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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Flounder Possible Inc. (FP) is a manufacturer of toaster ovens. To improve control over operations, the president of FP wants to begin using a flexible budgeting system, rather than using only the current master budget. The following data are available for FP's expected costs at production levels of 81,000, 90,000, and 99,000 units. Variable costs Manufacturing $5 per unit Administrative $3 per unit Selling $3 per unit Fixed costs Manufacturing $144,000 Administrative $72,000
The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 3 4 1 2 Budgeted unit sales 45,000 65,000 105,000 60,000 90,000 100,000 Selling price per unit $7 What are the total expected cash disbursements for raw materials for the year under this revised budget?
View Policies Current Attempt in Progress James, the production manager, was pleased at the company's income statement results. Actual DL cost was only $52,000, compared to the budgeted $60,200, while actual sales volume came in 200 units below original projections. The company actually used 2,500 DL hours to make the 1,200 units produced and sold. Each unit was budgeted to take 2 DL hours; each DL hour was budgeted at $21.50 per hour. Calculate the company's DL price and DL efficiency variances. (Round intermediate calculations to to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.) DL price variance $ DL efficiency variance $ Save for Later V V Attempts: 0 of 1 used Submit Answer