Actual pounds (9)Flexible BudgetFor the Month Ended August 31Revenue ($4.189)Expenses:Packing supplies ($0.309)Oyster bed maintenance ($3,500)Wages and salaries ($2,000 + $0.459)Shipping ($0.659)Utilities ($1,250)Other ($510 + $0.019)Total expensesNet operating incomeThe actual results for August were as follows:Quilcene OysteriaIncome StatementFor the Month Ended August 317,400$ 30,3402,2283,5005,3304,8101,25058417,694$ 12,646Actual poundsRevenueExpenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expensesNet operating incomeRequired:7,400$ 26,7002,3903,3605,7404,5401,0601,20418,294$ 8,406Calculate the company's revenue and spending variances for August.Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zerovarlance). Input all amounts as positive values.RevenueQuilcene OysteriaRevenue and Spending VariancesFor the Month Ended August 31Expenses:Packing suppliesOyster bed maintenanceWages and salariesShippingUtilitiesOtherTotal expensesNet operating income

The variance is the difference between the standard and actual cost data. The variance can be…

Answered: Actual pounds (9) Flexible Budget For…

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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paid in month of purchase: 10% paid n first month following purchase: 40% Paid in second month following purchase: 50% If budgeted purchases for April, May, and june are $30,000, $45,000 and $20,000, what is the budgeted accounts payable balance on June 30? a. 32500 b. 31000 c. 35000 d. 40500
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Budgeted sales for the month at 4,600 units. Budgeted variable selling and admin expense is $7.30 per unit. Budgeted fixed selling and admin expense is $51,980 of which $6,440 is depreciation. What is the budgeted cash disbursement amount for selling and administrative expense for the month? Multiple Choice $85,560 $45,540 $79,120 $33,580
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Sam's Toys budgeted sales of $300,000 for the month of November and cost of goods sold equal to 60% of sales. Beginning inventory for November was $55,000 and ending inventory for November is estimated at $54,000. How much are the budgeted purchases for November? Question 22 options: $179,000 $191,000 $71,000 $181,000
es w Exercise 9-1 (Algo) Prepare a Flexible Budget [LO9-1] Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($390.00q) Expenses: Wages and salaries ($11,200 + $126.00q) Supplies ($4.00q) Equipment rental ($2,300 + $22.00q) Insurance ($4,200) Miscellaneous ($500+ $1.46q) Total expense Net operating income During May, the company's actual activity was 340 diving-hours. 350 $ 136,500 Puget Sound Divers Flexible Budget For the Month Ended May 31
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 1,680,000 420,000 Total assets $ 112,000 964,320 275,800 Liabilities Accounts payable Loan payable 911,512 Long-term note payable Equity 1,260,000 Common stock Retained earnings $ 3,523,632 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 562,800 12,000 1,400,000 938,000 610,832 $ 1,974,800 1,548,832 $ 3,523,632 a. Sales for March total 57,400 units. Budgeted sales in units follow: April, 57,400; May, 54,600; June, 56,000; and July, 57,400. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
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Graded HW i Fixed Budget For Year Ended December 31 $ Sales 3,171,000 Costs Direct materials 996,600 Direct labor 226,500 Sales staff commissions 60,400 Depreciation-Machinery 295,000 Supervisory salaries 203,000 Shipping 226,500 Sales staff salaries (fixed annual 250,000 amount) Administrative salaries 556,450 Depreciation-Office equipment 198,000 Income $ 158,550 Saved Required: 1&2. Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,100 units. Prepare a simple budgeted income statement if 18,100 units are sold. Complete this question by entering your answers in the tabs below. Req 1 Req 3 and 2 Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible…
Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: Cash balance on June 1 is $1,436. Actual sales for April and May are as follows: April May Cash sales $10,000 $18,000 Credit sales 28,900 35,000 Total sales $38,900 $53,000 Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. Inventory purchases average 68% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. Rent is $4,800 per month. Taxes to be paid in June are $6,780. The owner also…
provide the followinf inforamtion to help prepare the master budget for the next four months of opration Could you solve ( D , E , F and G ) only thanks
Tuscarora, Inc., a merchandising company, has the following budgeted figures: Sales Cost of goods sold Required ending inventory Jan $56,700 60% of sales Feb $64,000 Mar April $88,000 $92,000 $10,000 + 30% of next month's sales $27,500 Inventory on hand on Jan 1 Calculate the budgeted purchases for the month of January. OA. $4,820 OB. $63,220 OC. $35,720 OD. $29,200

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