b. Prepare a production budget. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Sonic Inc. Production Budget For the Month Ending June 30 Units Rumble Units Thunder Expected units to be sold Direct labor Total units available Estimated inventory, June 1 Total units to be produced Feedback Check My Work
b. Prepare a production budget. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Sonic Inc. Production Budget For the Month Ending June 30 Units Rumble Units Thunder Expected units to be sold Direct labor Total units available Estimated inventory, June 1 Total units to be produced Feedback Check My Work
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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South Region
Total
Total revenue from sales
Feedback
TCheck My VWork
Once sales quantities are estimated, the expected sales revenue can be determined.
b. Prepare a production budget. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Sonic Inc.
Production Budget
For the Month Ending June 30
Units Rumble
Units Thunder
Expected units to be sold
Direct labor
Total units available
Estimated inventory, June 1
Total units to be produced
Feedback
TCheck My Work
Remember to take into account expected units to be sold plus desired units in ending inventory less estimated units in beginning inventory when calculating total units to be produced
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Sales and Production Budgets
Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget:
Rumble
Thunder
Estimated inventory (units), June 1
750
300
Desired inventory (units), June 30
500
250
Expected sales volume (units):
Midwest Region
12,000
3,500
South Region
14,000
4,000
Unit sales price
$60
$90
a. Prepare a sales budget,
Sonic Inc.
Sales Budget
For the Month Ending June 30
Product and Area
Unit Sales Volume
Unit Selling Price
Total Sales
Model: Rumble
Midwest Region
South Region
Total
Model: Thunder
Midwest Region
South Region
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