Bonita Company estimates that unit sales will be 11.600 in quarter 1. 16.240 in quarter 2. 17.400 in quarter 3, and 20,880 in quarter 4. The unit selling price is $70. Management desires to have an ending finished goods inventor equal to 25% of the next quarter's expected unit sales. Prepare a production budget by quarters for the first 6 months of 2022. BONITA COMPANY Production Budget 11,600 Quarter 2 16,240 Six Months

Bonita Company estimates that unit sales will be 11.600 in quarter 1. 16.240 in quarter 2. 17.400 in quarter 3, and 20,880 in quarter 4. The unit selling price is $70. Management desires to have an ending finished goods inventor equal to 25% of the next quarter's expected unit sales. Prepare a production budget by quarters for the first 6 months of 2022. BONITA COMPANY Production Budget 11,600 Quarter 2 16,240 Six Months

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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Prepare a direct labor budget for each of the upcoming five years. Cost labor per unit = $8 Total direct labor hours needed for a period = Number of units to be produced in that period * Direct labors hours needed per unit Total direct labor costs needed to meet production =Total direct labor hours needed for that period * Direct labor cost per hour
Cypress Inc. has the following budgeted sales for the next quarter.Month: 1 2 3Units: 10,000 11,000 12,000Inventory of finished goods on hand at the beginning of the quarter is 7,000 units. The company desires to maintain ending inventory equal to beginning inventory plus 5,000 units every month.Calculate the total quantity to be produced during the quarter.
Top managers of McKnight Industries predicted 2024 sales of 15,000 units of its product at a unit price of $8.50. Actual sales for the year were 14,200 units at $9.50 each. Variable costs were budgeted at $2.80 per unit, and actual variable costs were $2.90 per unit. Actual fixed costs of $47,000 exceeded budgeted fixed costs by $5,200. Prepare McKnight's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.)
Kramer Enterprises reports year-end information from 2022 as follows: Sales (160,000 units) $960,000 Cost of goods sold 640,000 Gross margin 320,000 Operating expenses 260,000 Operating income $60,000 Kramer is developing the 2023 budget. In 2023 the company would like to increase selling prices by 8%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. What is budgeted sales for 2023? A) $1,036,800 B) $1,066,666 C) $933,120 D) $864,000
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)
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The production manager of Rordan Corporation has submitted the following quarterly production forecast for the upcoming fiscal year: Units to be produced 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 9,000 7,000 7,500 8,400 Each unit requires 0.45 direct labor-hours, and direct laborers are paid $10.00 per hour. Required: 1. Prepare the company's direct labor budget for the upcoming fiscal year. (Round "Direct labor time per unit (hours)" answers to 2 decimal places.) Direct labor time per unit (hours) Total direct labor-hours needed Direct labor cost per hour Total direct labor cost 1st Quarter Rordan Corporation Direct Labor Budget 2nd Quarter 3rd Quarter 4th Quarter Year
Current Attempt in Progress Monty Company combines its operating expenses for budget purposes in a selling and administrative expense budget For the first quarter of 2022, the following data are developed L Sales: 21,500 units unit selling price 2 Variable costs per sales dollar Sales commissions Delivery expense 3 Advertising Fixed costs per quarter Sales salaries Office salaries Depreciation Insurance Utilities $30 Save for Later 6% 4% $24,400 19,500 5,000 2,100 1,000 Prepare a selling and administrative expense budget for the first quarter of 2022 (List variable costs before fixed costs) MONTYCOMPANY Selling and Administrative Expense Budget
Pablo Company has budgeted production for next year as follows: Quarter First Second Third Fourth Production in units 49,000 89,000 99,000 79,000 Two pounds of material A are required for each unit produced. The company has a policy of maintaining a stock of material A on hand at the end of each quarter equal to 20% of the next quarter's production needs for material A. A total of 39,000 pounds of material A are on hand to start the year. Budgeted purchases of material A for the second quarter would be:
XYZ Inc. is preparing its annual budgets for the year ending December 31, 2025. Product JB 50 Product JB 60 Sales Budget: Anticipated volume in units 677,000 345,000 Unit Selling Price $23 $45 Production budget: Desired ending finished goods units 65,000 21,500 Beginning finished good units 54.300 10,750 Prepare the Production Budget for the year.
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