Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a. The budgeted selling price per unit is $110. Budgeted unit sales for January, February, March, and April are 7,500, 10,60O, 12,000, and 11,700 units, respectively. All salesare on credit.b. Regarding credit sales, 30% are collected in the month of the sale and 70% in the following month.c. The ending finished goods inventory equals 30% of the following month's sales.d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials.The raw materials cost $4.00 per pound.e. Regarding raw materials purchases, 40% are paid for in the month of purchase and 60% in the following month.f. The direct labor wage rate is $23.00 per hour. Each unit of finished goods requires 2.6 direct labor-hours.g. Manufacturing overhead is entirely variable and is $8.00 per direct labor-hour.h. The variable selling and administrative expense per unit sold is $1.70. The fixed selling and administrative expense per month is $70,000.The budgeted accounts receivable balance at the end of February is closest to: The budgeted accounts receivable balance at the end of February is closest to:Multiple Choice$777,000$816,200$1,166,000$349,800

Account Receivable at the end of February= Salary x 70%…

a. The budgeted selling price per unit is $110. Budgeted unit sales for Ja are on credit. b. Regarding credit sales, 30% are collected in the month of the sale and c. The ending finished goods inventory equals 30% of the following mor d. The ending raw materials inventory equals 10% of the following month The raw materials cost $4.00 per pound. e. Regarding raw materials purchases, 40% are paid for in the month of f. The direct labor wage rate is $23.00 per hour. Each unit of finished go g. Manufacturing overhead is entirely variable and is $8.00 per direct lab h. The variable selling and administrative expense per unit sold is $1.70.

a. The budgeted selling price per unit is $110. Budgeted unit sales for Ja are on credit. b. Regarding credit sales, 30% are collected in the month of the sale and c. The ending finished goods inventory equals 30% of the following mor d. The ending raw materials inventory equals 10% of the following month The raw materials cost $4.00 per pound. e. Regarding raw materials purchases, 40% are paid for in the month of f. The direct labor wage rate is $23.00 per hour. Each unit of finished go g. Manufacturing overhead is entirely variable and is $8.00 per direct lab h. The variable selling and administrative expense per unit sold is $1.70.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

X Company has a sales budget of 60,000 finished units for the next period. The beginning finished good inventory 10,000 and the target ending finished goods inventory 8,000 units. It takes 3 hours of direct labor to make one unit of finished product and the budgeted labor rate is $5 per hour. what is The budgeted direct labor cost for the next period? Select one: a. 940,000s O b. 870,000 s c. 930,000 $ d. 940,000 s
Check my work Victoria Inc. makes one product and it provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $80. Budgeted unit sales for June, July, August, and September are 9,900, 10,900, 12,900, and 15,900 units, respectively. All sales are on credit. b. 60% of credit sales are collected in the month of the sale and 40% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 kg of raw materials. The raw materials cost $2.00 per kilogram. e. 30% of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labour wage rate is $20 per hour. Each unit of finished goods requires two direct labour-hours. g. The variable selling and administrative…
Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $65. Budgeted unit sales for June, July, August, and September are 9,000, 21,000, 23,000, and 24,000 units, respectively. All sales are on credit. b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 30% of the following month's unit sales. d. The ending raw materials inventory equals 20% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.70 per pound. e. Twenty percent of raw materials purchases are paid for in the month of purchase and 80% in the following month. f. The direct labor wage rate is $14 per hour. Each unit of finished goods requires two…
7. Avalos Corporation makes one product with a selling price of $100 per unit. All sales are on credit with 40% collected in the month of sale and 60% in the following month. The company's sales budget follows: Budgeted sales in units: January February March 4,000 4,200 5,400 vbs What does the company expect to collect during February from its sales?
Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be 643,000 units, estimated beginning inventory is 101,000 units, and desired ending inventory is 88,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below. Material A 0.50 lb. per unit @ Material B 1.00 lb. per unit @ Material C 1.20 lb. per unit @ $0.64 per pound $2.47 per pound $0.94 per pound The dollar amount of material A used in production during the year is Oa. $205,760 Ob. $1,556,100 Oc. $710,640 Od. $201,600
Haresh
! Required information [The following information applies to the questions displayed below.] Morganton Company makes one product and provided the following information to help prepare its master budget: a. The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 9,800, 29,000, 31,000, and 32,000 units, respectively. All sales are on credit. b. Thirty percent of credit sales are collected in the month of the sale and 70% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 4 pounds of raw materials. The raw materials cost $2.50 per pound. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two…
Stephanie Corporation sells a single product. Budgeted sales for the year are anticipated to be 634,000 units, estimated beginning inventory is 105,000 units, and desired below. ending inventory is 86,000 units. The quantities of direct materials expected to be used for each unit of finished product are given Material A 0.50 lb. per unit @ $0.73 per pound Material B 1.00 lb. per unit @ $2.24 per pound Material C 1.20 lb. per unit @ $1.21 per pound The dollar amount of material A used in production during the year is O $1,377,600 Ob $892,980 O $224,475 Od $231,410
Schuepfer Incorporated bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 1,900 units are planned to be sold in March. The variable selling and administrative expense is $4.80 per unit. The budgeted fixed selling and administrative expense is $35,690 per month, which includes depreciation of $3,400 per month. The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the March selling and administrative expense budget should be: Multiple Choice $44,810 $41,410 $32,290 $9,120
Fairfield Company management has budgeted the following amounts for its next fiscal year: Selling price per unit Variable expenses per unit Total fixed expenses $40.00 per unit $25.00 per unit $832,500 19. Fairfield Company's goal for the month is to earn a target operating income of $285,000. How many units must be sold to achieve this goal? (A)54,000 units (B) 55,500 units (C) 74,500 units (D) 33,300 units (2 marks) If Fairfield can reduce fixed expenses by $41,625, by how much can variable expenses per unit increase and still allow the company to maintain the original breakeven sales in units? 20. (A) (B) $0.75 $2.78 (C) $0.53 (D) $0.25 (3 marks)
The following information is available for Pioneer Company: • Sales price per unit is $110. • November and December sales were budgeted at 3,040 and 3,560 units, respectively. • Variable costs are 13 percent of sales (5 percent commission, 2 percent advertising, 6 percent shipping). • Fixed costs per month are sales salaries, $6,000; office salaries, $3,000; depreciation, $2,300; building rent, $3,100; insurance, $1,600; and utilities, $700. Required: Determine Pioneer's budgeted selling and administrative expenses for November and December. Total Budgeted Selling and Administrative Expenses November December
a) The West Municipal Assembly had its first meeting to discuss its budget. As the local government financial representative, you are required to explain what a budget is and the stages of the budgetary cycle. b) In your presentation, you were also asked to identify the ten principles of budgetary governance (outlined by Gary Bandy - Financial Management and Accounting in the Public Sector), that are essential in ensuring the efficiency of the budgetary process. c) The budgetary presentation consisted of expenditures amounting to $150,000,000. The audience was eager to know what the sources for these funds would be. List and give examples of 8 sources of revenue that can be used to fund the expenditures. d) Budget execution is a critical stage in the budgetary process. Explain the four key elements of this stage and discuss the five components of the internal control system that is needed to safeguard the entity's assets and to ensure compliance with laws and regulations.