarter 1 2 3 4 1 2 45,000 65,000 105,000 60,000 90,000 100,000 5 Budgeted unit sales 6 7 • Selling price per unit •Raw materials required to produce one unit 7 per unit $ 65,000 75% 00 8 • Accounts receivable, beginning balance 9 •Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 Finished goods inventory, beginning 13 14 15 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ Desired ending inventory of raw materials is • Raw materials inventory, beginning 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500

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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ompany employees were working hard to achieve the budgeted results, as everyone would receive a bonus if profit margins of 10% were achieved. The year-end results were: Sales volume Selling price Direct materials cost/unit DL cost/unit Variable OH cost/unit Variable SGA cost/unit Fixed MOH Fixed SGA Actual 52,000 14.50 3.10 1.65 1.50 0.50 Master budget 45,000 14.00 3.00 1.70 1.50 0.50 4 205,000 195,000 127,000 122,500 1. Prepare the master budget, flexible budget and actual income statements for the year. 2. Determine the flexible budget and sales activity variances 3. What do the variances mean? 4. Did the employees get the bonus?
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Austin Co. plans to manufacture and sell electronic products. The projected data for producing its products for a typical year is as follows: Budgeted sales (in units) 1,200 Selling price per unit Variable costs per unit Total fixed costs $100 $80 $20,000 Income tax rate 20% Desired profits after tax $16,000 Required) Please answer the following questions and show all your works (formula and numbers) to get full credits. a. What are the contribution margin per unit and CM ratio? b. How many units (per year) would it have to produce in order to break even? c. To earn the desire after-tax profits, how many units (per year) would it have to sell/produce? d. Calculate the margin of safety ratio in the budgets amounts (per year) are sold. Define what is meant by the MOS. e. Calculate the degree of operating leverage if the budgets amount (per year) are sold. Define what is meant by the DOL.
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A company predicts its production and sales will be 24,000 units. At that level of activity, its fixed costs are budgeted at $300,000, and its variable costs are budgeted at $246,000. If its activity level declines to 20,000 units, what will be its budgeted fixed costs and its variable costs?
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