Based on the following production and sales data of Jackson Co. for March of the current year. Product T Product X Estimated inventory, March 1 26,000 units 18,000 units Desired inventory, March 31 32,000 units 15,000 units Expected sales volume: Area I 320,000 units 260,000 units Area II 190,000 units 130,000 units Unit sales price $4 $12 a. Prepare Sales budget. Jackson Co.Sales BudgetFor Month Ending March 31, 20XX Product and Area Unit Sales Volume Unit Selling Price Total Sales Product T: Area I fill in the blank fd1fca00100d02d_1 $fill in the blank fd1fca00100d02d_2 $fill in the blank fd1fca00100d02d_3 Area II fill in the blank fd1fca00100d02d_4 fill in the blank fd1fca00100d02d_5 fill in the blank fd1fca00100d02d_6 Total fill in the blank fd1fca00100d02d_7 $fill in the blank fd1fca00100d02d_8 Product X: Area I fill in the blank fd1fca00100d02d_9 $fill in the blank fd1fca00100d02d_10 $fill in the blank fd1fca00100d02d_11 Area II fill in the blank fd1fca00100d02d_12 fill in the blank fd1fca00100d02d_13 fill in the blank fd1fca00100d02d_14 Total fill in the blank fd1fca00100d02d_15 $fill in the blank fd1fca00100d02d_16 Total revenue from sales $fill in the blank fd1fca00100d02d_17 b. Prepare a production budget. Jackson Co.Production BudgetFor Month Ending March 31, 20XX Product T (units) Product X (units) Sales fill in the blank 9c5f60ff6036069_1 fill in the blank 9c5f60ff6036069_2 Plus desired ending inventory, March 31, 20XX fill in the blank 9c5f60ff6036069_3 fill in the blank 9c5f60ff6036069_4 Total fill in the blank 9c5f60ff6036069_5 fill in the blank 9c5f60ff6036069_6 Less estimated beginning inventory, March 1, 20XX fill in the blank 9c5f60ff6036069_7 fill in the blank 9c5f60ff6036069_8 Total production fill in the blank 9c5f60ff6036069_9 fill in the blank 9c5f60ff6036069_10
Based on the following production and sales data of Jackson Co. for March of the current year. Product T Product X Estimated inventory, March 1 26,000 units 18,000 units Desired inventory, March 31 32,000 units 15,000 units Expected sales volume: Area I 320,000 units 260,000 units Area II 190,000 units 130,000 units Unit sales price $4 $12 a. Prepare Sales budget. Jackson Co.Sales BudgetFor Month Ending March 31, 20XX Product and Area Unit Sales Volume Unit Selling Price Total Sales Product T: Area I fill in the blank fd1fca00100d02d_1 $fill in the blank fd1fca00100d02d_2 $fill in the blank fd1fca00100d02d_3 Area II fill in the blank fd1fca00100d02d_4 fill in the blank fd1fca00100d02d_5 fill in the blank fd1fca00100d02d_6 Total fill in the blank fd1fca00100d02d_7 $fill in the blank fd1fca00100d02d_8 Product X: Area I fill in the blank fd1fca00100d02d_9 $fill in the blank fd1fca00100d02d_10 $fill in the blank fd1fca00100d02d_11 Area II fill in the blank fd1fca00100d02d_12 fill in the blank fd1fca00100d02d_13 fill in the blank fd1fca00100d02d_14 Total fill in the blank fd1fca00100d02d_15 $fill in the blank fd1fca00100d02d_16 Total revenue from sales $fill in the blank fd1fca00100d02d_17 b. Prepare a production budget. Jackson Co.Production BudgetFor Month Ending March 31, 20XX Product T (units) Product X (units) Sales fill in the blank 9c5f60ff6036069_1 fill in the blank 9c5f60ff6036069_2 Plus desired ending inventory, March 31, 20XX fill in the blank 9c5f60ff6036069_3 fill in the blank 9c5f60ff6036069_4 Total fill in the blank 9c5f60ff6036069_5 fill in the blank 9c5f60ff6036069_6 Less estimated beginning inventory, March 1, 20XX fill in the blank 9c5f60ff6036069_7 fill in the blank 9c5f60ff6036069_8 Total production fill in the blank 9c5f60ff6036069_9 fill in the blank 9c5f60ff6036069_10
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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Question
Based on the following production and sales data of Jackson Co. for March of the current year.
Product T | Product X | |||
Estimated inventory, March 1 | 26,000 | units | 18,000 | units |
Desired inventory, March 31 | 32,000 | units | 15,000 | units |
Expected sales volume: | ||||
Area I | 320,000 | units | 260,000 | units |
Area II | 190,000 | units | 130,000 | units |
Unit sales price | $4 | $12 |
a. Prepare Sales budget.
Product and Area | Unit Sales Volume | Unit Selling Price | Total Sales |
Product T: | |||
Area I | fill in the blank fd1fca00100d02d_1 | $fill in the blank fd1fca00100d02d_2 | $fill in the blank fd1fca00100d02d_3 |
Area II | fill in the blank fd1fca00100d02d_4 | fill in the blank fd1fca00100d02d_5 | fill in the blank fd1fca00100d02d_6 |
Total | fill in the blank fd1fca00100d02d_7 | $fill in the blank fd1fca00100d02d_8 | |
Product X: | |||
Area I | fill in the blank fd1fca00100d02d_9 | $fill in the blank fd1fca00100d02d_10 | $fill in the blank fd1fca00100d02d_11 |
Area II | fill in the blank fd1fca00100d02d_12 | fill in the blank fd1fca00100d02d_13 | fill in the blank fd1fca00100d02d_14 |
Total | fill in the blank fd1fca00100d02d_15 | $fill in the blank fd1fca00100d02d_16 | |
Total revenue from sales | $fill in the blank fd1fca00100d02d_17 |
b. Prepare a production budget.
Product T (units) | Product X (units) | |
Sales | fill in the blank 9c5f60ff6036069_1 | fill in the blank 9c5f60ff6036069_2 |
Plus desired ending inventory, March 31, 20XX | fill in the blank 9c5f60ff6036069_3 | fill in the blank 9c5f60ff6036069_4 |
Total | fill in the blank 9c5f60ff6036069_5 | fill in the blank 9c5f60ff6036069_6 |
Less estimated beginning inventory, March 1, 20XX | fill in the blank 9c5f60ff6036069_7 | fill in the blank 9c5f60ff6036069_8 |
Total production | fill in the blank 9c5f60ff6036069_9 | fill in the blank 9c5f60ff6036069_10 |
Expert Solution
Step 1
Lets start with basics.
Budget is prepared by the management so that to estimate the future profit and loss from the decisions.
Management prepares master budget for the whole organization and with the also prepare other budgets based on the various activities. i.e. Sales budget, purchase budget, direct material budget etc.
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